Working-time reduction and employment: experiences in Europe and economic policy recommendations

The paper seeks to evaluate the evidence on the employment effectsof the collective working-time reductions in Europe over thepast 20 years. While theoretical analyses produce contradictoryassessments, most empirical studies show positive employmenteffects but take insufficient account of these conditions underwhich the reductions in working time were implemented. Theseconditions for the success of collective working-time reductionsinclude an active training policy designed to minimise skillshortages in the labour market, the modernisation of work organisation,wage increases in conjunction with productivity gains and amore equal income distribution.     

Discounting long run average growth in stochastic dynamic programs

Summary. Finding solutions to the Bellman equation often relies on restrictive boundedness assumptions. In this paper we develop a method of proof that allows to dispense with the assumption that returns are bounded from above. In applications our assumptions only imply that long run average (expected) growth is sufficiently discounted, in sharp contrast with classical assumptions either absolutely bounding growth or bounding each period (instead of long run) maximum (instead of average) growth. We discuss our work in relation to the literature and provide several examples. Received: July 26, 2000; revised version: July 10, 2002 RID="*" ID="*" I am specially grateful to Cuong Le Van and to anonymous referee for detecting an error in a previous version of this paper and for suggestions that sensibly improved the paper. Comments and suggestions are also acknowledged to Michele Boldrin, Raouf Boucekkine, Fabrice Collard, Tim Kehoe, Omar Licandro, and Luis Puch. I am also indebted to participants to the III Summer School on Economic Theory held at the Universidade de Vigo, the Macroeconomics Workshop at the Universitat Autò}noma de Barcelona, and the Econometrics Seminar at Tilburg University. Financial support from the Belgian government, under project PAI P4/01, at the IRES-UCL, from a European Marie Curie fellowship, Grant HPMF-CT-1999-00410, at the CEPREMAP, and from IVIE and Spanish Ministerio de Ciencia y Tecnología and FEDER, under project BEC2001-0535, at the Universidad de Alicante, is gratefully acknowledged.     

“气”和“势”的时空化过程——《姜斋诗话》论诗的形象构建

传统诗论探讨诗歌的形象问题,总和某种特定的哲学形态和思想观念密切相连,其构建过程则以营造一种时空间感的方式实现。船山论诗,以此为据而又有所突破。其中,＂气＂是形象在诗中时空化的本体依据,＂势＂是形象时空化的外在特征。如此,于内,是求诗中意之神、理、气的合一;于外,便是求诗之外在空间形态和艺术张力,在＂敛＂与＂纵＂、＂藏＂与＂显＂之间,建构了富于张力的意义空间。     

U.S. and Latin American stock market linkages

This paper examines to what extent the Latin American equity markets of Argentina, Brazil, Chile and Mexico have become more integrated with the US equity market. We empirically measure integration by finding the dynamic conditional correlation (DCC) between each market and that in the U.S. using a DCC multivariate GARCH model. We then track how these correlations evolve over time using a smooth transition model which not only shows when greater integration first occurred but also how long it took these correlations to transition to their new levels. Our sample period stretches from December 30th, 1988 to March 26th, 2004. Results show an increase in the degree of co-movement between these countries’ equity returns and those in the U.S. although the magnitude and speed of these increases greatly varies across these four countries.     

金融开放背景下金融发展对跨境资本流动的影响研究

金融开放能够促进跨境资本流动,也具有引发跨境资本流动失衡和波动性增加的风险,而一国金融发展水平在其金融开放效应中发挥着重要作用。本文基于58个国家及地区1999-2016年的数据建立动态面板模型,研究金融开放背景下金融发展对直接投资和证券投资流入、流出以及总跨境资本流动波动性的影响。研究结果表明:金融开放本身有可能造成跨境资本流出大于流入的失衡现象,并显著增加跨境资本流动波动性风险,而金融发展水平的提高有助于在一定程度上抑制金融开放带来的跨境资本流动失衡现象和波动性风险。因此,在扩大金融开放进程中,为获得跨境资本流动的积极效应,应密切关注跨境资本流向和资本波动性变化,提高国内金融发展水平,使之与金融开放水平相匹配。     

Continuous time vs. backward induction a new approach to modelling reputation in the finite time horizon context

This paper suggests a new approach to modeling credible reputation in the finite time horizon context, using continuous time and interactions which arrive via a Poisson process. Behavior in the present model does not depend on small ad hoc irrationalities as the end of the horizon nears, and the model preserves the intuitive result that as the end of the horizon nears, the level of reputation declines towards zero. While the current paper considers the predatory pricing case, the approach should also apply whenever reputation and/or cooperation are important.     

Recursive Nash bargaining over a productive asset

We propose an equilibrium concept (the recursive Nash bargaining solution) that describes the outcome of repeated negotiations between two rational agents under the assumptions that the state of the economic system under consideration changes according to the actions of the players and that neither party can make binding commitments to future behavior. This equilibrium is dynamically consistent but typically not Pareto-efficient. As an application, we compute the recursive Nash bargaining solution in a model of two heterogeneous agents bargaining over the use of a productive asset with constant gross rate of return and study how the time-preference rates and the elasticities of substitution affect the solution.