Immigration and Economic Welfare: Resource and Environmental Aspects*

The relation between immigration and the economic welfare of residents b analyzed for resource-rich economies (such as Australia) both under competitive conditions and when various distortions are present Immigration provides efficiency gains for residents under distortion–free competition for standard ‘gains from trade’ reasons. Such reasons, however, tend to be ignored by immigration and ‘optimal population’ theorists who raise the issue of restricting immigration without explicitly referring to the distortions. In situations where distortions and externalities are present, we argue that it is generally preferable to devise policies which specifically target the distortions than to restrict immigration.     

Evaluation of Welfare Change in Quantity-Constrained Regimes*

There are many circumstances where individuals are subject to constraints other than income and prices. Evaluation of welfare change from a price-taking position to a quantity-constrained position presents special problems. While remaining firmly in the partial-equilibrium tradition, indifference curves in the price-quantity space are applied to the identification of an equivalent variation. a modified Marshallian measure and a compensating variation in quantity-constrained situations. These measures satisfy the condition of CV < MS < EV for a normal good. A Marshallian measure that has been used—the ‘simple Marshallian measure’—is shown to have a considerable drawback.     

Wage Indexation, Employment and Inflation

Price versus productivity-indexing is considered in a model of monetary policy with incomplete information and wage bargaining. In a perfectly price-indexed economy, the inflationary bias due to lack of credibility is eliminated. However, productivity-indexing is more appropriate to dampen macroeconomic fluctuations that are caused by real disturbances. We show that productivity-indexing alone guarantees both price and employment stability, provided the government's reputation is good enough and the union's bargaining power is not too strong. This reduces the degree of price indexation as the union becomes weaker and the government's reputation improves. Productivity-indexing is desirable with volatile productivity processes and weak unions.
JEL classification : E 24; E 52     

Tariffs and Welfare In A Dynamic Differentiated Oligopoly*

Using a dynamic general-equilibrium environment with strategically interacting oligopolists, this paper demonstrates that dynamic elements will significantly alter the equilibrium effects of tariff policy. In particular, the tariff rate which maximizes aggregate steady state welfare is decreasing in the level of adjustment costs. Furthermore, when tariff rates change, there are short-run welfare losses along the dynamic transition path to the new steady state. Gradual implementation of policy can avoid these losses. This provides a justification for the gradual implementation of tariff reductions in the GATT rounds or in the Free Trade Agreement between Canada and the United States.     

Measuring Welfare Changes and the Excess Burden of Taxation*

This paper examines methods used to evaluate the welfare effects of tax changes, with emphasis on the measurement problems involved. Welfare changes and excess burdens are defined, along with approximations. Aggregate measures, using a social welfare function, are examined. The special case of income taxation is then examined, leading to discussion of the marginal welfare cost of taxation and the marginal cost of funds. The measurement methods examined include the use and estimation of direct and indirect utility functions, along with the algebraic and numerical integration from estimated Marshallian demand functions to the compensated demands. The use of equivalent incomes to examine tax changes, using unit record data from household budget surveys, is then discussed.     

Marginal Tax Rate Uncertainty and Wage Indexation

Frequent changes in American tax laws over the last 30 years have led to uncertainty regarding the marginal tax rate on labour income. Using a multisector framework, this paper considers the implications of the tax rate uncertainty for wage flexibility. The Fiscal Authority sets the marginal wage tax rate, and is assumed to be the leader in a Stackelberg game. Wage setters in this game determine the degree of optimal indexation and are assumed to be followers. Increases in tax rate uncertainty lead to greater nominal wage flexibility, and a decrease in optimal progressivity. Additionally, indexation to nominal shocks is complete even if the product market is monopolistically competitive.     

Monetary Policy Delegation and Optimal Wage Indexation

This note shows that delegation of policy to a central banker who puts more weight on inflation stabilization than does the rest of society could reduce the alleged social inefficiency of private wage indexation decisions that arises in models of discretionary monetary policy.     

Economic Aspects of the Foreign Student Question*

Foreign students comprise about 4 per cent of total student enrolments at Australian universities and colleges. The numbers of private overseas students in Australia are regulated by quota and by the imposition of a subsidized fee. Australian government policy towards overseas students has been discussed in two recent government reports which reach conflicting conclusions about desirable policy changes. This paper puts forward the arguments against which the economic aspects of these two reports can be judged, discussing the theoretical basis for regulation by fees and quotas and applying these considerations in the present A ustralian context. It is found that, despite some recent moves in the right direction, Australian policy towards foreign students and towards the use of tertiary education as a medium of foreign aid, is still short of ideal when judged on economic grounds.     

The Welfare Costs of the Australian Telecommunications Pricing Structure*

Australian telecommunications pricing has developed in an environment which is uncompetitive, subject to pressures to cross-subsidize and insufficiently cognizant of relevant costs and demands. STD and local call charges are too high and access charges too low. Compared with a structure which charged marginal usage costs and retrieved costs of subscribers' loops and overheads through access charges, the pricing structure has an estimated efficiency cost of about $240 m in 1985–86.     

侵占罪犯罪对象若干问题研究

在侵占罪犯罪对象中,他人财物不包括本人所有的财物;无形财物、非法财物不能被认定为侵占罪的犯罪对象;不动产是侵占罪的犯罪对象;遗失物不同于遗忘物,不是侵占罪的犯罪对象;埋藏物只能为所有权明确的私人财物,而不能是国家所有的财物或文物.     

On the Welfare Cost of Economic Fluctuations in Developing Countries*

Macroeconomic fluctuations are much stronger in developing countries than in the United States. Yet, while a large literature debates the welfare cost of economic fluctuations in the United States, it remains an open question how large that cost is in developing countries. Using several models, we provide such a measure. We find that the welfare cost of consumption volatility per se is far from trivial and averages a substantial multiple of the corresponding U.S. estimate. Moreover, in many poor countries, the welfare gain from eliminating volatility may in fact exceed the welfare gain from an additional percentage point of growth forever.