共查询到20条相似文献,搜索用时 15 毫秒
1.
Jianpei Li 《Portuguese Economic Journal》2009,8(2):119-136
This paper analyzes the efficiency of team production when risk-neutral agents exhibit other-regarding preferences. It is
shown that full efficiency can be sustained as an equilibrium of a budget-balancing mechanism that punishes some randomly
chosen agents if output falls short of the efficient level but distributes output equally otherwise. The result depends on
agents being sufficiently inequity-averse.
相似文献
Jianpei LiEmail: |
2.
Based on a sample of 1,084 European regions (EU15) from 1995 to 2004, we estimate the relationship between the average growth
rate of GDP per capita and the volatility of the growth rate allowing for spatial effects. The spatial lag and spatial error
models show that the regional per capita growth rate and volatility are significantly positively related on average. However,
the inclusion of country interaction terms reveals that the volatility impact is not uniform across countries. In particular,
the relationship between growth and volatility is significantly positive for the majority of countries but significantly negative
for three countries (namely Finland, Italy, and Ireland).
相似文献
Martin FalkEmail: |
3.
In this article we propose a two step procedure for modeling the propagation of financial shocks. The first step consists
in the estimation, by means of SWARCH models, of the conditional probability of being in a period of high volatility, while
in the second step such indicators are included in a structural simultaneous equations models for interdependences among different
countries. The results show that episodes of financial crisis effectively happened during periods of high volatility and that
such measures of instability are important in explaining the propagation of devaluation expectations between six European
Countries during the ERM period.
相似文献
Marta BevilacquaEmail: |
4.
We present a two-sector endogenous growth model with human and physical capital accumulation to analyze the long-run relationship
between population growth and real per capita income growth. Formal education and investment in physical capital are assumed
to be two separate components of human capital production. Along the balanced growth path equilibrium, population change may
have a positive, negative, or else neutral effect on economic growth depending on whether physical and human capital are complementary/substitutes
for each other in the formation of new human capital and on their degree of complementarity.
相似文献
Davide La TorreEmail: |
5.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
6.
We estimate quarterly cointegrating vector autoregressive models for the Eurozone and the USA based on long-run restrictions
derived from a dynamic open economy model. Three long-run relations between the Eurozone and the USA emerge: relative purchasing
power parity, international interest parity and a stationary output gap between the two economies. Generalized impulse response
functions show differences in the dynamic adjustment of the two economies. Due to the I(1)-characteristic of both output series
and the stability conditions imposed by the long-run equilibrium relationships, shocks to the model produce level effects
only, while growth rates converge to their long-run averages.
相似文献
Thomas UrlEmail: |
7.
Mansor H. Ibrahim 《International Review of Economics》2007,54(4):463-483
In this paper, we empirically examine the finance-economic development relations for the case of Malaysia. Using a battery
of time series econometric techniques, we document robust evidence suggesting favorable output effects of financial market
development. Likewise, there are consistent results showing the adverse real effects of financial volatility. The results
of the development of financial intermediaries, however, are fragile. Moreover, the development of the financial markets hinges
crucially on macro-economic performance and financial stability of the country. However, the process of financial market development
is likely to be accompanied by financial volatility, leaving Malaysia with the trade-off between financial development and
financial volatility. Lastly, we obtain limited evidence indicating the complementarity between financial market and banking
sector developments.
相似文献
Mansor H. IbrahimEmail: |
8.
This paper compares the European Central Bank’s (ECB) conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions show that the ECB reacts similarly to expected inflation but significantly stronger to the output gap than the Bundesbank did. Theoretical considerations suggest that this stronger response to the output gap may rather be due to a higher interest rate sensitivity of the German output gap than to a higher weight given to output stabilisation in the objective function of the ECB. Counterfactual simulations based on the estimated interest rate reaction functions reveal that German interest rates would not have been lower under a hypothetical Bundesbank regime after 1999. However, this conclusion crucially depends on the assumption of an unchanged long-run real interest rate for the EMU period and is reversed when the Bundesbank reaction function is adjusted for the lower long-run real interest rate estimated for the ECB regime.
相似文献
Bernd HayoEmail: |
9.
Kersten Kellermann 《Empirica》2008,35(2):129-143
The paper contributes to the discussion of fiscal competition with infrastructure goods. We explicitly focus on the costs
of providing public infrastructure capital that appear in the public budget as investment. Thus we analyse the problem in
a dynamic framework. Public infrastructure is considered as a marginal product complement to private capital. A central result
of the model is that the fact that public capital is a complement to private capital, so that an increase in the supply of
public capital ceteris paribus improves the marginal productivity of private capital, cannot be used as an argument to support a source tax. The so-called
indirect productivity effect on private capital induced by public inputs does not justify the taxation of mobile capital.
Rather, the efficiency of a source tax on mobile capital income depends on the question of whether or not the public input
generates a factor rent to private capital.
相似文献
Kersten KellermannEmail: |
10.
We document the patterns of market-wide and firm-specific volatility in the Portuguese stock market over the 1991–2005 period
and test several explanations for the behavior of firm-level idiosyncratic volatility. Unlike previous studies we find no
evidence of a statistically significant rise in firm-specific volatility. On the contrary, the ratio of firm-specific risk
to total risk slightly decreases. We show that this result stems from new listings of large privatized companies that display
lower firm-specific risk. Our findings are consistent with the idea that changes in idiosyncratic volatility are related to
changes in the composition of the market.
相似文献
Ana Paula SerraEmail: |
11.
This paper examines economic policy interactions in the Economic and Monetary Union when the assessment of cyclical conditions
in real time is surrounded by uncertainty. On the basis of a simple stylised model it shows that with a Nash-type of interaction
different views about the output gap on the side of the policy players—the Council of the European Union, the European Commission
and the European Central Bank—can give rise to excessive activism with policy players pushing economic variables into opposite
directions. It argues that the costs of such policy conflicts can be reduced by agreeing on a common assessment of the cycle,
by constraining policy variables, and/or by increasing the weight of fiscally conservative institutions. An alternative option
to sidestep policy conflicts ensuing from diverging views of the cycle is to take policy decisions sequentially, as is the
case in a Stackelberg-type of interaction. The paper shows that for a given misperception of the cycle, the impact on the
policy instruments and on output and inflation are generally smaller in the Stackelberg equilibrium as compared to a Nash
outcome. Alternative allocations of roles—that is leader versus follower—are discussed and assessed.
相似文献
Marco ButiEmail: |
12.
Pierre-Guillaume Méon 《Constitutional Political Economy》2006,17(3):207-216
This note studies the volatility of the policy chosen by a committee whose members’ preferences are volatile, due to common and individual preferences shocks. It is shown that majority voting mitigates the latter but not the former. The volatility of the policy is smaller the smaller the volatility of members’ preferences, smaller the larger the size of the committee, and smaller than if it was chosen by a single member. The results hold in a context of uncertainty and with multidimensional issues.
相似文献
Pierre-Guillaume MéonEmail: Phone: +32-2-650-66-48 |
13.
Education and its intergenerational transmission: country of origin-specific evidence for natives and immigrants from Switzerland 总被引:1,自引:0,他引:1
This study compares the intergenerational transmission of educational attainment across immigrant groups using the Swiss Census 2000. Determinants of educational outcome and educational mobility are examined. A child’s educational opportunity depends on its parental background. Not only the effect of parental human capital but also other determinants of child educational attainment vary depending on the child’s nationality. Overall educational upward mobility is more pronounced among second generation immigrants than among natives. Children of Turkish, Portuguese and former Yugoslavian origin appear to be most disadvantaged in the process of human capital formation.
相似文献
Regina T. RiphahnEmail: Phone: +49-911-5302268Fax: +49-911-5302178 |
14.
Kinga Mazur 《International Advances in Economic Research》2007,13(4):495-514
The main objective of this paper is to investigate which of the two competing capital structure theories – the pecking order
of financing choices or the traditional static trade-off model – better describes the financing decisions in Polish companies
traded on the Warsaw Stock Exchange (WSE). The data come from financial statements of the companies and cover a 5-year period,
2000–2004. First, a correlation is run in order to separate a set of significant factors influencing the capital structure
from the list of the following independent variables: assets structure, profitability, growth opportunities, liquidity, firm
size, product uniqueness, earnings volatility, non-debt tax shields, dividend policy, and the effective tax rate. Next, in
order to test the relationship between capital structure and its potential determinants, multiple regression is run. The evidence
generally suggests the relevance of the pecking order hypothesis in explaining the financing choices of Polish firms.
相似文献
Kinga MazurEmail: |
15.
Carsten Herrmann-Pillath 《Journal of Evolutionary Economics》2006,16(4):383-417
Standard trade theory is a theory about the structure of international production which emerges from an international arbitrage equilibrium. It is not a theory about the activity of trading which is simply taken for granted or which is treated implicitly in the concept of exogenous trade costs. This paper proposes an alternative evolutionary framework based on networks as structures of non-price interactions into which price/quantity-interactions are embedded. These networks manifest different levels with specific problems of coordination and communication, i.e. levels of market transactions, of transaction-enabling transactions, of markets for market access rights, and of the respective transaction-enabling transactions. Furthermore, the theory is based on the analysis of capabilities to trade, resting upon competitive advantage, which cannot be imitated. The exploitation of competitive advantage presupposes the capability to control network interactions, identified as social capital. Finally, the security of market access reflects power balances among countries.
相似文献
Carsten Herrmann-PillathEmail: |
16.
Art Carden 《The Review of Austrian Economics》2009,22(1):1-19
Ludwig von Mises argued that capital goods were “conservative elements” that constrain future production decisions. Similarly,
social capital and institutions also constrain future production decisions. These insights are applied to the institutional
transformation of the post-Reconstruction American South. It is argued that the structure of social capital that developed
in the South was inappropriate to the formal institutions that emerged as a result of the Civil War and Reconstruction. The
tensions between institutions and social capital are examined in the context of racist lynching.
相似文献
Art CardenEmail: |
17.
The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We
analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market
price is censored by a government-set support price. The model is applied to the U.S. butter market over the last three decades.
The econometric results show how the price support program affects both expected prices and the volatility of prices. It is
found that the censoring effects of a price support program can be significant and large even if the price support is set
relatively low.
相似文献
Jean-Paul ChavasEmail: |
18.
Individual versus group behavior and the role of the decision making procedure in gift-exchange experiments 总被引:1,自引:0,他引:1
We test for behavioral differences between groups and individuals in gift-exchange experiments. Related studies in economics
establish group behavior as often closer to the standard game-theoretic equilibrium under the assumptions of rationality and
selfishness. We show that this result may depend crucially on the decision making procedure within groups and the nature of
the task. A novel experimental decision making protocol opens the black box of group decision making and allows tracking important
features of the group interaction process. We are also able to show that acting in a group may shift initial individual choices.
相似文献
Martin G. KocherEmail: |
19.
The study aims to examine the impact of changes in policy variables namely, monetary aggregate (M1), exchange rate and interest
rate on two monetary goal variables, namely output and price level in Fiji from 1970 to 2006 by applying the procedures of
variance decomposition and impulse response functions. We conclude that the money channel is the most effective channel of
transmission mechanism among the three channels.
相似文献
Chee-Keong Choong (Corresponding author)Email: |
20.
Aaron Hatcher 《Environmental and Resource Economics》2007,38(1):89-98
This paper compares a firm’s short run optimal production and abatement rules under emission level standards and standards
expressed in terms of emissions per unit of output (ratio standards). The models allow for non-compliance with standards,
with expected penalties dependant on either level or relative violations of the standard in question. It is shown that ratio
arguments make a difference to the optimal decision rules derived for a profit-maximising firm. For example, for a given level
of emissions the firm both produces more, and abates more, under a ratio standard, so that ratio and level standards cannot
be used interchangeably to achieve the same combination of emissions and output. The implications for the efficiency of pollution
control are briefly discussed.
相似文献
Aaron HatcherEmail: |