Coordinated strategies for economic cooperation between Europe and the United States

Zusammenfassung Koordinierte Strategien für wirtschaftliche Zusammenarbeit zwischen Europa und den Vereinigten Staaten. - In diesem Aufsatz wird die dynamische Spieltheorie auf die Koordinierung der Politik zwischen den Vereinigten Staaten und der EWG in einem stark aggregierten Modell angewandt und folgendes gezeigt: (i) Eine Politik, die den Einflu\ von Ma\nahmen anderer L?nder vernachl?ssigt, führt in den USA zu Fiskalischen Einschr?nkungen und einer Verminderung der staatlichen Interventionen, in Europa dagegen zu einer Nachfragestimulierung, verbunden mit einer kontinuierlichen Herabsetzung des Diskontsatzes. Die EWG-L?nder sind, da sie ihre Politik nicht koordinieren, nach einigen Jahren wegen Zahlungsbilanzschwierigkeiten zu einer kontraktiven Nachfragepolitik gezwungen. (ii) Koordinierte Strategien best?tigen, da\ nicht-synchronisierte Politiken die Weltwirtschaft stabilisieren k?nnen. (in) Kooperation verbessert die wirtschaftlichen Leistungen, ausgedrückt in den Wachstumsraten und den Zahlungsbilanzen. Allerdings erbringt die ausdrückliche Zusammenarbeit kaum noch zus?tzliche Vorteile zu denen, die bereits im Rahmen der vollen Koordinierung erreicht werden k?nnen.

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Resumen Estrategias coordinadas de cooperación económica entre Europa y los EEUU.- La aplicación de un modelo dinámico de teoría de juegos a la coordinatión de política económica entre los EEUU y la CEE, como parte de un modelo altamente agregado de la economía mundial, permite concluír en este trabajo que (i) políticas que ignoran la influencia de medidas tomadas en otros países dan lugar a una contractión fiscal y a una menor interventión del Gobierno en los EEUU, pero a una estimulación de la demanda combinada con reducciones continuas de la tasa de descuento en Europa; al seguir políticas descoordinadas los países de la CEE están obligados a contraer la demanda agregada al cabo de unos a?os, debido a los problemas de balance de pagos, (ii) estrategias coordinadas confirman que políticas no sincronizadas pueden estabilizar la economía mundial; (iii) la cooperación favorece a la economía en términos de tasas de crecimiento y balance de pagos. Sin embargo, los beneficios adicionales de una cooperatión explícita resultan marginales en comparación con los beneficios ya alcanzados por la solución con coordinación total.

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Résumé Stratégies coordonnées pour la coopération entre l’Europe et les E.U. - En appliquant la théorie dynamique de jeu à la coordination de politique entre les E.U. et la CEE dans un modèle fortement agrégé de l’économie mondiale, cet article arrive aux conclusions suivants: (i) La politique qui ignore l’influence des actions suivies dans d’autres économies mène à la réduction fiscale et à moins interventions gouvernementales dans les E.U., mais à une stimulation de la demande avec des réductions continuelles du taux d’escompte en Europe. En cas d’une politique pas coordonnée les pays CEE sont forcés à prendre des mesures pour freiner la demande agrégée après quelques années à cause des problèmes de la balance des paiements. (ii) La stratégie coordonnée confirme que des politiques pas synchronisées pourraient stabiliser l’économie mondiale. (iii) La coopération peut élever le taux de croissance et améliorer la balance des paiements. Cependant, les gains additionnels d’une coopération explicite sont petits en comparaison avec les bénéfices déjà gagnés à l’aide d’une solution complètement coordonne’e.

     

Migration as a Strategy of Accumulation: Social and Economic Change in Eighteenth-Century Savoy

Migration from the mountain areas of pre-industrial Europe has been seen as the product of poverty. While hardship controlled the strategies of the more marginalized households, better placed families used their migration experience to establish themselves in commerce. Over generations they used contacts and kinship systems to develop important informal trading networks. It is difficult to establish the effects of this hidden activity on local mountain economies, but dowry payments and post mortem inventories are used to expose the impact of inflowing capital and its circulation.     

The New Economy is dead,long live the information economy

The arrival of the 2001–2003 recession caused many to suppose that the so-called “New Economy” was now defunct. This article addresses a number of related issues, including the question of the durability and viability of business cycles in the face of the technological developments of the information age. It asks what went wrong with the New Economy and examines its characteristics as well as its remaining possibilities and prospects for the future. Finally, it considers the spread of the Information Economy to Europe, especially to Germany, the country that one might expect to be the leading European player, but which is not at present actually a strong competitor for that role.     

Advertising with Subjective Horizontal and Vertical Product Differentiation

In this paper, we analyze the impact of advertising on markets wheresubjective horizontal and vertical product differentiation are important. A simple model showshow advertising can be used to create subjective horizontal and vertical differentiation.The model predicts that firms are likely to be symmetric when advertising creates subjective horizontaldifferentiation and that name and generic brands are most likely to coexist in markets whereadvertising creates subjective vertical differentiation. In all cases, the ability toadvertise creates distance between products which increases the market power of firms. Finally, severalreal world examples are used to illustrate the conditions under which the model is most relevant.     

Changing Risk Premia: Evidence from a Small Open Economy

Little is known about the differences in the relation between risk and return in large economies such as the U.S. compared with smaller, less studied, markets. In this paper, Sweden serves as a representative for small open economies. The price of risk on the Swedish stock market is estimated using a conditional asset pricing model that allows for time variation in the risk. Four different GARCH-M models are used in the econometric specification. The estimates of the price of risk are invariably positive and significant, and we conclude that there exists a time-varying risk premium in the Swedish stock market. Our results show that there are small differences in the preferences towards risk of representative investors in small and large economies.     

Information Disclosure to Employees and Rational Expectations: a Game-Theoretical Perspective: a Comment

In this comment we identify the key features of the Frantz and Walker (1997) game theoretic model that drive the non-disclosure equilibrium result in their paper. We argue that, although technically correct, their model fails to capture certain aspects of real-world wage bargaining that will be important in determining optimal disclosure strategies in practice. However, Frantz and Walker's paper illustrates the potential of analytical techniques to contribute to the employee disclosure debate.     

Planning food services for a campus setting

Providing appropriate food services in a campus setting is increasingly important due to more demanding customers and because clients have less time to go off-campus when they need to eat. Using a university campus as an example, this research looks at customer satisfaction with existing food services and explores various methods for determining where to locate new facilities. This campus currently has great needs for additional food services, and it is shown clearly where additional food services are required. Also, the methods used are compared in terms of their effectiveness in finding the solution.     

AN EVALUATION OF PROCESS‐ORIENTED SUPPLY CHAIN MANAGEMENT FRAMEWORKS

Supply chain management (SCM) is implemented by integrating corporate functions using business processes within and across companies. Several process‐oriented frameworks for SCM have been proposed but only two of these provide sufficient detail to enable implementation. We evaluate the Supply‐Chain Operations Reference (SCOR) framework and The Global Supply Chain Forum (GSCF) framework using four criteria and identify their relative strengths and weaknesses.