A Benchmark Approach to Filtering in Finance

The paper proposes the use of the growth optimal portfolio for pricing and hedging in incomplete markets when there are unobserved factors that have to be filtered. The proposed filtering framework is applicable also in cases when there does not exist an equivalent risk neutral martingale measure. The reduction of the variance of derivative prices for increasing degrees of available information is measured. 1991 Mathematics Subject Classification: primary 90A09; secondary 60G99; 62P20 JEL Classification: G10, G13     

Multilateral finance and development

This article presents an outline of major international financial institutions, i.e. the Bretton Woods organisations. The focus of analysis is on the conceptions that have shaped the posture of these institutions on development issues and on their corresponding activities and problems.     

Wage rigidity and the structure of the Austrian manufacturing industry

Zusammenfassung Starrheit der L?hne und die Industriestruktur ?sterreichs. Eine ?konometrische Analyse der Lohnrelationen. — Die vorliegende Studie untersucht das Ph?nomen der Lohnrigidit?t in gewissen Bereichen der Volkswirtschaft. Ausgehend von einem theoretischen Modell, das die Bedeutung der internen betrieblichen Anpassungskosten berücksichtigt, werden Gleichungen für die relativen L?hne formuliert, die als Hauptdeterminanten die Arbeitsmarktbedingungen und den Anteil der Fremdarbeiter in der Gesamtwirtschaft enthalten. Dabei unterliegen die Parameterwerte gewissen Restriktionen in Abh?ngigkeit von den Charakteristika der jeweiligen Industriezweige. Die empirischen Resultate für die Industrie ?sterreichs sind mit dem Modell konsistent und erlauben es, innerhalb der Industrie zwischen Branchen mit flexiblen und rigiden L?hnen zu unterscheiden, eine Unterscheidung, die für eine wirksamere Einkommenspolitik wesentlich ist. Au\erdem bildet der empirische Befund die Basis für einen Vergleich zwischen dem vorliegenden Modell und einem Modell, in dem die Gewerkschaften die Lohnbildung determinieren.

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Résumé La rigidité de salaire et la structure de l’industrie manufacturière autrichienne. Une analyse économétrique des salaires relatifs. — Cette étude analyse le phénomène de la rigidité de salaire dans certains secteurs de l’économie. En cadre théorique basé sur l’importance des co?ts internes d’ajustement l’auteur formule sous certaines restrictions paramétriques liées aux caractéristiques industrielles des équations de salaire relatif dont les conditions du marché de travail et la part des travailleurs étrangers dans l’économie sont des déterminants principaux. Les résultats empiriques qui correspondent au modèle présenté permettent de classifier les industries selon le degré de la flexibilité (ou rigidité) des salaires et donnent ainsi la base pour une politique des revenus plus efficace. Finalement, l’auteur évalue l’applicabilité d’un modèle dont la formation des salaires est déterminée par des syndicats ouvriers.

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Resumen Rigidez salarial y la estructura de la industria manufacturera austríaca. Un anàlisis econométrico de salarios relativos. — En este axtículo se investiga el fenómeno de la rigidez de la economía. Dentro de un marco teórico basado en la importancia de costos de ajuste internos se formulan ecuaciones salariales, con ciertas restricciones de parámetres ligados a las características industriales, que incluyen las condiciones del mercado laboral y la participatión de trabajadores extranjeros en la economía como los principales déterminantes. Los resultados empíricos consistentes con el modelo presentado, permiten una clasificación en industrias con salarios flexibles y rigidos, proveiendo de esta manera una base para una política de ingresos más eficiente. Finalmente se evaluó la aplicabilidad de un modelo de orientatión sindical para la determinatión de salarios.

     

Do Trade Patterns and Technology Flows Affect Productivity Growth?

This article presents a model suggesting that the pattern ofa country's intermediate goods imports affects its level ofproductivity because a country that imports such goods primarilyfrom technological leaders receives more technology than a countrythat imports primarily from follower countries. The importanceof trade patterns in determining technology flows is quantifiedusing industry-level data for machinery goods imports and productivityfrom eight member countries of the Organisation for EconomicCo-operation and Development between 1970 and 1991. Three conclusionsemerge from this work. First, the eight countries studied appearto benefit more from domestic research and development (R&D)than from R&D of the average foreign country. Second, conditionalon technology diffusion from domestic R&D, a country's importcomposition matters only if it is strongly biased toward oraway from technological leaders. Third, differences in technologyinflows related to the pattern of imports explain about 20 percentof the total variation in productivity growth. The implicationsof these findings for developing countries are discussed.     

Evaluating change in European industrial relations: research evidence on trends at organizational level

This paper uses evidence from organizations with more than 200 employees in several countries across Europe to explore the proposition that industrial relations in Europe is becoming more convergent around a non-union HRM model. The evidence indicates that, although there are some similar moves taking place, national patterns remain distinctive, the IR/HRM distinction may not be sustainable in Europe and there are significant elements of continuity in industrial relations in Europe alongside the changes that are taking place.     

Einrichtung einer Journalistik-Dozentur in Wien

Ohne Zusammenfassung     

TARIFF FORMATION IN A MULTIDIMENSIONAL VOTING MODEL*

The theory of endogenous trade policy formation argues that tariffs emerge from the political process. This occurs because of conflicting economic interests trying to redistribute income in their favor through the adoption of suitable trade policies. Mayer and Riezman (1987) questioned this view arguing that if individuals differ only in factor ownership they would always prefer some tax/subsidy policy to tariffs. Here we allow individuals to differ not only with respect to factor ownership, but also with respect to consumption preferences and income tax treatment. We show that tariffs might be the social decision even though nobody's individual preferences suggest tariffs as the best choice.