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We characterize optimal redistribution policy when there are differences not only in individuals’ productivities but also in their tastes towards the timing of consumption, i.e. some are patient and others impatient in consumption over the life cycle and this preference together with productivity is non-observable to government. We consider different social objectives and incorporate a novel approach taken in the spirit of Roemer (Equality of opportunity, Harvard University Press, Harvard, 1998) and Van de Gaer (Equality of opportunity and investments in human capital, Katholieke Universiteit Leuven, 1993). This approach applies a compromise between the principle of compensation and the principle of responsibility. We derive analytical expressions which describe the optimal distortion (upward or downward) in saving. As the multidimensional problems become very complicated, to gain a better understanding, we also numerically examine the properties of an optimal lifetime redistribution policy. We find support for a nonlinear tax/pension program in which impatient types are taxed at the margin, and patient low ability types are subsidized in their retirement consumption. Numerical simulations show quite big differences in terms of the levels of marginal tax rates between different social objectives, indicating that the optimal income taxation results are sensitive to the choice of the social planner’s goals. 相似文献
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Philipp Engler Terhi Jokipii Christian Merkl Pablo Rovira Kaltwasser Lúcio Vinhas de Souza 《Empirica》2007,34(5):411-425
This paper analyzes the role of banks’ regulatory capitalization in the transmission of monetary policy. We use a confidential
dataset for Austrian banks spanning from the first quarter of 1997 to the fourth quarter of 2003. We find evidence that Austrian
banks react in an asymmetric way to monetary policy depending on their regulatory excess capitalization, i.e. low capitalized
banks react more restrictively to a monetary tightening than their highly capitalized peers.
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Lúcio Vinhas de SouzaEmail: |
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Virgilio Panapanaan Tytti Bruce Terhi Virkki‐Hatakka Lassi Linnanen 《Business Strategy and the Environment》2016,25(5):293-309
This study was conducted to analyze the shared and sustainable value creation (SSVC) of 33 energy companies selling energy solutions at the base of the pyramid (BoP) markets. SSVC by selling energy technology solutions directed to address the cooking and lighting needs of BoP consumers were the main focus of analysis. Result showed that achieving profitability and affordability is affected by the kind of energy solution that is offered as well as the investment and level of commitment required. However, companies that fulfilled the profitable and affordable solutions were also able to deliver social and environmental sustainability benefits. Social sustainability benefits point to the ability of alleviating poverty by improving productivity or offering cost‐savings. Environmental sustainability benefits point to the energy savings. The findings show that inclusive business strategy is not necessarily required to reach the poor people profitably but a suitable business strategy depends on the type of energy solution. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment 相似文献
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This study examines the objectivity of Finnish listed companies' environmental reporting in their ordinary annual reports during the period 1985–1996. We study the firms' practice to disclose negative versus positive environmental events that are ex ante publicly known. As regards the entire research period, the results show that the environmental reporting of the sample firms cannot be considered objective, since the proportional share of negative events reported was negligible compared to the respective percentage for positive events. Copyright © 2001 John Wiley & Sons, Ltd and ERP Environment 相似文献
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Terhi Maczulskij 《International Review of Applied Economics》2016,30(5):605-619
Using data from Finland on twins, this paper examines the effect of labour quality, as measured by education, on the choice to work in the public sector. A distinction to previous studies is made by allowing controls of family background and genetics effects that could drive the positive relationship between higher education and public sector employment. The conditional (fixed effects) logit regression estimates indicate that highly qualified employees are more likely to seek public sector employment. The paper also utilizes the longitudinal structure of the data to examine whether the results vary over time. These results indicate that the association between public sector work and higher education is counter-cyclical. In other words, highly qualified workers are more likely to hold public service positions and to have greater access to public sector jobs during economic downturns. 相似文献
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Ageing and consumption in Finland: The effect of age and life course stage on ecological,economical and self‐indulgent consumption among late middle‐agers and young adults between 1999 and 2014 下载免费PDF全文
Sanna‐Mari Kuoppamäki Terhi‐Anna Wilska Sakari Taipale 《International Journal of Consumer Studies》2017,41(5):457-464
Previous studies on ageing consumers have mainly focused on chronological age and generational values or studied ageing and consumption with cross‐sectional data. Few quantitative studies exist that examine the effect of age together with life course on consumption using longitudinal data. To bridge this gap, the article examines ageing and attitudes towards consumption in Finland, focusing particularly on late middle‐agers (46–60 year‐olds) in comparison with young adults (18–30 year‐olds) between 1999 and 2014. The article explores three consumption patterns based on attitudinal statements: ecological, economical and self‐indulgent consumption. Through analysis of a nationally representative survey study in Finland (N = 8,543), the article reveals that in all years under examination, late middle‐agers reported more ecological attitudes towards consumption than young adults. In 1999 and 2004, the attitudes of late middle‐agers appeared more economical, but age‐related differences in economical attitudes disappeared between 2009 and 2014. In each year, late middle‐agers reported less self‐indulgent attitudes than young adults, and these age‐related differences did not remarkably change between 1999 and 2014. The results indicate that in 1999 and 2004, ecological and economical attitudes towards consumption were best predicted by age at the year of the study. In later years, ecological attitudes were more closely determined by life course stage, that is household type and other socio‐demographic determinants. Regarding economical attitudes, generational or cohort effects were pronounced among late middle‐agers in 1999. In contrast, the significance of age remained throughout the years for self‐indulgent attitudes, indicating the absence of generational or cohort effects. 相似文献
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ABSTRACTWe propose to estimate the Blinder-Oaxaca decomposition by a single-equation model augmented with interactions between the group membership and other predictors. The relative importance of predictors on the discriminatory wage gap is examined by the interaction coefficients, which may lead to very different conclusions than the usual percentage calculations using the detailed decomposition method. Comparisons are made between the traditional interpretations and those suggested here using wage data from Finland. The decomposition analysis suggests that the discriminatory male-female wage gap is largely related to work experience, while our preferred model points to the importance of family gap and working industry. 相似文献
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Open Economies Review - This study provides novel evidence on the impact of labor market institutions on current account dynamics. Our results suggest that a high degree of coordination of wage... 相似文献