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1.
Impact of the ability and the degree of openness of a manager on decision making is studied. Whether a more able manager increases
or decreases the effort of a subordinate depends on the relative quality of information. Greater openness is a two-edged sword:
it increases the likelihood that more information will be employed, but it reduces the manager’s incentive to expend effort
on obtaining better information. A more open manager is more desirable when the position is relatively more important or the
prior information is not very accurate.
相似文献
Haiwen ZhouEmail: |
2.
This paper investigates whether small countries gain relatively more than large countries from an ‘expansion’ of their market
through the creation of a single currency. The introduction of the euro offers a particularly valuable source to test this
hypothesis, which we motivate using the theoretical model by Casella of the year 1996. Our results from a panel data analysis,
using both aggregate and disaggregated trade data, point to a statistically significant but quantitatively moderate small
country bonus. On average, the euro has led to an improvement of the small euro area’s relative export performance by 3–9%.
相似文献
Harald BadingerEmail: |
3.
Each year around 8% of Swedish manufacturing firms leave an industry. Of the exit routes available, the least likely is firm
closure. Firms are more likely to merge, become acquired or switch to a new industry. We investigate the importance of a range
of firm and industry characteristics for the exit decision of Swedish firms from 1980–1996. From our analysis two patterns
are evident. First, firms that close down appear to be the most distinct compared to those that remain within the sector.
Second the same characteristics can have quite different associations with different exit strategies.
相似文献
David GreenawayEmail: |
4.
Jesus M. Valencia 《Atlantic Economic Journal》2008,36(2):247-260
Using data gathered by the author in two communities in Southwestern Colombia, this paper tests a model of migration which
incorporates relative deprivation as one of many possible reasons to migrate. The study finds that the product of relative
deprivation and family income not only has a sensible interpretation; it is a better predictor of migration than its two component
variables alone. Results also show that families with the highest propensities to migrate are those with the most to gain
in terms of being better able to reduce relative deprivation through successful migration. These families, however, are neither
at the bottom nor at the top of the income distribution in their communities. The study also finds that those most likely
to migrate to the USA conform most closely to the immigration policies of the USA.
相似文献
Jesus M. ValenciaEmail: |
5.
Santiago Budría 《Atlantic Economic Journal》2008,36(3):261-274
This paper explores asset returns in a production economy with habit forming households. We show that a model with capital
adjustment costs and relative habits is consistent with salient financial facts, such as the equity premium, the market price
of risk, and the riskfree interest rate. These predictions are not at odds with good business cycle predictions. In the model,
economy investment is strongly procyclical and more volatile than output, which in turn is more volatile than consumption.
Moreover, consumption growth is positively autocorrelated and negatively (positively) correlated with future (past) stock
returns.
相似文献
Santiago BudríaEmail: |
6.
Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?
Barry Eichengreen 《Open Economies Review》2007,18(1):27-52
The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This
paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool
could be used for emergency lending in response to sudden stops. Second, a portion of the reserve pool along with borrowed
funds could be used to purchase contingent debt securities issued by governments and corporations, helping to solve the first-mover
problem that limits the liquidity of markets in these instruments and hinders their acceptance by private investors. This
paper argues that the second option is more likely to be feasible and productive.
相似文献
Barry EichengreenEmail: |
7.
This paper analyses the characteristics of episodes of fiscal consolidation in the EU exhibiting non-Keynesian features, i.e.,
followed by an improved growth performance. Roughly half of the episodes of fiscal consolidations that have been undertaken
in the EU in the last 30 years have been followed by higher growth. Probit regressions indicate that the consolidations that
turned out to be expansionary were more likely started in periods with output below potential and based on expenditure cuts
rather than on tax increases. These results appear quite robust with respect to the criteria used to identify the consolidation
episodes and to classify such episodes as expansionary.
相似文献
Alessandro TurriniEmail: |
8.
Non-traded Goods,Technical Progress and Wages 总被引:2,自引:0,他引:2
We use a general equilibrium model of trade to show that technical improvement may indeed cause a fall in the wages of unskilled
workers. Under some modest conditions, the wages of skilled workers may go down too.
相似文献
Reza OladiEmail: |
9.
In this paper we provide a characterization of international consumption risk sharing among a sample of OECD countries based
on panel cointegration and error-correction techniques. Our results indicate that around 30% of idiosyncratic consumption
risks are shared in the short run. In the long run, however, only about 10% of idiosyncratic consumption risks are shared
internationally. In addition, we find that countries characterized by relatively high foreign asset and liability positions
are less exposed to shocks. Moreover, the time it takes until idiosyncratic shocks exert their full impact on consumption
crucially depends on the foreign asset and liability position.
相似文献
Johann Scharler (Corresponding author)Email: |
10.
This paper provides some of the first empirical evidence on labour market adjustments to exchange rate movements in Canadian
manufacturing industries. Controlling for endogeneity using generalized method of moments estimation, it is found that during
the 1981–1997 period, exchange movements have a substantial impact on labour input and that this impact has grown over time
as the manufacturing industries have become more exposed to trade. In contrast, the exchange rate effect on real wages is
estimated to be virtually zero for all manufacturing industries.
相似文献
Terence YuenEmail: |
11.
Capacity-based interconnection (CBI) prices vary exactly with the costs a network provider incurs when supplying an interconnecting
party. That is, they equal incremental costs, rather than being averaged over any output measure. We argue such prices (1)
are as practicable and more efficient than per minute rates based on long run incremental cost, (2) are more efficient than
bill and keep, and (3) with mark-ups for cost recovery, are a practical and relatively efficient means of pricing wholesale
interconnection services, being well-suited to both circuit and packet-based networks.
相似文献
Eric K. Ralph (Corresponding author)Email: |
12.
Joshua Hall 《Atlantic Economic Journal》2007,35(3):289-301
This paper examines the relationship between local financing of education and school district efficiency. In a system of local
school finance, the capitalization of school quality in housing prices provides homeowners with verifiable information regarding
the impact of school officials’ actions and strong incentives to act upon that information. I find evidence that school districts
with a higher percentage of revenues from local sources perform better on state math tests. In addition, the amount of residential
property within a school district is positively related to math test passage rates.
相似文献
Joshua HallEmail: |
13.
In a globalised world economy, global factors have become increasingly important to explain trade flows at the expense of
country-specific determinants. This paper shows empirically the superiority of direct forecasting methods, in which world
trade is directly forecasted at the aggregate levels, relative to “bottom-up” approaches, where world trade results from an
aggregation of country-specific forecasts. Factor models in particular prove rather accurate, where the factors summarise
large-scale datasets relevant in the determination of trade flows.
相似文献
Stephane DeesEmail: |
14.
Policy coordination in East Asia and across the Pacific 总被引:1,自引:1,他引:0
In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide
quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies.
The model includes a wide variety of monetary and currency policy rules that the East Asian economies adopt and allows for
one country's policymaking to have substantial effects on foreign countries. We apply the model to three current policy issues:
(1) the desirability of currency basket pegs in East Asia, (2) the anticipated effects of China's currency policy reform,
and (3) the non-negativity constraint on Japanese nominal interest rates. The simulation analyses show the external economy
effects of policy rules quantitatively and suggest the difficulty of monetary and currency policy coordination among the East
Asian economies.
相似文献
Koichiro Kamada (Corresponding author)Email: |
Izumi TakagawaEmail: |
15.
Katrin Ullrich 《Open Economies Review》2007,18(3):239-262
With an increasing number of independent central banks, accountability of central banks is also getting more attention. This
paper analyses the possibility of introducing instruments of central bank accountability in a monetary union. In our model,
monetary policy is influenced by the governments of the member states according to the degree of independence granted to the
central bank. Instruments of democratic accountability are introduced which generate different expected losses for a government.
The amount of the expected loss will determine the approval of a government to the implementation of a particular mechanism.
We show that the agreement between the governments will only be unanimous for the definition of the inflation target of the
central bank.
相似文献
Katrin UllrichEmail: |
16.
State lottery revenues are shown to increase during the week transfer payments are distributed. The timing of the increase
in lottery purchases suggests a portion of the transfer payments is used to purchase lottery tickets. In addition to providing
information on the timing of lottery purchases, this study finds sales of Pick 3 and Pick 4 tickets increase during the period,
while sales of Pick 5 and Pick 6 games do not, suggesting a general preference for the relatively higher probability, smaller
jackpot games for the group.
相似文献
Rodney J. PaulEmail: |
17.
This paper investigates the interaction between institutional integration and trade deepening in the EU over the last 50 years.
It uses Granger causality tests, a VECM and variance decompositions to further the understanding of this interaction. The
evidence indicates two-way endogeneity. But the link from institution building to trade dominates. Yet, this link has weakened
over time, possibly due to globalisation sidestepping institutions. Moreover, the sensitivity of institutional integration
to trade deepening has risen, which suggests that economic forces have gained more strength in determining institutional steps.
相似文献
Francesco Paolo MongelliEmail: |
18.
Becky Roselius Haney 《Atlantic Economic Journal》2008,36(1):65-75
Many recent economic studies have shown that traditional economic theory applies to nontraditional settings such as religious
organizations. This paper contrasts two labor markets for clergy that result from different denominational polities to examine
the impact of labor market structure on clergy compensation in Protestant denominations. Many Protestant churches operate
autonomously and clergy and congregations negotiate contracts in a free market. However, in a distinct sub-group of Protestant
denominations there is involvement by denominational hierarchy in order to raise the level of clergy compensation and benefits.
Regression analysis using a unique, random sample of US clergy suggests that different labor market structures result in economically
important and statistically significant differences in the distributions of clergy salaries and benefits.
相似文献
Becky Roselius HaneyEmail: |
19.
Yifan Hu 《International Economics and Economic Policy》2006,3(1):27-42
A growing number of countries have anchored their monetary policy to an explicit numerical rate or range of inflation since
such an inflation targeting framework was first adopted by New Zealand in 1989. This paper empirically investigates economic
structure and institutional factors associated with a country’s choice of inflation targeting using a dataset of 66 countries
for the period of 1980–2000. It is found that a sound fiscal position is significantly and positively associated with the
choice of inflation targeting framework; the central bank is more likely to adopt inflation targeting with greater financial
depth; institutional capacity including central bank autonomy and flexible exchange rate regime is important for the choice
of inflation targeting.
相似文献
Yifan HuEmail: |
20.
Michael Bleaney 《Open Economies Review》2008,19(2):135-146
The puzzle that real exchange rates are less volatile in open economies is an important challenge to exchange rate theory.
Adjustment of domestic prices to nominal exchange rate movements can account for only a small proportion of this effect. Real
and nominal shocks display no obvious correlation with openness. It is shown here that real effective exchange rates are more
strongly mean-reverting in more open economies, even after controlling for exchange rate regime effects. This is predicted
by the theory of current account sustainability, because of its emphasis on ratios to GDP rather than to trade flows.
相似文献
Michael BleaneyEmail: |