基于技能互补性的劳动力迁移与人力资本地区集中

由于劳动力的异质性,不同技能劳动力之间的合作和互补可以获得递增收益.客观存在的技能互补性导致了劳动力迁移与人力资本地区集中之间内生性的累积循环,这个循环的动态结果是劳动力持续向人力资本集中地区流动,人力资本存量的地区差异随之扩大.利用第五次全国人口普查数据进行的实证分析表明,迁移的人力资本地区集中效应的确存在.     

WAGE INTERDEPENDENCE THROUGH DECENTRALIZED BARGAINING

Abstract. The idea that sector-specific unions are influenced by the wages obtained by other unions has mainly been used to support the empirical observation that wages are highly correlated among industries. The sources of wage interdependence can mainly be found in unions'preferences, in the nature of technology and in price and demand determination. The presence of externalities and of strategic complementarity among unions leads to suboptimal equilibria, which generates non-desired inflation, unemployment and possibly also trade balance deficit. This enforces the idea that part of current unemployment can be eliminated by improving the cooperation between social actors.     

Product innovation,process innovation and export propensity: persistence,complementarities and feedback effects in Spanish firms

Drawing on a longitudinal data of Spanish manufacturing firms, this study explores the persistence of technological innovation and exports, their potential complementary relations and feedback effects. Empirical results suggest the presence of both true and spurious state dependence in all three activities. True state dependence in technical innovation and exports implies intertemporal spillovers relevant to the evaluation of innovation and export policy measures. However, given that results also suggest spurious state dependence, firm-specific characteristics should be taken into account in promoting technological innovations and exports. In addition, we find a strong complementarity between product and process innovation both through a contemporaneous effect and via unobserved firm characteristics. However, concerning complementarity between innovation and exports, results suggests complementarity only through contemporaneous effects. Finally, we find no support for the causal link from past product and process innovations to current export activities.     

Equilibria in a dynamic global game: the role of cohort effects

Summary. We introduce strategic waiting in a global game setting with irreversible investment. Players can wait in order to make a better informed decision. We allow for cohort effects, which arise endogenously in technology adoption problems with positive contemporaneous network effects. Formally, cohort effects lead to intra-period network effects being greater than inter-period network effects. Depending on the nature of the cohort effects, our game may or may not satisfy dynamic increasing differences. If it does, our model has a unique rationalizable outcome. Otherwise, multiple equilibria may exist as players want to invest at the same point in time others do.Received: 13 July 2004, Revised: 20 May 2005, JEL Classification Numbers: C72, C73, D82, D83.We thank George-Marios Angeletos, Helmut Bester, Andreas Blume, Estelle Cantillon, Frank Heinemann, Christian Hellwig, Larry Karp, Tobias Kretschmer, In Ho Lee, Robin Mason and an anonymous referee for helpful comments. We also thank seminar participants at the EEA-meeting in Stockholm 2003, ESRC Workshop in Warwick 2004, Free University Berlin, IAE (Barcelona), Keele, MIT, Southampton, University of Pittsburgh, and at a CEPR-conference in Brussels 2002 for comments, and the European Union for providing financial support through the TMR network on network industries (Contract number FMRX-CT98-0203). This paper was completed while the first author visited the Department of Economics at MIT, whose hospitality he gratefully acknowledges.     

Payoff complementarities and financial fragility: Evidence from mutual fund outflows

The paper provides empirical evidence that strategic complementarities among investors generate fragility in financial markets. Analyzing mutual fund data, we find that, consistent with a theoretical model, funds with illiquid assets (where complementarities are stronger) exhibit stronger sensitivity of outflows to bad past performance than funds with liquid assets. We also find that this pattern disappears in funds where the shareholder base is composed mostly of large investors. We present further evidence that these results are not attributable to alternative explanations based on the informativeness of past performance or on clientele effects. We analyze the implications for funds’ performance and policies.     

Financial development and the growth of cooperative firms

The purpose of this article is to empirically assess the relationship existing between local financial development and the growth of firms, with a special focus on cooperatives. Using Italian data, a multiplicative interaction model is specified, so as to allow the impact of local banking development to differ between cooperative and non-cooperative firms. The main finding is that although local banking development represents a determinant of firms’ growth, regardless of their legal structure, it plays a special role in boosting the growth of cooperatives. This result provides evidence in favor to the existence of an institutional complementarity relationship between the development of local banking institutions and cooperative firms.

Driving sectoral sustainability via the diffusion of organizational eco‐innovations

Using insights from institutional literature, the resource‐based theory of the firm, and internationalization, we explain variations in the diffusion of organizational eco‐innovations. Studies have previously reported that the drivers of eco‐innovation are regulatory pressures, technology push, market pull, and firm factors. But relatively little attention has been paid to nontechnological forms of eco‐innovation, such as environmental management systems (EMS). Consequently, how exactly to encourage EMS adoption across sectors is still unclear. We attempt to address this question by combining sectoral panel data (2009–2014) from a number of sources in Spain. The econometric analysis reveals that environmental policy is driving the adoption of ISO 14001 largely due to differences across sectors in energy and pollution intensity. In addition, the adoption of ISO 9001 increases the use of ISO 14001 in industry because of complementarities between the two systems. Third, in highly internationalized sectors, firms adopt a greater amount of ISO 14001.     

CAFTA双边贸易发展前景研究——基于贸易互补和修正引力模型的分析

基于中国与东盟1995年至2009年的贸易数据,从产品层面对中国与主要东盟国家的贸易互补性系数进行了测算,双方贸易互补性总体呈不断上升的趋势,具有较强的贸易潜力,自由贸易区的建立将对贸易往来起进一步推动作用。进一步修正引力模型,采用2000年至2009年的面板数据对双边贸易发展的影响因素进行了计量分析,结果显示,东盟国家经济规模和人口数量对双边贸易流量具有显著的影响,而2008年金融危机的影响不大,说明双方的贸易依赖程度已经很高。     

On strategic complementarities in discontinuous games with totally ordered strategies

This paper studies the existence of a pure strategy Nash equilibrium in games with strategic complementarities where the strategy sets are totally ordered. By relaxing the conventional conditions related to upper semicontinuity and single crossing, we enlarge the class of games to which monotone techniques are applicable. The results are illustrated with a number of economics-related examples.     

中间层组织的互补性博弈及其协调机制

中间层组织中各行为主体的互动活动往往具有策略互补性。运用互补性博弈的分析方法,考察中间层组织中各行为主体选择其努力水平的相互依赖性如何影响多重纳什均衡的结构,同时,考察哪些重要的协调机制有助于避免由于策略不确定性等导致的协调失败问题。