Endogenous Cycles and Menu Costs: A Dynamic Macroeconomic Model of Monopoly

We present a dynamic model of price setting in which price adjustments are costly for the monopolist. The general price level changes endogenously due to welfare changes. For the resulting two‐dimensional dynamical system the existence of a continuum of stationary points is proven. Furthermore, simulations show that endogenous cycles of output can occur.     

Overdeterminacy and Endogenous Cycles: Trygve Haavelmo's Business Cycle Model

The econometrician Trygve Haavelmo pursued a research programme in macroeconomic theory that was highly original for its time. We present his macro model for an economy with deregulated financial markets and a policy determined interest rate path. Disequilibria arise in the interface between asset markets and the real economy. A mismatch between the marginal return to capital and investors' required rate generates endogenous switching between recession and full employment regimes. Haavelmo regarded the ‘switching mechanism’ as a substitute for liquidity constraints, and together with his ideas of price dynamics, there is a clear Keynesian and Wicksellian influence on his macroeconomic theorizing.     

An Econometric Model of the Circuit of Capital

The circuit of value outlined in the second volume of Marx's Capital provides a coherent framework for the characterization of macroeconomic phenomena from a classical perspective. This paper builds on Foley's (Journal of Economic Theory, 28 (1982), pp. 300–319) formal reconstruction of the circuit to derive estimable forms for its three critical mechanisms: the production, realization and recommittal lags. The entire model is then estimated for the United States over the period 1948–89 on the basis of the Shaikh and Tonak (Measuring the Wealth of Nations: The Political Economy of National Accounts, Cambridge University Press, New York, 1995) data set, and the results are used to explore a number of current controversies, including (on the basis of simulation exercises) the consequence of various deficit reduction proposals.     

Wealth,Exploitation and Labor Discipline in the Contemporary Capitalist Economy

This paper synthesizes in a Leontief economic model the arguments of exploitation and unequal distribution of wealth put forward by Roemer (1982, 1986) and of the power relationship between employers and employees with regard to the performance of labor presented by Bowles and Gintis (1988, 1990). The author introduces the level of the agent’s labor-discipline as measured by the ratio of labor effort per unit of labor time to the real wage rate. The connection bet ween this kind of power index and both exploitation status and wealth distribution is then examined. The result obtained is that, under some reasonable assumptions, the exploitation status and the level of labor-discipline accurately reflect the unequal distribution of wealth.     

The Internationalization of Capital in a Small and Vulnerable Economy

Summary

Since the early 1980s, Ecuador has increasingly adopted a pro-free trade posture and has removed most restrictions on its capital account. Foreign capital, however, has not penetrated key sectors of the economy as the privatization drive has stalled and financial markets have remained weak. The combination of open capital accounts and meager foreign capital inflows has not proven particularly beneficial to Ecuador. Specifically, some aspects of the internationalization of capital such as offshore banking have created significant limitations for the conduct of monetary and exchange rate policy and have added to the vulnerability of the country in the face of economic crises. These negative externalities of cross-border short-term capital movements are not balanced by inflows of long-term foreign capital.     

风险投资软环境中的风险投资家——性质、作用机理和筛选机制

在支撑风险投资制度成功移植的软环境因素研究问题上,从风险投资家生成和筛选机制这一研究视角出发,研究风险投资家人力资本的异质性质及其作为风险资本市场中心签约人的作用机理,认为优秀的风险投资家的生成和筛选机制是外生模仿型风险资本市场生成的关键的软环境。因此,我国需要建设系统的包括宏观和微观层面的生成和筛选机制。     

世界经济霸权周期:一个一国模型

本文以Modelski的霸权周期论为重要假设,构造了一个动态优化模型揭示世界经济霸权国家在霸权周期内的行为特征:通过稳定的对外掠夺量来最大化净收益。从该模型可以引出两个假说:如果技术和制度对经济增长的贡献不变,霸权国家在霸权周期初期的经济增长率高于前一时期;在霸权结束后一段时间内的经济增长率低于前一时期。荷兰、英国和美国的历史经验总体上支持两个假说。     

Social Capital at Work: A Case of Adapting a Norwegian Cooperation Model in Russia

The article examines the process by which the local industry in a city in the Russian North adapted a Norwegian cooperation model. We found that the Russian way to build cooperation, different from the Norwegian practice, was characterized by intertwined personal and organizational ties and by mixed political and business agendas. The data were analyzed with the help of theories of social capital and Scandinavian institutionalism. On the basis of this analysis, we challenge the established view of Russia as a country with low cooperation capacity. Also, we suggest how the Russian cooperation experience can be valuable in the West.     

Sustainability of A Pay‐as‐you‐Go Pension System in A Small Open Economy with Ageing,Human Capital and Endogenous Fertility

The aim of the article is to theoretically investigate if a pay‐as‐you‐go (PAYG) pension system is sustainable in the presence of a declining population and increasing longevity of the retired generation. For this purpose, we use an overlapping generation model with endogenous fertility, endogenous longevity and human capital accumulation in a small open economy. We find that pensions will always increase as long as it is beneficial for parents to invest in human capital. Furthermore, we get the result that the ratio between pension benefits and the consumption of the young generation will strive to a positive limit value, and that a pure PAYG pension system will not run into any solvency problem due to a decreasing fertility rate or ageing.     

Heterogeneous Capital in a Two-Sector Overlapping-Generations Model

In a seminal paper Galor (1992) investigated the equilibrium dynamics of the well-known neoclassical two-sector growth models of the sixties within an overlapping-generations (OLG) model of the Samuelson (1958)--Diamond (1965) type. In accordance with the aggregative structure of these neoclassical growth models Galor assumed two production sectors and only one homogeneous capital good. This paper utilises the techniques which Galor developed for the homogeneous capital case in order to analyse the equilibrium dynamics of a two-sector OLG model with heterogeneous capital and static price expectations of agents. The temporary and intertemporal equilibrium characteristics of this model structure are then applied to the inconclusive Filippi (1980)--Morishima (1980) controversy over the logical consistency of Morishima's (1977) reformulation of Walras' capital theory.     

Aggregate Demand and Endogenous Growth: a Generalized Keynes-Kaldor Model of Economic Growth

This paper presents a generalized Keynes-Kaldor growth model which incorporates both the Cambridge theory of income distribution and endogenous technical change. Within the model, the rate of aggregate demand growth affects both the level of aggregate demand and the rate of output growth. However, demand growth management can only be used to shift the economy from low to high growth equilibria, and cannot produce continuous adjustments in the equilibrium rate of growth. This reveals that management of the growth trajectory is a qualitatively different problematic from management of the level of output. Lastly, the model highlights ambiguities regarding the adjustment dynamics of demand growth.     

A Simple Endogenous Model of Economic Activity and Climate Change

The greenhouse effect is considered as an externality generated by production and manufacturing activities. A two-sector general equilibrium model is constructed to study the characteristics of the time paths of the world economy and the global average temperatures under the competitive equilibrium     

A Model of Growth and Conflict Inflation for a Small Open Economy

Several models of conflict inflation have been developed within the structuralist tradition. This paper differs from such works by assuming full capacity utilization in a small open economy. We introduce the exchange rate as a participant in the theory of inflation and distribution, and analyze two closures: the trade deficit as a market clearing mechanism, and a foreign exchange constrained economy. It is found that wage rigidity and exchange rate flexibility can lead to instability. The main conclusions do not change when we allow for continuous substitution between capital and labor.     

A Note on Credit Allocation,Income Distribution and the Circuit of Capital

This note considers the relationship between credit allocation and the class distribution of income in the Circuit of Capital. Production and consumption credit inject means of purchase into different phases of capitalist reproduction. Comparative‐dynamic analysis of steady‐state evolutions shows that in the dynamic terms of Circuit of Capital production and consumption credit respectively increase wage and profit shares of aggregate income. These findings hold more broadly for any setting where sectoral revenue elasticities of outlays are below unity. They also have direct policy relevance for advanced and middle‐income economies where household borrowing has been encouraged in attempts to support demand and growth.     

Political Rivalry Effects on Human Capital Accumulation and Inequality: A New Political Economy Approach

We propose an endogenous growth model with new political economy elements in order to (1) examine how political incentives affect economic allocations and (2) study the effects of political rivalry on human capital accumulation and income inequality. Focusing on two important policies affecting economic performance—fiscal policy and public investments in human capital accumulation—we find that different political incentives have distinct effects on policies and economic allocations. We also find that political rivalry increases income inequality and reduces economic growth and human capital accumulation through its negative impact on public investments in education, wages and individual learning choice.     

贸易自由化背景下战略性环境政策理论研究脉络——基于模型构建视角的文献综述

作为战略性贸易政策受自由贸易协定约束在环境领域的新变异形式,战略性环境政策是国际贸易理论与环境经济学学科交叉的产物。本文在即时更新与丰富文献基础上基于理论模型构建视角,以理论背景、理论基础、基本理论框架及其拓展为线索,逐步呈现战略性环境政策的理论研究脉络。尤其剖析了理论模型赖以建立的各基本假设条件由严格到逐步放松的拓展中,战略性环境政策得以刻画出日益丰满的现实世界,由此展现其延续且旺盛的理论和现实生命力。     

Entrepreneurial Judgment,Decision Procedure and the Inevitable Emergence of the Non‐optimizing Firm in a Capitalist Economy

It has been argued that understanding of entrepreneurship and firm behavior can be advanced by generalizing the static theory of the neoclassical firm so that it can deal with conditions in a dynamic economy. The paper rejects generalization and explains why such a shift causes the nature of the allocation process to change from the neoclassical pattern. Under generalization, critical information becomes prohibitively costly to obtain and entrepreneurial judgment rather than the Pareto rules decides allocation. Thus, the non‐optimizing firm becomes dominant.     

区域贫困与会展经济的内生发展研究

贫困区域由于经济发展水平落后并缺乏发展经济的动力,发达地区适用的经济发展模式并不适宜贫困区域。会展经济是绿色经济,对基础设施以及资金的要求较低,并有很强的经济拉动效应,适宜贫困区域经济的内生发展。贫困区域在气候、文化等方面具备发展会展经济的强大优势。     

中国健康资本内生折旧率估算及成因分析

"健康中国"战略背景下,准确估算健康资本折旧率对把握我国人口健康资本动态变化具有重要意义。在经典的健康资本需求框架内,正式引入年龄、环境与健康投资的异质性,扩展构建健康资本内生折旧率模型。基于永续盘存法基本原理,结合精算模型与生命表数据,对不同年龄、性别和风险假设下我国居民健康资本折旧率进行估算与分析。研究发现,我国居民健康资本折旧率存在明显的年龄差异与性别差异:中青年阶段折旧率缓慢提高、老年阶段加速上升;男性健康资本折旧率始终高于女性。随着人口老龄化程度加深,年龄对健康资本折旧率的影响下降,健康投资的影响则持续增强。提高健康投资回报率,是降低折旧率进而提高我国人均健康资本存量的关键。