李嘉图等价定理的理论回顾和实证研究

1998年以来，我国政府实施了积极的财政政策。这种通过增发国债增加政府支出的积极财政政策能否有效地扩大总需求，即财政政策是否有效，不仅是宏观经济理论的一个核心问题，也是我国今后很长时期内制定宏观经济政策时必须考虑的问题。本文主要对李嘉图等价定理进行回顾性理论分析，并在理论上论证该定理站不住脚，最后通过计量经济分析证明该定理不适用于我国。本文的结论是：税收和国债在我国并非等价，通过增发国债增加政府支出的积极财政政策是有效的。     

Efficient Specialization in Ricardian Production

Abstract. It is well known that the analysis of efficient specialization in Ricardian production with many countries and many commodities cannot be broken down to the simple case of two countries and two commodities. By drawing on some recent results of convex geometry and the theory of cephoids, this paper characterizes efficient specialization in the general case.     

Land rents as a criterion for regionalization—The case of wheat growing in Croatia

The paper explores and tests one of the contemporary principles of economic regionalization of agriculture by using differential land rents in wheat production as a model. The analysis is based upon the assumption that differential rents could serve as a valid principle for regional planning, particularly differential rent I. On the basis of the food self-sufficiency principle declared by the Rome Declaration on World Food Security, the model assesses the economic justification of the Croatian wheat incentives system in relation to wheat production potentials in the counties, starting from those with high potential (the most favourable agroecological conditions for wheat production) towards the counties with low potential, to the level of self-sufficiency as a long-term Croatian strategic vision.The model shows that Croatia can meet its requirements for industrial wheat processing at the level of cumulative farmland areas of three counties, while total consumption can be covered by production of eight counties. This model compromises the fundamental principle of regional economics of wheat production, because up to 2003 incentives were given for 78,000 ha more than what was economically justified for wheat production intended for industrial processing, i.e. for 19,000 ha for total wheat demand. But, wheat production is practised all over Croatia—in all agricultural regions because of tradition on the one side and crop rotation requirements on the other side. This conclusion points to an uneconomic allocation of budget funds for wheat incentives to the counties, whose output results do not justify the incentives. The current subsidy model stimulates production by applying the criterion of a minimum three-hectare area required for wheat incentives. Consequently, a part of wheat production is excluded from the incentive system in the counties with high potential farmland, i.e. in the counties collecting a differential land rent for wheat production, which is uneconomical in terms of macroeconomics.Even though the model featured in this paper exemplifies wheat production in this particular situation, it can be easily used to evaluate the efficiency of incentives for all the crops included in the incentive system, while applying the standards of economics and agricultural regionalization. It can also be used to determine subsequent, more economical distribution of production incentives by channelling uneconomically allocated budget funds into implementation of other agricultural policies and measures.     

Adaptation and Climate Change Impacts: A Structural Ricardian Analysis of Farm Types in Germany

Based on farm census data, we explore the climate‐dependent incidence of six farm types and the climate‐induced impacts on land rental prices in Germany. We apply a structural Ricardian approach by modeling the dominant farm type at 9,684 communities as depending on temperature, precipitation and other geographic variables. Rents per farm type are then modeled as depending on climate and other conditioning variables. These results allow the projection of the consequences of climate change as changes in our climate variables. Our results indicate that permanent‐crop farms are more likely to dominate in higher temperatures, whereas forage or mixed farms dominate in areas of higher precipitation levels. Land rental prices display a concave response to increases in annual precipitation, and appear to increase linearly with rising annual temperature. Moderate‐warming simulation results for future decades benefit most farm types but seem to penalise forage farms. Rental prices are projected to increase, ceteris paribus, for all farm types.     

Liquidity Effects in Non‐Ricardian Economies

It has often been found difficult to generate a liquidity effect (i.e., a negative effect of monetary injections on the nominal interest rate) in the traditional “Ricardian” stochastic dynamic model with a single infinitely lived household. We show that moving to a non‐Ricardian environment where new agents enter the economy in each period allows such a liquidity effect to be generated.     

Corporate venturing and the rent cycle

This study views entrepreneurial rents as renewable opportunities and explores how firms can effectively utilize corporate venturing to create and sustain economic rents. Schumpeterian entrepreneurs create rents by harnessing corporate venturing to exploit attractive economic opportunities. The Schumpeterian rent is composed of Ricardian and Austrian rents. Ricardian rents result from unique and non-reproducible characteristics or competencies of the firm, and hence, are not appropriable by imitators. Conversely, Austrian rents, or economic profit, are subject to dissipation by imitators and attract entry by competitors or Austrian entrepreneurs until they are bid to zero or destroyed by another Schumpeterian innovation. In this formulation, Austrian entrepreneurs are modeled as infra-marginal rent seekers. Consequently, to sustain rents, firms must cycle between using corporate venturing to create or discover Schumpeterian entrepreneurial opportunities and using venturing as a mechanism to exploit existing rent generating opportunities.     

Creating relational rents: The effect of business groups on affiliated firms’ performance in Indonesia

This research attempts to extend the discussion of business groups in emerging economies by treating business groups as a form of interorganizational network that generates relational rents among affiliated firms by creating technological and managerial capabilities. Based on the relational view, this research investigates whether value created by business groups depends upon sharing, combining, and exchanging unique and specific resources or assets among affiliated firms. Results show that technological capabilities contribute to create relational rents in terms of affiliated firms’ investment in R&D and human capital. Managerial capabilities also contributed to generating relational rents through investment in managerial knowledge acquisition for affiliated firms without R&D units and in training for affiliated firms with R&D units. However, learning by exporting and learning from imported input do not yield relational rents within business groups. Overall, these findings reveal that business groups as interorganizational networks are contingent on their internal, unique, and specific capabilities, as social capital theory argues.

Explaining the Increase in Young Adults Living with Parents

Abstract:

In recent years, a rising proportion of young adults living with their parents has garnered national attention. Even young adults between the ages of twenty-five to thirty-four have not been immune to this trend. This article explores the causes behind the rising parental co-residence over the past thirty-five years using macro data. The article shows that rents have far outstripped incomes for young adults and that increasing unaffordability of renting is a significant factor behind the rising proportion of young adults living with their parents. Although declining interest rates have mitigated rising home prices thereby increasing home affordability, they have not impacted rental affordability.     

Oil dependence and entrepreneurship: Non-linear evidence

This study examines the empirical nature of the oil dependence-entrepreneurship nexus, building on recent research that extends the “resource curse” beyond its effects on economic growth. For the period from 2006 to 2018, the sample includes 115 countries at various stages of economic development. Using panel threshold methods, we discover an inverted U-shaped relationship, indicating that even small increases in oil rents increase entrepreneurship below the threshold. Globally, oil rents above a threshold of 77 % stifle entrepreneurship. Regional differences and institutional vulnerability act as moderators.