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1.
In order to explain cyclical behavior of factor demand, the static neoclassical model of the firm has been extended to include either adjustment costs (e.g. Lucas (1967)) or time-to-build considerations as in Kydland and Prescott (1982). This paper presents an intertemporal factor demand model which accounts for adjustment costs and gestation lags. The closed form solution of the model is a highly restricted vector ARMA-process that is estimated using quarterly data for the manufacturing industry in the U.S., 1960–1988. The main conclusion is that both sources of dynamics of factor demand are identifiable and found to be empirically of importance. 相似文献
2.
Franz Palm 《European Economic Review》1976,8(3):269-289
In this paper, we analyze the Final Equation and Transfer Function form associated with a linear dynamic simultaneous equation model and use the empirical findings as a guidance to a structural form specification in accordance with the information in a sample of monthly Belgian data. 相似文献
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The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence to test the number of cointegrating vectors among these three variables for 5 developing countries. In addition, we test the direction of potential causality between financial and economic development. Our results conclude to the existence of a single cointegrating vector between financial development and growth and of causality going from financial development to economic growth. We find little evidence of reverse causation as well as bi-directional causality. We interpret this as evidence supporting the significance of financial development for economic development although banks and stock markets may have different effects depending on the level of economic development. 相似文献
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Wladimir Raymond Pierre Mohnen Franz Palm Sybrand Schim van der Loeff 《De Economist》2006,154(1):85-105
Summary The paper studies the degree of homogeneity of innovative behavior in order to determine empirically an industry classification
of Dutch manufacturing that can be used for policy purposes. Defining homogeneity in terms of an economic model distinguishes
our classification from existing taxonomies such as those of the OECD, Pavitt and the various classifications based on a principal
components analysis. We use a two-limit tobit model with sample selection, which explains the decisions by business enterprises
to innovate and the impact these decisions have on the share of innovative sales. The model is estimated for eleven industries
based on the Dutch Standard Industrial Classification (SBI 1993). A likelihood ratio (LR) test is then performed to test for
equality of the parameters across industries. We find that Dutch manufacturing consists of three groups of industries in terms
of innovative behavior, a high-tech group, a low-tech group and the industry of wood. The same pattern shows up in the three
Dutch Community Innovation Surveys.
The empirical part of this study has been carried out at the Centre for Research of Economic Microdata at Statistics Netherlands.
The authors wish to thank Statistics Netherlands, and in particular Bert Diederen, for helping us in accessing and using the
Micronoom data set. The views expressed in this paper are solely those of the authors. The authors also wish to thank Fran?ois
Laisney, Patrick Waelbroek and participants at presentations in Maastricht, Strasbourg, Leuven and Lille for their helpful
comments. The first author acknowledges financial support from METEOR. 相似文献
8.
In the past few years nursing home care expenditures in Nebraska and the U.S. have been the fastest growing component of total health care expenditures. This rate of increase is particularly alarming in view of the fact that nursing home care is financed primarily by the Medicaid program or direct out-of-pocket payments. In fact, given the cutbacks in federal and state funds for this program, consumers will be forced to allocate a larger share of their income to meet the costs of nursing home care. Although nursing home expenditures have grown at an extremely rapid rate, relatively few empirical studies exist which analyze the cost function of nursing home providers. The purpose of this study is to identify factors which have directly influenced the cost of nursing home care in Nebraska and to evaluate the current Nebraska Medicaid reimbursement system in terms of its impact upon nursing home costs. The study was limited to a sample of 40 nursing homes in Nebraska which represents 42% of the total proprietary nursing homes in the state. The sample was limited to those facilities licensed only as an Intermediate Care Facility--I and they had to be receiving some Medicaid revenue. The data were averaged over the period of 1977-79, but the year of analysis corresponded to 1978. Multiple regression analysis was used to measure the effect of the hypothesized independent variables upon two different measures of cost--the average total cost per patient day and the average variable cost per patient day. In the first regression model 76% of the variance was explained and 71% was explained in the second equation. The results of this analysis are basically consistent with the findings of other studies and indicate that the number of staffing hours, patient mix, facility age, administrator experience and administrative intensity are significant determinants of nursing home costs. The most important finding from a policy perspective is that the current retrospective cost-related Medicaid reimbursement system does not provide incentives for minimizing costs. In fact, the present system encourages administrators to overutilize resources and charge higher prices. Considerable evidence exists which suggests that a prospective system would encourage a more efficient allocation of resources without adversely affecting the quality of care. Given the increase in the state's share of the total Medicaid budget, it would appear that a change to a prospective system is critical in order to maintain the financial accessibility to nursing home care by all Nebraska residents. 相似文献
9.
Financial Constraints and Other Obstacles: are they a Threat to Innovation Activity? 总被引:1,自引:0,他引:1
Summary In this paper we examine the importance of financial and other obstacles to innovation in the Netherlands using statistical
information from the CIS 3.5 innovation survey. We report results on the effect of these obstacles on the firms’ decision
to abandon, prematurely stop, seriously slow down, or not to start an innovative project. These results are compared with
those from other studies in the Netherlands and other countries. We end with a discussion of policy measures that have been
taken to overcome, or at least attenuate these obstacles, such as R&D tax incentives, venture capital financing and policy
mix packages.
相似文献
10.
We exploit the timing of the London bombings of July 2005, coinciding with a large-scale national survey of adolescents, to identify the impact of extremist Islamic terror attacks on the well-being of adolescent Muslims. Our analysis reveals interesting gender differences. We find evidence of a decline in the happiness of Muslim teenage girls after the bombings, which is also accompanied by a rise in expectations of facing discrimination in the labour market. These findings are robust to several falsification tests. However, we fail to uncover compelling evidence of any impact of the bombings on Muslim teenage boys. 相似文献