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841.
This paper introduces the Rossi and Sekhposyan (Am Econ Rev 105(5): 650–655, 2015) uncertainty index for the Euro Area and its member countries. The index captures how unexpected a forecast error associated with a realization of a macroeconomic variable is relative to the unconditional distribution of forecast errors. Furthermore, it can differentiate between upside and downside uncertainty, which could be relevant for addressing a variety of economic questions. The index is particularly useful since it can be constructed for any country/variable for which point forecasts and realizations are available. We show the usefulness of the index in studying the heterogeneity of uncertainty across Euro Area countries as well as the spillover effects via a network approach.  相似文献   
842.
Public disclosure programs that collect and disseminate information about firms’ environmental performance are increasingly popular in both developed and developing countries. Yet little is known about whether they actually improve environmental performance, particularly in the latter setting. We use detailed plant-level survey data to evaluate the impact of India’s Green Rating Project (GRP) on the environmental performance of the country’s largest pulp and paper plants. We find that the GRP drove significant reductions in pollution loadings among dirty plants but not among cleaner ones. This result comports with statistical and anecdotal evaluations of similar disclosure programs. We also find that plants located in wealthier communities were more responsive to GRP ratings, as were single-plant firms.  相似文献   
843.
    
We use data from Germany, The Netherlands, Portugal and Spain to test for the effect of earnings variation on individual earnings. We replicate estimates for the USA and find that the variance of earnings in an occupation affects individual wages positively while the skewness of earnings has a negative effect. Both results are in conformity with wage compensation for risk averse workers. First version received: March 2001/Final version received: July 2002 We are grateful to two anonymous referees for valuable comments.  相似文献   
844.
In this article, using the data of 2008, we try to describe the impact of scale and product differentiation in 282 European banks. While evidence of the economies of scale is less clear, the results obtained using a translogarithmic function system show that significant economies of scope do exist even for new banking products like derivatives.
Giovanna TagliabueEmail:
  相似文献   
845.
This research presents a theoretical model and examines it empirically to associate attachment orientations with various types of entrepreneurs. The results show clear evidence that attachment orientations not only predict an adult’s tendency to become an entrepreneur but also the type of entrepreneur he will become. Specifically, the results show that attachment anxiety is the dimension that is the most responsible for the variability of becoming an entrepreneur, while anxiety and avoidant dimensions predict his characteristics and attitudes as an entrepreneur. This paper makes five important contributions to the research of both attachment theory and entrepreneurship. First, it adds to the theoretical understanding of the psychology of entrepreneurs. Second, the attachment theory enables us to extend our understanding beyond the predictions of personality traits regarding entrepreneurial intentions in order to further predict the type of entrepreneur he will turn out to be. Third, it stresses the role of early childhood events regarding the prediction of future entrepreneurial orientation. Fourth, it uses a unique data set of real young entrepreneurs in a single industry homogenous design in Israel, which is known worldwide as a startup nation. Fifth, it focuses on the opportunity validation stage (rather than the opportunity identification of the resource allocation stages), which is often neglected in entrepreneur personality research.  相似文献   
846.
When there is not one obvious candidate technology, entrants to a new industry face a non-trivial choice between longer lead times in the setting up of production and a better chance that the technology could successfully deliver. This paper shows how this tradeoff may yield gradual diffusion. Diffusion is more protracted in industries where learning opportunities are more bountiful. The equilibrium minimizes the long-run equilibrium price, just as in the standard Marshallian model of a competitive industry. The market structure does not seem to affect the rate of diffusion with the monopoly choosing the same rate of diffusion that prevails in competition despite restricting output.   相似文献   
847.
    
We estimate a dynamic factor model for the cross section of monetary and price indicators. We extract the common part of the dataset’s fluctuations and decompose it into structural shocks. We argue that one of the shocks identified has empirical properties (in terms of impulse response functions) that are fully in line with the theoretically expected relationship between money growth and inflation, confirming that the process identified has the capacity for economic interpretation. Based on this finding, we decompose recent inflationary developments in Russia into those that are associated with changes in monetary stance and other shorter-lived shocks.  相似文献   
848.
Analyzing data from the Structure of Earnings Surveys we find that wage dispersion in Austria increased only marginally between 1996 and 2002. There was an increase in the returns to education which accrued only to male workers. The positive effects of tenure and especially of experience on wages decreased over time. We adopt the Machado–Mata (J Appl Econ 20:445–465, 2005) counterfactual decomposition technique which allows to attribute changes in each wage decile to changes in worker and workplace characteristics and into changes in returns to these characteristics. Behind the small net increase in inequality we document a number of interesting gross effects that influence the change in the wage distribution. We find that both composition effects due to gender, education and age and market-driven effects such as changes in returns and changing workplace characteristics contributed to a higher dispersion of wages.  相似文献   
849.
Buchanan and Tullok (The calculus of consent: logical foundations of constitutional democracy. University of Michigan Press, Ann Arbor, 1962) argued that the optimal k-majority rule should minimize the sum of external costs and decision costs. Dougherty et al. (Public Choice, 163(1–2):31–52, 2015) formalized their approach using various groups of voters. In this study, we analyze the optimal k-majority rule in terms of expected utility and compare our results to Dougherty et al. (2015), which focuses on costs alone. Specifically, we replace Buchanan and Tullock’s external cost function with an external utility function that accounts for both the benefits and costs of enacting proposals. We find that analyzing k-majority rules in terms of utility, rather than costs, affects the optima. Furthermore, in terms of utility, the optimal k-majority rule can vary depending on the group one expects to be in during a vote. With some interesting exceptions, individuals from groups that favor the proposal often find small k-majority rules optimal. Individuals from groups that oppose the proposal often find large k-majority rules optimal.  相似文献   
850.
In this paper, we model the dynamics of business investment taking into account asset-specific characteristics potentially affecting the reactivity of aggregate and disaggregate capital accumulation over the business cycle. We estimate Information and Communication Technologies (ICTs) and traditional investment (non-ICT) determinants within a Vector Error Correction Model testing the assumptions of the flexible accelerator and neoclassical model as well as the role of financial constraints and uncertainty. We evaluate our model on Italian data over the period 1980–2012, and we check our results also with Spanish and UK data. Our findings support the assumption that capital is heterogeneous since short- and long-run determinants are significantly different across the assets. Traditional assets experience stock adjustment costs while ICT investment incurs flow adjustment cost. In the short run, liquidity is a key determinant of investment independently of the asset type. In the long run, uncertainty significantly affects ICT. Finally, the results of the counterfactual exercises support the idea that ICT is a key policy variable to foster economic growth.  相似文献   
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