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1.
Jean-Pascal Bénassy 《Economic Theory》2006,27(1):143-162
Summary. The purpose of this article is to characterize optimal interest rate rules in the framework of a dynamic stochastic general equilibrium model, and notably to scrutinize the “Taylor principle”, according to which the nominal interest rate should respond more than one for one to inflation. This model yields explicit solutions for the optimal rule. We find that the elasticity of response depends on numerous factors, such as the degree of price rigidity, the autocorrelation of the underlying shocks, or which measure of inflation is used. In general the optimal elasticity of the interest rate with respect to inflation needs not be greater than one.Received: 6 November 2003, Revised: 17 August 2004 JEL Classification Numbers:
E5, E52, E58.J.-P. Bénassy: I wish to thank Daniel Laskar and an anonymous referee for their perceptive comments on earlier drafts of this paper. Of course all remaining deficiencies are mine. 相似文献
2.
We investigate the impact of host-country risk on the expatriation strategies of multinational firms, using data on Japanese subsidiary firms in manufacturing industries in 13 host countries in Asia. We find that country risk is negatively correlated with the degree of expatriation and that, rather than host-country risk, firm-specific factors (particularly capital intensity, ownership share of parent firms in subsidiaries and the age of the venture) explain most of the variation in the degree to which subsidiaries rely on Japanese expatriates. Contrary to previous studies, the capital intensity of production is a key explanatory firm-specific variable that correlates positively with the degree of expatriation. Japanese multinational companies do not rely on expatria127=tes to off-set host-country risk, but to mitigate risk to parent investment in subsidiaries. 相似文献
3.
This article uses expenditure-based purchasing power parities (PPPs) to estimate GDP per capita in comparable prices for 12 Asian countries for six benchmark years during the period 1913–69. The article finds that in 1913 levels of real GDP per capita in several countries were comparable to those in Japan. GDP per capita in Japan and other Asian countries diverged during and after the First World War. The article questions whether Asia's ‘little divergence’ between Japan and other Asian countries dates back to the late eighteenth century. It draws attention to the different resource endowments of Japan, China, and India compared to other Asian countries, and their implications for the development trajectories of Asian countries. The article demonstrates that using historical PPP estimates yields estimates of GDP per capita that diverge from those based on retropolations of the single 1990 PPP-converted benchmark year. It concludes that historical estimates of PPPs are needed to confirm analyses of comparative economic performance based on available GDP per capita data. 相似文献
4.
Current discussions of climate change are overly focused on the science underpinning environmental impact, with little attention to socioeconomic consequences. The economics of environmental change in particular is insufficiently informed by the lessons that past experiences can yield. Drawing on case studies from Europe and Asia, this special issue underlines the importance of historical context, as well as markets, institutions, technology, and the role of international trade in understanding how economic systems have responded to environmental changes. Past economies have responded dynamically to environmental change rather than simply constrained deterministically by the climatic and ecological events that have engulfed them. 相似文献
5.
This paper analyses the nature of technical change in the French labour market. Data Envelopment Analysis (DEA) is adopted to investigate productivity change in a sample of higher education leavers over the period 1999 and 2004. In a first step, the Luenberger Productivity Indicator (LPI) is used to estimate and to decompose productivity change. Following LPI, a better productivity is found for the workers in Paris and the well-qualified occupations in France. In analysing the nature of the technical change by the concept of parallel neutrality, technical progress seems to have influenced all professions. In particular, biased inputs of human capital component benefit more for the well qualified professions with an upper increase of the efficiency scores for executives and teachers. Furthermore, some evidences show the key role of “learning by doing” in the worker's adaptation to technical change. Policy implications are then derived from our results. 相似文献
6.
Jean-Pascal Benassy 《European Economic Review》1984,26(3):261-276
This paper constructs a non-Walrasian two-country model of international trade, and investigates the possibility of policy combinations including tariffs which lead to Pareto superior trades. While such policies clearly do not exist in the Walrasian full employment situation, the paper shows that there may exist some in the case of unemployment. These policies are studied in various unemployment regimes, and it is shown that their effects depend both on the regime the economy is in, and on the degree of wage indexation. 相似文献
7.
Measuring Corporate Social Performance in France: A Critical and Empirical Analysis of ARESE Data 总被引:2,自引:0,他引:2
This article studies the idea of Corporate Social Performance (CSP) from a critical perspective using empirical elements derived from analysis of year 2000 ARESE data. ARESE is the French first mover social rating agency providing quantified data about the Social Performance of French companies. The paper starts out by reviewing leading CSP models and discussing problems inherent to the measurement of this construct before going on to present and analyse ARESE data - whose suitability for existing models will be discussed. 相似文献
8.
Maintaining Moral Legitimacy through Worlds and Words: An Explanation of Firms' Investment in Sustainability Certification 下载免费PDF全文
Melanie Richards Thomas Zellweger Jean‐Pascal Gond 《Journal of Management Studies》2017,54(5):676-710
A prominent way for firms to manage their moral legitimacy is to invest in sustainability certifications. However, a significant subset of firms remain reluctant to invest in sustainability certifications even decades after the establishment of such certifications. Our paper seeks to elucidate this variance by exploring how firms in the coffee, tea, and chocolate industries legitimise themselves on moral grounds through external communication to stakeholders. Drawing on insights from French Pragmatist Sociology, we suggest that firms primarily rely on two distinct sets of legitimacy principles that reflect their identity orientation: the ‘civic and green’ world and the ‘domestic’ world. Specifically, our results show that reliance on the domestic world is negatively related to firms' investment in sustainability certifications. Our findings also suggest that the strength of the relationship between these distinct methods of moral legitimising and certification varies depending on whether firms are characterised by first‐ or multi‐generation family control. 相似文献
9.
Social reporting has become an increasingly important dimension of the corporate social responsibility process. The growing
necessity to include the social dimension in reporting practices raises important questions about the nature of social responsibility
and its impact on corporate and individual behaviour and performance. The literature has yet to provide a reliable theoretical
definition of corporate social responsibility and performance, however. Based on the approach proposed by Simons, we argue
that organisational reporting about social responsibility can be viewed as a learning tool in some instances. Under this view
the design and implementation of corporate social reporting procedures may lead to individual and organisational dynamic changes
that foster organisational performance. Research propositions are then derived from the analysis. 相似文献
10.
This study investigates the institutional work that underlies the diffusion of responsible investment (RI) and enhances its adaptation to local settings. Building on institutional theory and actor–network theory, we advance the concept of contextualization work to describe the institutional work that sustains RI glocalization. Empirical data from two case studies highlight how entrepreneurial actors imported the notion of RI from the US to France and Québec. Our findings uncover three types of contextualization work—filtering, repurposing, and coupling—that sustain RI glocalization, and show how actors employed them in both settings to overcome the lack of technical, cultural, or political fit between the imported practice and their local context. Our results explain how divergent glocalized versions of RI are developed and adapted through contextualization work. Last, we discuss how our repertoire of contextualization work can account for local forms of a global concept and the uneven pattern of its diffusion. 相似文献