Anne Booth (ed.), The Oil Boom and After:Indonesian Economic Policy and Performance in the Soeharto Era

Anne Booth (ed.), The Oil Boom and After: Indonesian Economic Policy and Performance in the Soeharto Era, Singapore: Oxford University Press, 1992, pp. xxvi + 448 A$55.00.

     

Konjunkturpakete versus Austeritätspolitik

We evaluate the impact of fiscal stimulus measures during the financial crisis and the subsequent turn to fiscal consolidation during the Euro Area crisis. Based on an exploitation of the information contained in systematic forecast errors, we identify a robust and substantial underestimation of the multiplier effects linked to these measures. Moreover the effects are highly persistent, pointing to hysteresis effects of fiscal measures during deep crises.     

Efficient Grid Extension for Strongly Fluctuating Energy Sources

The statistical distribution function of the yield of a source of strongly varying output is usually presented as a ‘power-duration-curve’. We show that the decisive economic curve representing the marginal benefit of such fluctuating sources like wind energy can be derived directly from this distribution function. This may allow to determine the optimum investment in renewable energy systems. As one application we determine the economic optimum limit power of high voltage lines devoted to long distance transmission of wind energy as the intersection of the marginal-benefit-curve of the energy produced and the marginal-cost-curve of the transmission line.     

Voorlezingen over de Economie,door Mr. P. A. Diepenhorst. III. Theorie. Tweede gedeelte

Das praktische Gesamturteil über das Problem ist deshalb so schwierig, weil die zunehmende Ungleichheit des Einkommens zunächst ein Instrument des individuellen und gesellschaftlichen Fortschrittes ist, von einem gewissen Punkte an aber freilich durch ihre Wirkung auf die Individuen und die Gemeinschaft versteinernd, depravierend, vergiftend wirkt.     

The Dynamics of a Simple Relative Adjustment Cost Framework

This paper considers a capital accumulation model with the specific feature that adjustment costs depend on investment relative to the size of the capital stock. This framework has, beyond its plausible yet neglected setting, a number of interesting consequences. In particular, the possibility of multiple equilibria, of an unstable steady state and thus of a (`history dependent') threshold associated with concavity is surprising given a voluminous literature on multiple, history-dependent equilibria emphasizing non-concavities (or convexities).