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591.
We study a two-sector model with heterogeneous agents and borrowing constraint on labor income. We show that the relative
capital intensity difference across sectors is crucial for the conditions required to get indeterminacy and endogenous fluctuations.
The main result shows that when the consumption good is sufficiently capital intensive, local indeterminacy arises while the
elasticities of capital–labor substitution in both sectors are slightly greater than unity and the elasticity of the offer
curve is low enough. Locally indeterminate equilibria are thus compatible with a low elasticity of intertemporal substitution
in consumption and a low elasticity of the labor supply. As recently shown in empirical analysis, these conditions appear
to be in accordance with macroeconomic evidences.
We would like to thank R. Becker, J.P. Drugeon and an anonymous referee for useful comments and suggestions. The current version
also benefited from a presentation at the conference “Public Economic Theory 04”, Beijing, August 2004. 相似文献
592.
R&;D spillovers and firms’ performance in Italy 总被引:1,自引:1,他引:0
Using a translog production function we estimate the impact of R&D spillovers on the output performance of Italian manufacturing
firms over the period 1998-2003. Technological flows are measured through an asymmetric similarity index that takes also into
account the geographical proximity of firms. Results show that R&D spillovers positively affect firms production and that
geography matters in determining the role of the external technology. Moreover, we find that the effect of R&D spillovers
is high in the Centre-South of Italy and that the stock of R&D spillovers is Morishima complement to the stock of R&D own-capital.
The authors thank Giovanni Anania, Olof Ejermo, Vincenzo Scoppa, Alessandro Sterlacchini and Marco Vivarelli for useful comments
on an earlier draft. We are also grateful to the participants at the Workshop on “Spatial Econometrics and Statistics” in
Rome (University “Guido Carli, May 2006) and at the 2006 ADRES Conference, “Networks of Innovation and Spatial Analysis of
Knowledge Diffusion” in St Etienne for helpful discussion and to an anonymous referee for many detailed and constructive comments
on an earlier version. All remaining errors and omissions are our own. Financial support received by MIUR is gratefully acknowledged. 相似文献
593.
The diversity in innovation patterns across manufacturing and service industries and in their outcomes in terms of hourly labor productivity are investigated in this article considering six European countries. The Schumpeterian insights into the variety of innovation are developed in this work by identifying different innovation–performance relationships for industries and countries, relying either on the dominant role of product innovation, or on the diffusion of process improvements. Moreover, the “push” effect of innovation is combined with the “pull” effect of demand, by considering the impact of the dynamics of consumption and investment at the sectoral level. The results point out a “North-South” divide across EU countries, with the three countries of Northern Europe closely associated to the model of productivity growth based on product innovation, and the three Southern countries, mainly relying on the mechanisms by which process innovation is at the root of productivity improvements. 相似文献
594.
[Ackermann, F., Stanton, E., 2008-this issue. A comment on economy-wide estimates of the implications of climate change: human health. Ecological Economics. doi:10.1016/j.ecolecon.2007.10.006] criticise our recent paper [Bosello, F., Roson, R., Tol, R.S.J., 2006. Economy-wide estimates of the implications of climate change: human health. Ecological Economics 58, 579-591] on different levels, calling it “mistaken” and “misleading”. We welcome the opportunity to respond. The critique of [Ackermann, F., Stanton, E., 2008-this issue. A comment on economy-wide estimates of the implications of climate change: human health. Ecological Economics. doi:10.1016/j.ecolecon.2007.10.006] is either misdirected or incorrect. 相似文献
595.
Francesco Bosello Roberto Roson Richard S. J. Tol 《Environmental and Resource Economics》2007,37(3):549-571
The economy-wide implications of sea level rise in 2050 are estimated using a static computable general equilibrium model.
This allows for a better estimate of the welfare effects of sea level rise than the common direct cost estimates; and for
an estimate of the impact of sea level rise on greenhouse gas emissions. Overall, general equilibrium effects increase the
welfare costs of sea level rise, but not necessarily in every sector or region. In the absence of coastal protection, economies
that rely most on agriculture are hit hardest. Although energy is substituted for land, overall energy consumption falls with
the shrinking economy, hurting energy exporters. With full coastal protection, GDP increases, particularly in regions with
substantial dike building, but utility falls, least in regions that protect their coasts and export energy. Energy prices
rise and energy consumption falls. The costs of full protection exceed the costs of losing land. The results also show direct
costs – the usual method for estimating welfare changes due to sea level rise – are a bad approximation of the general equilibrium
welfare effects; previous estimates of the economic impact of sea level rise are therefore biased.
相似文献
596.
The NLSY dataset is utilized to measure the extent of employer wage discrimination between white and black males during their
first 5 years of post-school employment. We look at the respondent’s first job and the jobs 1 and 5 years after school completion.
Oaxaca wage decompositions are employed to gauge the effect of discrimination. Consistent with our hypothesis, we find that
the discrimination component of the wage gap falls over time. For the first job out of school the unexplained wage gap between
blacks and whites is 35%. By year 5, the unexplained component falls to about 13%. Thus, while discrimination continues to
play a role in explaining the white–black wage gap over time, its impact decreases as time in the labor market increases.
相似文献
Francesco RennaEmail: |
597.
This paper investigates the interaction between institutional integration and trade deepening in the EU over the last 50 years.
It uses Granger causality tests, a VECM and variance decompositions to further the understanding of this interaction. The
evidence indicates two-way endogeneity. But the link from institution building to trade dominates. Yet, this link has weakened
over time, possibly due to globalisation sidestepping institutions. Moreover, the sensitivity of institutional integration
to trade deepening has risen, which suggests that economic forces have gained more strength in determining institutional steps.
相似文献
Francesco Paolo MongelliEmail: |
598.
Francesco Renna 《Applied economics》2019,51(12):1284-1302
There is debate in the literature as to whether military service is rewarded in the economy and the extent to which veterans receive either a wage premium or penalty. In this paper, we take a new approach to this question by conducting a wage decomposition of the veteran wage differential and decomposing the wage distribution of veterans and civilians instead of focusing only on the standard wage gap analysis at the averages. We find the veteran wage differential is driven by observable factors such as education, occupation, and industry, but also by location choice, a factor that has been previously overlooked in the literature. At the average, we find white men experience a veteran penalty whereas black men and women experience a veteran premium consistent with the bridging hypothesis. Additionally, we find that as we move along the wage distribution for all demographic groups, the veteran premium tends to become a veteran penalty, even after accounting for selection into military service. However, once we account for selection, we find that the premium for veteran black men disappears. 相似文献
599.
We analyze under what conditions a group of potential entrepreneurs prefer to form a Rotating Savings and Credit Association (ROSCA), or a mutual‐guarantee association, which we interpret in a rotating scheme and call Rotating Savings and Collateral Association (ROSCoA). We argue that: (1) ROSCAs (ROSCoAs) are likely to be more developed in countries with high (low) bank concentration; (2) the individual flow of savings required to participate in a ROSCoA is generally lower than that needed in a ROSCA; (3) under the assumption that members share their project income at the end of each period, ROSCAs and ROsCoAs are sustainable even without the use of sanctioning mechanisms. 相似文献
600.
Mariarosaria Agostino Francesco Trivieri 《Journal of Industry, Competition and Trade》2008,8(1):33-53
This work investigates whether local differences in banking competition impact on the amount of bank debt used by Italian
small and medium sized manufacturing firms. Sample selection and Double Hurdle models are adopted as the process, which results
in the choice of bank financing may differ from that determining its amount. Our main finding is that more competitive banking
markets seem to be associated with relatively higher usage of bank debt by less transparent firms. On the other hand, a higher
banking competition seems to have no effect on the probability of receiving bank loans.
相似文献
Francesco TrivieriEmail: |