New Keynesian Versus New Classical Theories of Aggregate Supply: Evidence from the Oecd Countries

Using annual and quarterly data for the OECD countries this paper tests four theories of aggregate supply, namely the sticky wage, the sticky price, the worker misperception and the producer misinformation models. The empirical estimates suggest that the short run aggregate supply curve is positively sloped as a result of price and wage stickiness. Furthermore, the slope of the aggregate supply curve is found to be a positive function of the rate of inflation which is consistent with the sticky price model.     

The political economy of public goods: Some evidence from India

We are interested in how public goods get allocated by a centralized state. We use data on public goods and social structure from parliamentary constituencies in rural India to understand the allocation of these goods over the 1970s and 1980s. National policies and political agendas during this period emphasized universal access to basic amenities and financed a rapid expansion in rural infrastructure. We find evidence of considerable equalization in many of these facilities, reflecting perhaps the importance of these commitments. Among the historically disadvantaged social groups, those that mobilized themselves politically gained relative to the others. Measures of social heterogeneity that have been emphasized in the recent empirical literature on public goods are relevant but not overwhelming in their importance.     

发达国家光伏建筑推广政策实施效果的启示

光伏建筑作为太阳能利用的最佳形式,正在各国政府的大力推广下飞速发展,而我国光伏建筑的推广效果却不尽如人意.通过研究日本、德国等发达国家光伏建筑推广政策及其实施效果,揭示了其推广政策取得显著成效的主要原因,并从中获得启示,即我国光伏建筑推广政策应注重科学地制订经济激励政策,重视研发并促进形成合作创新的研发体系,及时展示新成果,培养和造就一流的光伏制造商.研究成果为政府有效地制订光伏建筑推广政策提供了科学依据.     

西方国家再就业工程及其借鉴意义

近年来,随着高科技在经济领域的广泛应用,西方一些国家的就业岗位几近饱和,失业现象日益严重。为此许多国家一些新的再就业举措。我国随着经济体制和企业制度改革,下岗人员与日俱增,使我国面临巨大的再就业压力,我们必须从基本国情出发,借鉴外国的先进经验,促进再就业工程早日建设起来。     

Trade liberalization and unemployment: Theory and evidence from India

A widely held view among the public is that trade liberalization increases unemployment. Using state and industry-level unemployment and trade protection data from India, we find no evidence of any unemployment increasing effect of trade reforms. In fact, our state-level analysis reveals that urban unemployment declines with trade liberalization in states with flexible labor markets and larger employment shares in net exporter industries. Moreover, our industry-level analysis indicates that workers in industries experiencing greater reductions in trade protection were less likely to become unemployed, especially in net export industries. Our results can be explained within a theoretical framework incorporating trade and search-generated unemployment and some institutional features of the Indian economy.     

Bank lending channel in India: evidence from state-level analysis

This paper seeks to answer two questions: first, do monetary policy shocks affect the size of bank loans, and second, do bank loans affect real economic activity? Using annual panel data on the Indian states from 1996 to 2008, we find that money demand shocks have large and statistically significant impact on bank loans. Furthermore, using money demand shocks as instruments for bank lending à la Driscoll (J Monet Econ 51:451–471, 2004), we find an economically large and statistically significant effect of bank loans on output. Our findings, to some extent, reflect the dominant role played by banks in the India’s overall financial system.     

Non-nested tests of new classical versus Keynesian models: further evidence

This paper re-runs the experiment conducted by Dadkhah and Valbuena (1985), using data generated by the Australian, Canadian, Japanese, Swiss and Swedish economies. The aim of this exercise is to discriminate between new classical and Keynesian accounts of the business cycle. The results obtained in the present study are broadly supportive of Dadkhah and Valbuena's earlier findings in that the Keynesian model generally outperforms the new classical alternative.     

转型社会中的企业家及其角色定位

近几年来,企业家在发展阶段和转型期的作用已经成为经济学以及其他社会科学一个重要研究课题。由于社会主义国家向国家控制的市场经济的转变促进了民营企业家阶层的迅速发展,使得关于企业家阶层的讨论更加活跃。     

Taxation and corruption: theory and firm-level evidence from Uganda

This article develops a simple framework to analyse the negotiation over bribe and tax payments during the tax collection process. We show that the larger the bribe a firm offers to a tax collector, the larger the tax rebate it gets. More particularly, we show that the negotiation over bribe and tax payments hinges on four other factors: firms’ official liabilities, detection, firms’ negotiation power and red tape costs imposed on firms. Some of the predictions from the theoretical model are tested using firm-level data from Uganda. We find that bribe and tax payments are inversely related, thereby supporting the hypothesis of a negotiation taking place between firms and tax collectors. In particular, a 1% point increase in average bribe payments per employee is associated with a 7% point reduction in average amount of tax payments per employee. Results are robust to various instruments dealing with the endogenous relationship between bribes and taxes.     

European financial crisis and bank productivity: evidence from Eastern European Countries

The paper examines the productivity levels of the largest banks operating in the Eastern European countries over the period of the ongoing European financial crisis. Specifically, the analysis covers the periods of U.S. subprime crisis, the global financial crisis and the sovereign debt crisis. By adopting a fully nonparametric framework, it provides a probabilistic version of a directional input-oriented Malmquist productivity index alongside with its main decomposition. The results from the analysis suggest that banks have faced a deterioration of their productivity levels between the examined periods. It is evident that during the initiation of European sovereign debt crisis, the banks have weakened their ability to utilize efficiently their inputs of production and their ability to realize scale economies.     

Foreign-Investment Tax and Tariff Policies in Developing Countries

In this paper we examine the welfare effects of tax on foreign capital and tariff policies for a small open economy with sectoral unemployment. The individually and jointly optimal tax and tariff rates in the absence or presence of international tax credits are derived. A subsidy on foreign capital coupled with a tariff can be jointly optimal when tax credits are absent in the source country. However, the capital subsidy policy may fail to hold when the foreign country follows a tax credit system.     

Global slack hypothesis: evidence from China,India and Pakistan

It is widely believed that globalization has changed inflation process. The global resource capacity reduces responsiveness of inflation to domestic activity and increases responsiveness of inflation to global resource capacity. This global slack hypothesis is tested using different theoretical specifications, which also relate domestic output elasticity and foreign output elasticity to the degree of trade openness of an individual economy. The results reject this hypothesis. The global resource capacity does not drive domestic inflation. The impact of globalization has not increased in the inflation process, and the results yield important policy implications for monetary policy formulation. The global resource capacity does not affect ability of the central banks to stabilize inflation, real economic activity and also respond to the volatility of output growth.     

Regulatory independence and thermal power plant performance: evidence from India

Journal of Regulatory Economics - We examine the role of regulatory independence on electricity generation performance in India. Electricity generation in India is exposed to several regulatory...     

结构式凯恩斯乘数理论与积极财政政策优化——基于消费矩阵的实证研究

2007年以来中国经济发展的外部环境急剧恶化,如何通过积极财政政策扩大内需成为当前最为关键的问题.国内外的经验和教训表明,积极财政政策发挥效应是有条件的,为了启动处于衰退中的经济,政府不仅需要采取扩张性的政策干预经济,而且由于各部门的乘数效应不同,政府更需要采取结构性的干预政策,通过对不同产业部门的不同支出以改进财政政策效率.文章回顾了国内外在结构式凯恩斯乘数理论领域的研究进展情况,认为结构式乘数的基础研究与应用实践,将为中国政府应对外部冲击和经济衰退风险提供更加科学的分析视角与更加丰富的决策手段.