The Dependent-Economy Model With Both Traded and Nontraded Capital Goods*

Dynamic versions of the dependent-economy model have been criticized for arbitrarily assuming that capital is either tradable or nontradable, and for choosing either the traded or nontraded sector to be capital intensive. Our model incorporates both types of capital and shows that the relative sectoral intensity of nontraded capital determines the dynamic adjustment of the relative price of nontradables. When the traded sector is intensive in nontraded capital, the saddlepath is flat. When the nontraded sector is intensive in nontraded capital, the saddlepath is negatively sloped. the relative sectoral intensity of traded capital primarily affects current-account dynamics.     

Nontraded Goods and the Current Account

This paper investigates trade balance and current account behavior in response to various shocks when the economy produces and consumes both traded and nontraded goods. Previous analyses of these problems have interpreted current account behavior in terms of tension between parameters that measure intratemporal and intertemporal elasticity, respectively. This paper provides a simple general criterion for whether trade and current account behavior is perverse vis-à-vis the standard one-good model results: behavior is perverse if and only if traded and nontraded goods are Edgeworth complements; that is, if the cross-partial of the instantaneous utility function is positive.     

Half-lives of Deviations from PPP: Contrasting Traded and Nontraded Components of Consumption Baskets

The paper examines the convergence question by contrasting the half‐lives of deviations from purchasing power parity (PPP) across traded and nontraded goods in an exchange rate model with sticky prices. In particular, empirical results show that in most cases the half‐lives of PPP deviations for traded goods are shorter than those for total consumption and for nontraded goods.     

Preferential Trading and Real Wages

Following the Stolper–Samuelson type of logic, the general impression is that freeing up trade, whether preferentially as in the North American Free Trade Agreement (NAFTA) or on a nondiscriminatory basis as in the Uruguay Round, must lower real wages in one set of countries and raise them in the other set of countries. An increase in the real wage in all countries as a result of freeing up of trade either relies on gains via an improvement in the terms of trade or requires special assumptions such as increasing returns, complete specialization or asymmetries in production technology. This paper shows that even within a standard three-country, three-good, small-union model, preferential trade liberalization can lead to increased real wages in both partner countries without necessarily relying on terms-of-trade improvements, increasing returns, complete specialization, or asymmetries in production technology.     

国际贸易结构分析:贸易品的技术分布

对国际贸易结构的理论与经验研究已经充分揭示了技术在贸易中的重要作用。但是,对于如何识别贸易品的技术差异,如何分析贸易品的技术分布状况,进而如何从技术分布来分析贸易结构等,目前还没有非常成熟的方法。本文试图通过完善关志雄(2002)在这方面的努力来提供基于贸易品技术分布的贸易结构分析法。本文用显示技术附加值赋值原理作为识别贸易品技术附加值高低的理论基础,然后根据这一原理提供了具体的赋值方法,并提出了四种基于贸易品技术分布的贸易结构分析方法,分别是:竞争互补指数、竞争压力指数、技术高度曲线和贸易品高低技术分类分析法。最后,本文用上述方法分析了中国的对外贸易结构。     

Nontraded Goods,Capital Taxes,and Temporary Immigration in a Small Open Economy

This paper extends the standard (one-good, two-factor) model of international capital and labor mobility by incorporating a nontraded good within a small capital-exporting, labor-importing country. It examines, from this country's perspective, the effects of capital taxes and temporary immigration on the nominal wage, and on welfare, and derives the optimal policy toward capital. It demonstrates, among other things, that (i) the optimal policy toward capital may be a tax on its domestic rate of return, depending on the factor intensity of the nontraded good and on the relationship between capital and labor in production, and (ii) the distinction between temporary and permanent immigration is important in evaluating its effects on various economic variables. [F20, F22]     

Unemployment, Real Wages and the Money Supply in Australia*

Many observers have attributed the high unemployment experienced in Australia in the 1970s to the rises in real wages which have occurred in the decade. An alternative or additional hypothesis is that unemployment has resulted from policy directed at controlling inflation and that this has been exacerbated by the occurrence of adverse external factors, particularly bul not solely the oil price shocks, which have made inflation more difficult than otherwise to control .
The results of econometric tests suggest that a significant portion of fluctuations in the unemployment rate can be explained by real wage movements, and as well monetary policy through its effects on the real money supply also seems to affect unemployment. Both real wage rises and monetary restrictions appear to have contributed to the jump in unemployment in 1974–75, and since then the continuing high and rising unemployment rate is closely associated with the low growth rate of the real money supply .     

Optimising Agents, Staggered Wages and Persistence in the Real Effects of Money Shocks

In this paper we incorporate Taylor's (1979) staggered wage setting into an optimising dynamic general equilibrium framework to study whether staggered wages could induce a high degree of persistence in the real effects of money shocks. We conclude that high persistence is an unlikely outcome. Sensible values of the microeconomic parameters and/or a moderate rate of underlying inflation imply a low degree of persistence. Furthermore, once explicit microfoundations are taken into account, we show that: (i) the model is highly non-linear; (ii) the inertia of the system is inversely related to the level of average inflation.     

Non-Traded Goods and Real Exchange Rate Fluctuations: A Structural VAR Analysis

Real exchange rate variance decompositions indicate that only a small fraction of real exchange rate movements can be attributed to changes in the relative price between traded and non-traded goods. This paper argues that those exercises, by ignoring the nature of the shocks behind real exchange rate changes, may be inadequate to measure the relative importance of non-traded goods prices. Instead, it proposes using a structural vector autoregression (SVAR) model to study the effects of shocks to the relative supply and relative demand for non-traded goods on the real exchange rate. The SVAR model is identified via long-run restrictions and is estimated for a group of advanced economies. The results indicate that for some countries, relative supply shocks can be a significant source of real exchange rate fluctuations.     

Efficiency Wages and Taxes

Various taxes influence wage and employment outcomes in efficiency wage models. These findings are extended by incorporating more comprehensive tax functions and additional tax parameters. Moreover, the importance of different effort functions is evaluated. It is shown that higher marginal tax rates, holding the level of taxes constant, reduce wages and increase employment. Higher levels of taxes on income, labour costs and value-added tend to raise unemployment.     

Wages, Experience and Seniority

In this paper we study the sources of wage growth. We identify the contribution to such growth of general, sector specific and firm specific human capital. Our results are interpretable within the context of a model where the returns to human capital may be heterogeneous and where firms may offer different combinations of entry level wages and firm specific human capital development. We allow for the possibility that wages are match specific and that workers move jobs as a result of identifying a better match. To estimate the average returns to experience, sector tenure and firm specific tenure within this context, we develop an identification strategy which relies on the use of firm closures. Our data source is a new and unique administrative data-set for Germany that includes complete work histories as well as individual characteristics. We find positive returns to experience and firm tenure for skilled workers. The returns to experience for unskilled workers are small and insignificant after 2 years of experience. Their returns to sector tenure are also zero. However, their returns to firm tenure are substantial.     

Efficiency Wages and X-Inefficiencies

Within most organizations, agents may spend time on a variety of tasks — productive and redistributive. In this paper, I derive an optimal multi-task incentive scheme under the assumption that agents have limited liability. The wage level is shown to increase with an agent's discretion and the organization's profits. With multiple agents, it is generally not optimal for the principal to fully eliminate distributional conflict within the organization. The resulting influence costs constitute a measure of X-inefficiency. The analysis illuminates the relationship between competition and influence costs, emphasizing the role of the organization's production technology.     

Real Wages,Demand and Employment in the UK 1921–1938: A Disaggregated Analysis

This paper uses the Layard and Nickell model of the labour market to examine the determinants of employment at a sectoral level for the interwar UK economy. Sectoral level data permits examination of the differing responses to changes in the determinants of employment. Estimation of employment functions indicates significant elasticities with respect to aggregate demand variables across a wide range of sectors but less support for a negative real wage effect, particularly in those industries responsible for major losses in employment. The evidence is therefore more consistent with the low-aggregate-demand explanation of labour market behaviour than it is with the high-real-wage hypothesis.     

ETF话题

<正> 近年来美国各基金品种与ETF的发展比较美国的基金极其发达,美国基金资产规模占了全球基金资产规模的60％左右,在全球基金中占据主导地位。美国的基金分为四种:共同基金、封闭式基金、单位信托和ETF。共同基金无论在基金规模和基金家数上均占有绝对优势,但ETF迅猛的发展势头令人刮目相看。至于封闭式基金与单位信托,前者自1999年以来资产规模呈下降趋势,后者总体资产规模很小,都不是基金市场的主角。共同基金主要的基金类型有股票基金、债券基金、混合基金和货币市场基金(包括应税货币市场基金和免税货币市场基金)四大类。在1990年时货币市场基金所占比重最大,几乎占据了共同基金的半壁江山,货币市场基金的比例在20世纪90年代持续下降,到1999年已经降至     

Domestic Jobs and Foreign Wages

It is plausible that the labour demand decisions of multinational corporations (MNCs) depend not only on domestic, but also on foreign labour costs. This hypothesis is tested by estimating labour demand equations for a sample of Swedish MNCs. Indeed, higher foreign costs increase an MNC's Swedish employment and reduce its foreign employment. As MNCs become more important in many OECD countries, the responsiveness of domestic output and employment to foreign labour costs is likely to increase.     

提高真实工资将如何影响我国的经济增长与劳动生产率——基于中国省级面板数据的实证分析

本文基于后凯恩斯主义的Bhaduri-Marglin模型和内生性技术进步理论,利用我国1978-2017年的省级面板数据,估计了提高平均真实工资率对我国总需求和劳动生产率增长的潜在影响.通过引入真实工资影响的非线性特征、分别核算东部与内陆地区的总需求和劳动生产率区制、使用更加全面稳健的估计方法等,对现有相关研究做出改进,并得出如下结论:当前我国的总需求和劳动生产率均处于工资拉动增长的区制.提高真实工资增长率,不仅会通过马克思-希克斯效应驱使厂商提高劳动生产率,还会通过提高劳动收入份额促进总需求增长,而后者又通过卡尔多-凡登效应进一步促进劳动生产率增长.这种效应在内陆地区比在东部地区更加明显.多措并举地提高真实工资增速,提高劳动报酬占初次分配的比重,有利于实现内生需求创造与供给效率提升的协同,助力形成需求牵引供给、供给创造需求的更高水平动态平衡.     

Wages,government policy and unemployment

The argument of this article is easily stated if the propositions of historical materialism are true the feasibility of socialism is seriously in doubt. Section 1 outlines what is meant by historial materialism and Section II considers the work of Marx on the development of socialism. The following three sections analyse the work of socialist economists and their critics during the twentieth century. In the conclusion our overall argument is summarized.     

Wages and hazardous working conditions

The purpose of this paper is to provide a new empirical test for the existence of wage premiums paid to workers who are exposed to dangerous or unhealthy working conditions. Prior empirical studies have encountered problems with omitted ability data, omitted working conditions data and measurement error. The empirical model presented in this paper uses a difference specification to eliminate bias from omitted ability data. By assuming that all hazardous working conditions are measured by a single endogenous unobserved variable, this empirical model also eliminates bias due to omitted working conditions and measurement error. The empirical model is estimated using the 1973–7 version of the Quality of Employment Survey. The unique data in this survey facilitate estimation of a model in which working conditions are assumed to be unobservable. Using a two-stage technique for consistent and efficient estimation, the empirical results reported in this paper show that a compensating difference for hazardous work does exist.