排序方式: 共有48条查询结果,搜索用时 15 毫秒
21.
Carmelo Pierpaolo Parello 《Metroeconomica》2010,61(2):398-426
We introduce efficiency‐wage unemployment in a model of growth with endogenous technical change. Our research aim is twofold. First, we try to provide an analytically tractable model of growth with efficiency‐wage unemployment that can be viewed as alternative to the standard models of growth and search unemployment. Second, we try to analyze the steady‐state effects of some labor market policies on unemployment and growth. We find that a positive relationship between growth and unemployment exists and that the effectiveness of any labor market policy aimed at improving the performance of the labor market crucially depends on how individuals discount future income. 相似文献
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Pierpaolo Pattitoni Barbara Petracci Valerio Potì Massimo Spisni 《Research in International Business and Finance》2013
We assess how owner's commitment to a firm influences the firm cost of capital, and whether the relation between the former and the latter is the consequence of the owner's higher opportunity cost of capital resulting from under-diversification. Using data on private Mediterranean firms and clustering projects by country, industry, and Initial Public Offering-year, we show that the cost of capital is magnified by entrepreneur's commitment, project total risk, and correlation between project and market return. 相似文献
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The current paper presents a model in which public R&D stock is included as a quasi-fixed input in a variable cost function. Its price affects the long run desired level, while its shadow price indicates whether under (over) investment occurs in the short run. Two alternative R&D prices and, thus, two different long-run desired levels, are defined. One concerns the private (farmer) perspective, in which farmers express demand under the assumption of costless R&D. The other considers the societal point of view, in which the objective is the optimal public R&D supply conditioned on its cost. Application of the above model to the Italian agricultural context (1960–1995) suggests a significant difference between these private and social desired R&D levels. The latter are, on average, closer to the observed values, though over-investment has emerged since the mid-eighties.
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Roberto EspostiEmail: |
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This study analyzes a two-country dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy objective function of the policymakers.It is shown that only under special conditions there are no gains from cooperation and moreover that the paths of the exchange rate and prices in the constrained-efficient solution depend on the kind of disturbance that affects the economy. Despite this result, simple targeting rules that involve only targets for the growth of output and for both domestic GDP and CPI inflation rates can replicate the cooperative allocation. 相似文献
25.
Alessandro Missale Francesco Giavazzi & Pierpaolo Benigno 《The Scandinavian journal of economics》2002,104(3):443-469
This paper examines public debt management during episodes of fiscal stabilization when long–term interest rates are generally higher than governments' expectations of future rates. We find that governments increase the share of fixed–rate long–term debt denominated in the domestic currency, the higher is the conditional volatility of short–term interest rates, the lower are long–term interest rates, and the stronger is the fall in long–term rates that follows the announcement of the stabilization program. This evidence suggests that governments tend to prefer long to short maturity debt because they are concerned about refinancing risk. However, when long–term rates are high relative to their expectations, they issue short maturity debt to minimize borrowing costs.
JEL classification : E 63; H 63 相似文献
JEL classification : E 63; H 63 相似文献
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Abstract We show that recent explanations of the consumption‐real exchange rate anomaly that rely on goods and financial market frictions are not robust to introducing just one additional international asset. When portfolios are selected optimally, international trade in two nominal bonds implies a consumption‐real exchange rate correlation that is too high compared with the data even when there are many shocks. Monetary policy specification plays a potentially important role for the degree of risk sharing provided by nominal bonds, both in the benchmark model with only tradable and non‐tradable sector supply shocks and also in the model that allows for news. 相似文献
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Bragoli Daniela Cortelezzi Flavia Giannoccolo Pierpaolo Marseguerra Giovanni 《Review of Quantitative Finance and Accounting》2020,54(3):779-801
Review of Quantitative Finance and Accounting - This paper investigates the interaction between R&D investment timing, probability of default, and capital structure. In particular we are... 相似文献
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Pierpaolo BattigalliMarciano Siniscalchi 《Journal of Economic Theory》2002,106(2):356-391
We provide a unified epistemic analysis of some forward-induction solution concepts in games with complete and incomplete information. We suggest that forward induction reasoning may be usefully interpreted as a set of assumptions governing the players' belief revision processes, and define a notion of strong belief to formalize these assumptions. Building on the notion of strong belief, we provide an epistemic characterization of extensive-form rationalizability and the intuitive criterion, as well as sufficient epistemic conditions for the backward induction outcome in generic games with perfect information. Journal of Economic Literature Classification Numbers: C72, D82. 相似文献