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21.
We show that every N-player K
1 × ... × K
N
game possesses a correlated equilibrium with at least
zero entries. In particular, the largest N-player K × ... × K games with unique fully supported correlated equilibrium are two-player games.
We thank an anonymous referee for most useful comments. The first author acknowledges financial support from Spanish Ministry
of Science and Technology, grant SEJ2004-03619, and in form of a Ramón y Cajal fellowship. The second author acknowledges
support by the PASCAL Network of Excellence under EC grant no.506778, as well as from Spanish Ministry of Science and Technology
and FEDER, grant BMF2003-03324. Both authors also acknowledge financial support from BBVA grant “Aprender a jugar.” 相似文献
22.
Beniamina Buzzo Margari Fabrizio Erbetta Carmelo Petraglia Massimiliano Piacenza 《Journal of Regulatory Economics》2007,32(2):131-151
This paper assesses the impact of regulatory and environmental factors and statistical noise on the efficiency of public transit
systems within a DEA-based framework. Using a panel of Italian companies, we implement a DEA-SFA mixed approach based on [H.O.
Fried et al. (2002) Journal of Productivity Analysis, 17(1–2), 157–174] to decompose DEA inefficiency measures into three components: exogenous effects, managerial inefficiency and
stochastic events. Besides providing evidence on the determinants of input-specific efficiency differentials across companies,
the results point out that managerial skills play a minor role, and emphasize the relevance of regulatory policies aimed at
replacing cost-plus subsidization with high-powered incentive contracts as well as improving environmental conditions of public
transit networks.
相似文献
23.
Forecasting inflation and tracking monetary policy in the euro area: does national information help?
The ECB target is set in terms of the year on year growth rate of the euro area Harmonized Index of Consumer Prices. Nonetheless, a good deal of attention is given to national data by market analysts when they try to anticipate monetary policy moves. In this paper we use the Generalized Dynamic Factor Model to develop a set of core inflation indicators that, combining national data with area wide information, allow us to answer two related questions. The first is whether country specific data actually bear any relevance for the future path of area wide price growth, over and above that already contained in area wide data. The second is whether to track ECB monetary policy decisions it is useful to take into account national information and not only area wide statistics. Within our empirical framework we find that once area wide information is properly taken into account the contribution of national idiosyncratic developments is negligible. 相似文献
24.
The current era of globalisation has witnessed a rising premium paid to skilled workers resulting in increasing wage inequality
in most OECD countries. This pattern differs from that observed during the past globalisation period (1880–1913), in which
wage inequality decreased in most of the Old World countries. The present debate over wage inequality focuses on the implications
of globalisation, technological change, the role of labour market institutions and education. Similar factors were at work
in the past globalisation process. In order to disentangle the main factors that contribute to wage inequality, we calibrate
a general equilibrium model for the UK economy in the past globalisation period. The results show that a trade shock and a
skilled-biased technology shock increased wage inequality. However, education and emigration had a more significant impact
and led to a decrease in wage inequality. 相似文献
25.
Inter-enterprise arrears in economies in transition 总被引:1,自引:0,他引:1
In the context of economies in transition, the paper argues that an excessive liquidity squeeze could throw the economy into a persistent state of low economic activity. In such bad equilibrium, enterprise transactions become largely demonetized, with a chain of arrears, a form of involuntary credit, spreading over the entire system. The empirical analysis of the Romanian experience seems to support the view advanced in the paper. 相似文献
26.
Vicente Calabuig Gonzalo Olcina Fabrizio Panebianco 《Applied economics letters》2016,23(18):1265-1268
In this article, we study how personal norms and behaviour interact and evolve when agents try to reduce cognitive dissonance, and how this dynamic relates to Nash equilibrium. We find that in long run, agents play, and norms prescribe, Nash equilibrium in material payoffs (in the absence of norms). Our model captures two main facts: (i) norms erode along the play of the game; (ii) the erosion of norms depends on the set of possible economic choices, so that the policy maker can potentially influence them. 相似文献
27.
Due to the adoption of the household as a unit of analysis, researchers have failed to identify accurate measures of women's income poverty. This study proposes an individualized measure of European poverty to highlight gender differences in the economic crisis. Employing data from the European Union Statistics on Income and Living Conditions (EU-SILC) for the period 2007–12, it compares the household-based at-risk-of-poverty rate (ARPR) and the individualized financial dependency rate (FDR). The study shows that the gender gap in poverty in Europe is considerably higher when computed through FDR. Indeed, since the ARPR constitutes a proxy of the household's average conditions, it levels down gender inequalities within the household and also variations in individuals’ incomes over time. Only more detailed data collection on intrahousehold resource sharing will possibly allow the development of more precise and realistic indicators of women's and men's risks of poverty and financial dependency. 相似文献
28.
29.
This article studies the interrelation among the volumes of bonds and stocks issued by non-financial firms, and levels of industrial loans outstanding in the United States. These aggregates are co-integrated and characterized by asymmetric volatility. Their co-movements are driven by financial indicators such as the yield spread, size of loan market and market volatility. Bond and stock issuance are positively correlated, and even more so during the expansionary phase of the cycle. Loans outstanding and bond issuance are negatively correlated, and their substitutability increases in periods of economic downturn, highlighting the importance of bond markets to mitigate credit crunches. 相似文献
30.
Fabrizio Carmignani 《Scottish journal of political economy》2011,58(5):656-684
A system of three endogenous equations is used to estimate the determinants of poverty dynamics. The system incorporates: (i) the direct effect of growth and income inequality on poverty, (ii) the feedback effect of poverty on inequality and growth, and (iii) different channels through which economic policies can contribute to poverty reduction. Results suggest that countries tend to move towards one of two possible equilibria. The positive (virtuous) equilibrium is characterized by fast growth, decreasing inequality, and rapid poverty reduction. The negative (vicious) equilibrium involves slow (or even negative) growth, sharpening inequalities, and resilient poverty. The policy mix is critical in determining to which of the two equilibria a country converges. 相似文献