Michael P. Keane 《International Economic Review》2009,50(2):627-675

I describe a strategy for structural estimation that uses simulated maximum likelihood (SML) to estimate the structural parameters appearing in a model's first‐order conditions (FOCs). Generalized method of moments (GMM) is often the preferred method for estimation of FOCs, as it avoids distributional assumptions on stochastic terms, provided all structural errors enter the FOCs additively, giving a single composite additive error. But SML has advantages over GMM in models where multiple structural errors enter the FOCs nonadditively. I develop new simulation algorithms required to implement SML based on FOCs, and I illustrate the method using a model of U.S. multinational corporations.  相似文献   

    

James Alm  Betty R. Jackson  Michael McKee 《Journal of public economics》2009,93(3-4):392-402

The question for the tax authority is how individuals become aware of enforcement effort. To be an effective tool in reducing tax evasion taxpayers must be aware of the current audit and penalty regime. We use laboratory experiments to examine the compliance impact of types of information dissemination regarding audit frequency and results. The information includes “official” information disseminated by the tax authority, and “unofficial”, or informal, communications among taxpayers. Our results indicate that the effect of the type of post-audit information is conditional on whether the taxpayer is well informed of the audit rate prior to filing. We find that the tax authority would be served by pre-announcing audit rates credibly and by emphasizing the previous period audit frequency in annual reporting of enforcement effort.  相似文献   

    

Achim Kemmerling  Michael Neugart 《European Journal of Political Economy》2009,25(2):163-173

We develop a model in which firms in the financial market lobby the government to lower compulsory contributions to the public pension system. Firms lobby in order to increase demand from households for their old-age savings products. We conclude with a comparison of two major pension reforms in Europe exemplifying the influence of financial market lobbies on pension policies.  相似文献   

    

Young ML  Gibson C  Asefaw S 《Employee benefits journal》2003,28(4):63-69

Employees who are following conventional retirement-planning advice will be in for a rude awakening as they approach retirement and discover that they can't afford to retire just yet or are likely to outlive their retirement funds. The article discusses how we have arrived at this point, what the implications are, and what both employers and employees can do to remedy the situation.  相似文献   

    

by  Harvey S. James  Jr.  Michael E. Sykuta 《Annals of Public and Cooperative Economics》2005,76(4):545-580

Abstract ** :  We examine how organizational characteristics of producer‐owned firms are correlated with the level of perceived trust among cooperative members, using survey data from a sample of U.S. agricultural cooperatives. Our results indicate trust is correlated with property right and organizational structures previously identified in the literature as significant for cooperative performance. We find that the norm of equality and the homogeneity of member interests are key correlates of organizational trust in producer‐owned firms. We also find that some property right structures that improve organizational trust are counterproductive for member investment incentives .  相似文献   

    

Peter Egger  Michael Pfaffermayr 《Review of International Economics》2004,12(5):833-843

The paper proposes a distinction between the two dimensions of convergence—within and between countries—when analyzing the impact of cross‐border outsourcing on real wage rates in the EU‐15 and the CEEC. In the CEEC, international outsourcing has not affected the adjustment of average real wage rates at the manufacturing industry level, but it has led to a closure of the gap within a typical EU economy. Between‐country convergence is likewise fostered by cross‐border outsourcing, supporting the hypothesis that outsourcing facilitates international factor price equalization.  相似文献   

    

Michael Hoel  Perry Shapiro 《Environmental and Resource Economics》2004,27(3):265-272

Most of the literature on transboundaryenvironmental problems treats population ineach country or region as constant, ignoringpopulation mobility. We showed previously thatif there is perfect population mobility betweenregions, and populations are homogeneous, asocially efficient outcome can be supported asa Nash equilibrium of the game of uncoordinatedpolicy setting, even without any internationalenvironmental agreement. In the present paperwe introduce heterogeneous population, and showthat when people differ, a non-cooperativeoutcome is generally inefficient. We alsodemonstrate that for a particular set ofobjective functions for the regionalgovernments, there is an equilibrium of thegame of uncoordinated policy setting that isefficient. Finally, we give an example wherethe decentralized outcome is efficient whenthere is no population mobility, butinefficient when there is population mobility.  相似文献   

    

Matteo Manera  †  Michael McAleer‡ 《Bulletin of economic research》2005,57(1):37-66

This article explains how to obtain straightforward extensions of the most popular univariate non‐nested statistics, and of the RESET‐test, to a multivariate context and examines how to use these tests to compare alternative factor demand systems. The empirical application involves the classical Berndt–Khaled KLEM data set. A statistically adequate specification is determined for each competing factor demand system. The empirical results are interpreted for each system, the models are compared on the basis of multivariate paired and joint non‐nested procedures and practical indications about what to expect if these tests are applied to alternative factor demand specifications are provided.  相似文献   

    

Michael K. Y.  Fung  Wai-Ming  Ho  Lijing  Zhu   《Pacific Economic Review》2005,10(1):125-148

Abstract. We conduct a theoretical investigation into how financial reforms are affecting the long‐run economic performance of the partially reformed Chinese economy. In a model with a dual structure in commodity production and financial repression, allowing the co‐existence of a state banking system and an informal credit market and introducing heterogeneity in the transaction technologies of individuals, we examine the interactions between the state banking system and the informal credit market, and the effects of various measures of financial liberalization on individuals’ optimal portfolio choices and the macroeconomic aggregates.  相似文献   

    

Michael Francis 《Economic Papers: A journal of applied economics and policy》2004,23(4):386-395

Using data from a cross‐sectional sample of 81 countries, this paper provides empirical evidence to support the hypothesis that the quality of governance is an important determinant of financial fragility (as measured by the volatility of investment over time). Not only do the results suggest that better governance reduces investment volatility, but interestingly the results also suggest that governance variables are better able to explain volatility in investment than some standard macroeconomic measure such as inflation.  相似文献