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1.
Competitive search was recently introduced in monetary economics by Rocheteau and Wright [Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium, Econometrica 73 (2005) 175-203]. We extend their work by eliminating the restriction that the fees market makers charge to enter a submarket must be either non-negative or identical for buyers and sellers. Without this restriction, buyers pay a positive fee to enter the submarket they visit and nothing else when they meet a seller. Sellers are remunerated by the market makers from the entry fees collected from the buyers. This trading arrangement allows buyers to perfectly predict their expenses, so the opportunity cost of holding idle money balances is eliminated. 相似文献
2.
The monetary search model by Lagos and Wright (2005) is extended with imperfect information about nominal shocks as in Lucas (1972). An analytical solution exists with logarithmic preferences. In general, individuals hold precautionary balances. Calibrated to United States postwar data, the welfare cost of the monetary cycle is calculated to be small (below 0.0003% of GDP) compared to the welfare cost of the inflation tax (around 0.25% of GDP). The main reason for the minute welfare cost of the monetary cycle is its low amplitude in 1947-2007. But, monetary crashes, such as those experienced during the Great Depression, can generate important welfare costs. 相似文献
3.
If collateral for bank loans is scarce and, if as a result, access to secured loans is restricted, the allocation of resources is inefficient. In anticipation of future borrowing constraints, individuals over-invest in collateralized types of capital, and consume and invest inefficiently low levels while they are borrowing constrained. The dual counterpart of this misallocation of resources is inefficiently low interest rates. In this situation, bank reserves play a positive welfare role by adding liquidity to the economy and by increasing not only bank lending rates, but also, paradoxically, bank deposit rates. As a result, in economies with scarce collateral the optimal reserves–requirement ratio is positive. 相似文献
4.
This paper provides non-parametric estimates of the relation between nutrient intake and age for Czechoslovak individuals, as a function of both the characteristics of the individual and of their household, on the basis of household purchases. Results show no significant difference between the age-energy intake profiles of men and women. The decomposition of this intake between carbohydrates, lipids (i.e., fats) and proteins shows a lack of balance in the diet in Czechoslovakia, but significant progress toward a more balanced diet has taken place over the period. Finally, household characteristics such as the woman's level of education, or household income, have at most a marginal impact on these profiles. 相似文献
5.
Aquaculture is one of the fastest growing food‐producing sectors, and its share in global seafood production is rising significantly compared with capture fisheries. This transforms seafood production practices while allowing capital to expand to new marine commodity frontiers. Building on the conceptualization of aquaculture as a new frontier for capture fisheries, the article aims to uncover how commodity frontiers expand within the intensive marine aquaculture sector and shape the transformation of seafood production by focusing on its recent growth in Turkey. It analyses this transformation based on 22 in‐depth interviews with key social actors in Turkey, as well as a review of sector and state reports and the relevant legislations of Turkey and the European Union, and argues that the three‐pronged horizontal, vertical, and taxonomic expansion already observed in industrial capture fisheries has similarly taken place in intensive marine aquaculture through the commodity widening, deepening, and marketing strategies employed by aquaculture firms. 相似文献
6.
Loving Outside the Neighborhood: The Conflicting Effects of External Linkages on Incremental Innovation in Clusters 总被引:1,自引:0,他引:1
Jos‐Vicente Toms‐Miquel F. Xavier Molina‐Morales Manuel Expsito‐Langa 《Journal of Small Business Management》2019,57(4):1738-1756
The present study assesses the explanatory capacity of three levels of factors, namely, internal to the company, and internal and external to the cluster, in predicting firms' incremental innovative performance in cluster contexts. The empirical research conducted here focuses on a sample of 92 companies from the Spanish textile industrial cluster in Valencia. Findings reveal that the significant role played by firms' interorganizational ties as a moderating factor between absorptive capacity and their incremental innovative performance. Additionally, results reflect the differentiated roles developed by intra‐ and extra‐cluster linkages in these interaction processes. 相似文献
7.
This paper aims to contribute to a better understanding of the observed high persistence of cross-country differences in inequality. It focuses on the interactions between inequality and the predominance of either horizontal coalitions (among individuals of similar economic status) or vertical ones (among individuals with different economic status). A model is proposed showing that the interactions between inequality and the type of coalition formed in a society can give rise to self-sustained social contracts where inequality persists. Key mechanisms of the model are illustrated using the transformation in inequality, redistribution and social relations in Modern England, as well as the “paternalist” system of the US South at the beginning of the XXth century. 相似文献
8.
Available empirical evidence regarding the degree of symmetry between European economies in the context of Monetary Unification is not conclusive. This study offers new empirical evidence concerning this issue related to the manufacturing sector. Instead of using a static approach as most empirical studies do, the dynamic evolution of shock symmetry is analysed using a state-space model. The results show a clear reduction of asymmetries in terms of demand shocks between 1978 and 1996, with an increase in terms of supply shocks at the end of the period. 相似文献
9.
This paper approaches the dynamic analysis of the effects of training programs for the unemployed in West Germany, or in general
the effects of sequences of interventions, from a potential outcome perspective. The identifying power of different assumptions
concerning the connection between the dynamic selection process and the outcomes of different sequences is discussed. When
participation in the particular sequence of programs is decided period by period depending on its success so far, many parameters
of interest are no longer identified. Nevertheless, some interesting dynamic forms of the average treatment effect are identified
by a sequential randomization assumption. Based on this approach, we present some new results on the effectiveness of West-German
training programs. 相似文献
10.
Carlos Lozares Joan Miquel Verd Irene Cruz Oriol Barranco 《Quality and Quantity》2014,48(5):2657-2670
This article deals with the analysis of homophily and heterophily in ego-centred networks (personal networks). The analysis takes a dual approach. First it uses the classical definition of homophily (in this article called elementary homophily) to compare mutual ties between groups defined by employment status, age and city of residence. These analyses are then enriched by incorporating the level of affective proximity, thus forming what we have called specific homophily. The analysis of elementary homophily confirms the expected predominance of homophilous relationships over heterophilous ones. The analysis of specific homophily shows that inter-group relationships between close and intimate contacts follow similar patterns, whereas these differ substantially for relationships that are not at all close. The comparison of the two types of homophily shows a correspondence between high values in elementary homophily and high values in close and intimate relationships. 相似文献