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1.
Theoretical durable-goods models suggest that a monopolist will prefer to lease rather than sell units of output due to the
seller’s commitment problem with potential buyers. However, many monopolistic durable-goods manufactures are commonly observed
simultaneously leasing and selling output. We provide a theoretical rationale for this observed behavior in firms engaged
in trade with a foreign country. In a simple two-period setting we show that a foreign durable-goods monopolist will concurrently
lease and sell output if the expected future exchange rate is lower than the current rate. With this concurrent strategy the
firm earns higher profit than a pure rental or sales regime. Additionally, our model provides additional theoretical underpinnings
for the empirical finding that increases in expected future exchange rates increase the current sales price of durable products.
Finally, our analysis examines the role of product durability in determining exchange rate pass-though to domestic prices.
相似文献
Michael K. Pippenger (Corresponding author)Email: |
2.
Michael J. Hicks 《Atlantic Economic Journal》2007,35(1):77-95
This research estimates fiscal impacts of Wal-Mart in Ohio from 1985 through 2003. Using a panel of counties, and accounting
for spatial autocorrelation in an instrumental variable model I estimate impact of Wal-Mart and Super-Centers on selected
revenues and transfer payments. Among the findings is that the presence of a Wal-Mart increases local commercial property
tax assessments resulting in collection increases of between $350,000 and $1.3 million. There is also an 18–43% reduction
in per capita EITC claims in a county. However, Medicaid expenditures experience growth which amount to roughly 16 additional
cases attributable to a single Wal-Mart. The magnitude and statistical certainty of these findings, suggests that local fiscal
intervention, either through incentives or a “Wal-Mart Tax” is unwarranted.
相似文献
Michael J. HicksEmail: |
3.
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: |
4.
We analyze the role of fiscal-monetary policy interactions and fiscal coordination in EMU under the assumption of strategic
wage setting in unionized labour markets. We find that production subsidies and real wage distortions are strategic complements.
The literature on macroeconomic stabilisation policies and policy games usually neglects this point and reaches overoptimistic
conclusions about the desirable effects of accommodating fiscal policies. Central bank preferences also affect the desirability
of fiscal coordination in a monetary union. In fact, contrary to Beetsma and Bovenberg (1998), we find that fiscal coordination improves outcomes in the case of a conservative central banker, whereas it leads to worse
outcomes with a populist one.
相似文献
Patrizio TirelliEmail: |
5.
Chien-Ping Chen 《Atlantic Economic Journal》2009,37(1):73-85
Consumer differentiated preferences over movies make the uniform pricing regime at the box office a puzzle in the motion picture
business. This paper explores the nature of price rigidity at the current uniform price. It concludes that the high profit
mark-up from concession sales helps to retain uniform pricing as the optimal choice for exhibitors, without distributors’
condemned intervention. Unless many successful event movies are expected, tiered pricing over regular and event movies will
not benefit either exhibitors or distributors. The criteria for exhibitors to favor tiered pricing and the distributors’ choices
to eliminate the agency problem are also developed.
相似文献
Chien-Ping ChenEmail: |
6.
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: |
7.
Do Patent Protection and Technology Transfer Facilitate R&D in Developed and Emerging Countries? A Semiparametric Study 总被引:1,自引:0,他引:1
This paper examines if patent protection and technology transfer facilitate R&D in a sample that includes both developed and
emerging countries. A semiparametric model is used to estimate the relevant parameters using country level data from 21 countries,
of which six are emerging, for the period 1981–1997. The results suggest thresholds in patent protection and technology transfer:
patent protection has a positive effect which weakens at high levels of protection, and FDI has a positive effect only if
the country depends heavily on FDI.
相似文献
Debasri MukherjeeEmail: |
8.
James Peoples 《The Review of Black Political Economy》2009,36(1):1-6
Efforts by public and private institutions to increase the number of minorities participating in graduate economics programs
has contributed to a growing supply of Ph. D. trained minority economists. However, minorities are still under-represented
as faculty members in economics departments. This presidential address explores whether the concentration of minorities in
a few fields of specialization creates a demand-supply mismatch for these individuals.
相似文献
James PeoplesEmail: |
9.
Foreign Transfers and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy 总被引:2,自引:2,他引:0
This paper investigates the role of the real exchange rate in determining the effects of foreign transfers. If capital is
perfectly mobile between sectors, a pure transfer has no long-run impact on the real exchange rate. A decline in the traded
sector occurs because the transfer, being denominated in traded output, substitutes for exports in financing imports. While
a pure transfer causes short-run real exchange appreciation, this response is temporary and negligibly small. Transfers allocated
to productivity enhancement do generate permanent real exchange rate adjustments in response to the sectoral reallocation
of productive factors. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real
exchange adjustments, long-run capital accumulation, and economic welfare, associated with alternative forms of transfers.
相似文献
Stephen J. TurnovskyEmail: |
10.
Joseph Plasmans Jacob Engwerda Bas van Aarle Tomasz Michalak 《International Economics and Economic Policy》2009,6(2):135-156
This paper studies the effects of a monetary union enlargement using the techniques and outcomes from an extensive research
project on macroeconomic policy coordination in the EMU. Our approach is characterized by two main pillars: (i) linear-quadratic
differential games to capture externalities, spillovers and strategic behaviour of (fiscal and monetary) players; and (ii)
endogenous coalition formation concepts which enable us to study a creation and stability of different cooperation arrangements.
In this paper we focus on the first pillar and construct a multi-player linear-quadratic continuous-time model of 5 countries
and 4 central banks to evaluate effects of accession of a new member to an existing MU. Our findings stress the importance
of an asymmetric shock confirming basic results of the OCA theory. It comes out that in our setting it is never profitable
to enlarge the monetary union when there is a risk of an asymmetric shock. What is more, the potential losses from accession
are so high that it can be barely possible to design a transfer system to compensate for a worse situation of some countries.
相似文献
Joseph PlasmansEmail: |
11.
Thomas J. Webster 《Atlantic Economic Journal》2009,37(2):145-157
The analysis presented in this paper applies coalitional game theory to an analysis of imperfectly competitive firms producing
a homogeneous product. Coalitions consisting of equal partners and no capacity constraints tend to be stable. Grand coalitions
consisting of unequal members tend to be unstable. In this case, an intra-coalitional utility transfer may cement the coalition,
but the outcome tends to be the same as that in coalitions consisting of equal partners. Coalitions consisting of fewer, unequal
members may be possible, however, even in the absence of intra-coalitional utility transfers. Finally, grand coalitions may
be possible if subordinate members are capacity constrained.
相似文献
Thomas J. WebsterEmail: |
12.
Building on the celebrated Keynes–Ohlin debate and on Lane and Milesi-Ferretti (Rev Econ Stat 86:841–857, 2004), the paper
investigates the transfer problem for the Euro area vis-à-vis the rest of the world. The analysis is developed in a theoretically
and statistically consistent way and is intended as a contribution to the empirical literature on EMU. The main result of
the paper is that the accumulation of net foreign asset in the Euro area is consistent with real exchange appreciation, largely
through the relative price of nontradables rather than through the terms of trade.
相似文献
Paolo Paesani (Corresponding author)Email: |
13.
The purpose in this note is first to review briefly the empirical results on the relationship between real interest rates
and real exchange rates; this empirical literature provides little support for the hypothesis of Roll that expected real interest
rates are equal in general. Our second aim is to discuss the theoretical conditions that have to be met for his hypothesis
to hold.
相似文献
David PeelEmail: |
14.
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: |
15.
Maxim L. Pinkovskiy 《Atlantic Economic Journal》2009,37(1):99-112
We propose a model of stochastic choice in which the error term is derived from a maximizing framework in which it is costly
for agents to make decisions optimally. We argue that the model has testable implications, and is closely related to other
models used in the literature on choice under risk. We test this model over experimental data, replicate some conclusions
of the existing literature, and show our model to perform well against models in the field in current use.
相似文献
Maxim L. PinkovskiyEmail: |
16.
Stephen Shmanske 《Atlantic Economic Journal》2007,35(4):463-471
The structure of the payments in professional golf tournaments is heavily weighted to reward the top performers more handily.
On the PGA TOUR, for example, the winner typically receives 18% of the purse, second place receives 10.8%, and so on down
to 0.2% for 70th place. This payment structure brings up the possibility that the PGA TOUR is disproportionately rewarding
one-time, exceptional performances rather than consistent steady play. To examine the extent of this effect, this paper correlates
the 2002 earnings of the top 100 PGA TOUR professional golfers with their average performances, the variance around the averages,
and the skewness of the individual distributions of their scores. Mean performance, variance, and skewness are all significantly
related to earnings per tournament in the theoretically predicted directions. The research makes connections to and has implications
for several topics in the sports economics literature including competitive balance and the hot-hand phenomenon. Additionally,
it uncovers a heretofore unappreciated consequence concerning the relationships among the distributions of effort, performance,
and remuneration in the tournaments compensation model.
相似文献
Stephen ShmanskeEmail: |
17.
Gregory N. Price 《The Review of Black Political Economy》2008,35(1):1-12
Economists who publish research in the economics and political economy of race seem averse to citing similar research by black
economists. As citations are an important determinant of success as a research economist, black economists can possibly offset
the aversion of non-black economists in citing black economists, by citing black economists themselves. This NEA Presidential
address considers the relevance of black economist citations, and evaluates the extent to which black economists cite other
black economists.
相似文献
Gregory N. PriceEmail: |
18.
We examine the effects of trade policy changes on the evolution of productivity in the Turkish manufacturing industry. Plant
level productivities are estimated for the 1983–1996 period following the procedure of Olley and Pakes. Industry averages
indicate that productivity gains are largest in import-competing industries with highest gains reaching 8% per year during
periods of rapid decline in protection rates. We find that productivity improvements resulting from declining protection rates
are statistically significant and economically important, especially in import-competing sectors. More importantly, productivity
improvements due to declining protection rates increase with the plant size.
相似文献
Kamil Yilmaz (Corresponding author)Email: |
19.
Giovanni Ganelli 《Open Economies Review》2008,19(2):241-259
This paper studies the domestic and international effects of “public competition policies” aimed at improving the efficiency
of public spending. Such measures are modeled as an increase in the price elasticity of public consumption. The paper finds
that public competition policies significantly affect macroeconomic interdependence across countries, both through the impact
of the international elasticity of substitution and of mark-up effects. The paper also develops an extension in which fiscal
shocks are stochastic. In welfare terms, countries with a larger government sector have an incentive to promote global public
competition policies regardless of whether fiscal policy is modeled as deterministic or stochastic.
相似文献
Giovanni GanelliEmail: |
20.
We present an analysis of the determinants of de jure and de facto exchange rate regimes based on a panel probit model with
simultaneous equations. The model is estimated using simulation-based maximum likelihood methods. The empirical results suggest
a triangular structure of the model such that the choice of de facto regimes depends on the choice of de jure regimes but
not vice versa. This gives rise to a novel interpretation of regime discrepancies.
相似文献
Jizhong ZhouEmail: |