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1.
Joseph Drew Brian Dollery 《Economic Papers: A journal of applied economics and policy》2015,34(3):165-176
This paper uses intertemporal and locally intertemporal data envelopment analysis to examine inter alia how yardstick competition, heterogeneity, innovation and competition for business and capital manifest themselves in the Australian federation over the period 2007–2012. The incidence of the Global Financial Crisis during this period also facilitated the testing of a hypothesis on how Australian state and territory jurisdictions might be expected to respond to a uniform macro‐economic shock. Intertemporal evidence provided support for the contention that federalism fosters “democratic laboratories.” The locally intertemporal analysis provided empirical evidence to support the hypothesis that competitive tensions result in increases to the relative efficiency ceteris paribus of sub‐optimal jurisdictions over time. Moreover, some evidence was found to support the proposition that imitation of best practice leads to converging efficiency between comparable peer jurisdictions. 相似文献
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Carla Marchese 《Economics of Innovation and New Technology》2020,29(3):313-330
ABSTRACTIn this paper, we present a model in which endogenous growth arises in competitive markets. Knowledge is described as a factor used directly in the final goods' production. Firms demand both basic nonrival knowledge contents, which are supplied jointly and inelastically with raw labor, and further contents supplied by patent holders. This fact, together with Lindahl prices for knowledge, allows competition to work, while it also implies that workers' income share declines overtime. In a first version of the model with constant cost of knowledge production, the first best is attained. In a further version of the model, in which the cost of knowledge production is allowed to change over time and thus intertemporal externalities arise, in a decentralized economy a second best equilibrium occurs in the transitional period, while in the long run there is convergence to efficiency. 相似文献
4.
A generalization is presented of the existence results for an optimal consumption problem of Aumann and Perles [4] and Cox
and Huang [10]. In addition, we present a very general optimality principle.
Received: July 14, 1999; revised version: September 9, 1999 相似文献
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进入后配额时代的纺织品面临巨大的挑战,屡屡遭受打击.本文以纺织品竞争优势为立足点进行分析,并以美国纺织产业升级作比较。指出由我国纺织品竞争优势的不足,分析其原因,促进纺织品的产业结构升级。 相似文献
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In this paper we discuss the use of optimal control methods for computing non-linear continuous optimal growth models. We have discussed various recently developed algorithms for computing optimal control, involving step-function approximations, Runge–Kutta solutions of differential equations, and we suggest that the discretization approach is preferable to methods which solve first-order optimality conditions. We have surveyed some powerful computer programs by : , and for computing such models numerically. These programs have no substantial optimal growth modelling applications yet, although they have numerous engineering and scientific applications. A computer program named by is developed in this study. Results are reported for computing the Kendrick–Taylor optimal growth model using and programs based on the discretization approach. References are made to the computational experiments with and . The results are used to compare and evaluate mathematical and economic properties, and computing criteria. While several computer packages are available for optimal control problems, they are not always suitable for particular classes of control problems, including some economic growth models. The -based and , however, offer good opportunities for computing continuous optimal growth models. It is argued in this paper, that optimal growth modellers may find that these recently developed algorithms and computer programs are relatively preferable for a large variety of optimal growth modelling studies. 相似文献
7.
Government debt and optimal monetary and fiscal policy 总被引:1,自引:0,他引:1
Klaus Adam 《European Economic Review》2011,55(1):57-74
How do different levels of government debt affect the optimal conduct of monetary and fiscal policies? And what do these optimal policies imply for the evolution of government debt over time? To provide an answer, this paper studies a standard monetary policy model with nominal rigidities and monopolistic competition and adds to it a fiscal authority that issues nominal non-state contingent debt, levies distortionary labor income taxes and determines the level of public goods provision. Higher government debt levels make it optimal to reduce public spending, so as to dampen the adverse incentive effects of distortionary taxes, but also strongly influence the optimal stabilization response following technology shocks. In particular, higher debt levels give rise to larger risks to the fiscal budget and to tax rates. This makes it optimal to reduce government debt over time. The optimal speed of debt reduction is missed when using first-order approximations to optimal policies, but is shown to be quantitatively significant in a second-order approximation, especially when technology movements are largely unpredictable in nature. 相似文献
8.
Ilaria Ossella 《Economic Theory》1999,14(3):597-607
Summary. This paper establishes a ‘turnpike theorem’ for a closed linear model of production with a primitive input requirement matrix. Optimal programs of resource allocation have a ‘turnpike property’ if the growth factor of every sector in the economy converges, in the long run, to a common value. The usefulness of such a theorem is due to the fact that the input requirement matrix for an economy with a large number of goods may be primitive (some power of the matrix is strictly positive). Received: April 19, 1998; revised version: July 15, 1998 相似文献
9.
The purpose of this paper is to empirically assess the optimality of the level of public capital in Japan. We use a methodological
approach based on Burgess's (1988) procedure for calculating the public discount rate. This approach involves estimating a
production function, but does not necessarily require utility function estimation. The results indicate that, although the
Japanese economy experienced a public capital deficiency over the period 1960–1982, public capital moved toward optimal levels
throughout the period.
First version received: March 1997/final version received: June 1998 相似文献