Productivity, indexation and macroeconomic outcomes: The implications of goods market competition and wage bargaining structure

One strand of the macroeconomics literature explores the extent to which the indexation of nominal wages to a variable in addition to the price level can improve macroeconomic performance. The present paper contributes to this literature by developing a model in which the nominal wage is indexed not only to the price level but also to productivity. Two key features of the framework are a monopolistically competitive goods market and a unionized labor market in which wages are determined by a finite number of unions. A significant finding is that the multiparameter indexation scheme generally outperforms full-information wage setting.     

The Influences of Economic and Technology Policy on the Dynamics of New Firm Formation

This study attempts to reveal how macroeconomic and technology policies that encompass the opportunity and individual drivers of entrepreneurship explain the dynamics of new firm formation in a country. To do so we rely on the Schumpeterian, industrial organization, and labor economics traditions of entrepreneurship, and performed an exploratory test with longitudinal U.S. data from 1968 to 1993. The results of this study suggest that R&D investments, patents, economic concentration, pro-competition policy, and labor mobility are important areas in which government policy can influence the intensity of new firm formation.     

Correction to: Auditor benchmarking of client disclosures

Review of Accounting Studies - The original version of this article unfortunately contained mistakes.     

Stocks of information in personal consumption: a network model with non-rival borrowing and content overlap

Stocks of information that cumulate in personal consumption and other non-market contexts have unrecognized welfare implications through properties that include non-rival borrowing and relatively low obsolescence rates. Although non-rival borrowing is emergent in agent interaction, it is typically not included in agent heuristics. Properties such as non-rival borrowing are best studied in networks. Computational studies of both regular networks and small world networks indicate the clustering that these networks tend to. In spite of its cited welfare relevance to distributional inequality, clustering in small world networks has only been examined in terms of the remoteness parameter of the network. We extend a network model of the stock of information to more explicitly represent efficiency-reducing effects that clustering can have through content duplication or overlap and demonstrate the significance these effects can have in computational results. These studies also show the efficiency-increasing effects of non-rival borrowing that continue to be evidenced and the overlap reducing effects that increasing network remoteness can have.     

Economic Surplus,Social Reproduction,Nurturance and Love

This paper examines the contributions of James Ronald Stanfield to social and political economy. We start the analysis with Stanfield’s contribution to institution building through his education of PhD students, building a graduate program in political economy, and through the associations of social and political economy. Then we go on to scrutinise his creative developments and applications of the notions of economic surplus and social reproduction. This is followed by his extensive work on Karl Polanyi and the disembedded economy. Finally we explore his path-breaking analysis of the great capitalist restoration, the nurturance gap and love. Stanfield was one of the greatest institutionalists and social economists of the last hundred years, and these four areas of energetic creativity are his prime achievements in the area.