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This paper investigates the phenomenon of judicial corruption and incorporates it into Polinsky, A. M. (1980). Strict liability vs. negligence in a market setting. American Economic Review, 70, 363–367 framework so as to analyze the efficiency of the negligence rule. By shedding light on the role of social norms in regard to the phenomenon of judicial corruption, this analysis provides implications for policy. First, more prevalent corruption at the status quo tends to intensify the extent of the corruption itself and, as a result, the effectiveness of the government’s corruption enforcement is greatly lessened. This implies that an excessively lenient policy of corruption may result in an uncontrollable consequence; once corruption becomes rampant, it is costly to bring it down. Of great importance, in the presence of such a corruption effect, the social optimum cannot be achieved based on the negligence rule and the equivalence between the strict liability and negligence rule fails. Secondly, the attitude of the society toward a corrupt judge plays a crucial role in governing the effectiveness of an efficient wage arrangement. If the society can fully accept a corrupt judge, corruption will never be controlled even with the incentive wage scheme.
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| Juin-jen ChangEmail: |
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We test the existence of an endogenous relationship between well-being and employment for US individuals. To that end, we
use a simultaneous equation generalized Probit model applied to four recent waves of the National Health Interview Survey
(1997–2000). Our results do not enable us to accept the hypothesis that there is a significant effect from employment status
to subjective well-being. In contrast, we provide evidence that suggest that well-being is positively correlated to the probability
of having a job.
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| Rosa DuarteEmail: |
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This paper makes three main points. First, whereas the Monetary Policy Committee's forecasts of inflation and output growth
in the UK are comparatively accurate, they cannot forecast deviations around trend, except at short horizons. Second, this
is primarily because they adjust policy, the short-term interest rate, to drive inflation/output back to trend at their forecast horizon. This is not apparent when
using a Taylor-rule using ex post forecasts, since these are published after taking account of policy changes. I use a rule of thumb to re-engineer estimates of the ex ante forecasts, upon which the policy decision was based. Also, because of the lengthy lags in the transmission mechanism, Central
Bank decision-makers relate their interest decisions, not to current variables, but to forecast values for future inflation
and output, with a forward-looking interest rate reaction function of the form:
Taking account of ex ante forecasts, with a forward-looking reaction function, gives very different results from the standard Taylor reaction function
estimates. Third, the coefficient of reaction to inflation deviations at the forecast horizon has been almost exactly enough
to return inflation to trend without need for any further change. So one might expect interest rates to follow (nearly) a
random walk. Yet they are strongly auto-correlated. This latter remains a conundrum which requires further research.
The Robert A. Mundell Distinguished Luncheon Address presented at the Fifty-Ninth International Atlantic Economic Conference,
London, England, 9–13 March 2005. An earlier version of this paper was published in Issues on Monetary Theory and Policy: Proceedings of a Colloquium in Honour of Wolfgang Gebauer, eds, V. Deville, J. von Landesberger, M. Müller, F. Schobert and A. Worms, (Bankakademie Verlag GmbH, Frankfurt, 2005). 相似文献
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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.
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| Debasri MukherjeeEmail: |
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Socioeconomic Factors Influencing Longevity in Japan 总被引：1，自引：0，他引：1
Yukichika Kawata 《Atlantic Economic Journal》2009,37(1):113-114
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