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1.
We discuss the role of omitted variables in the long run empirical modeling of the Italian government growth based on a Wagner's Law framework. We identify a non-spurious long-run relationship between general government expenditure and domestic product only when our Wagner's Law model is enhanced by a measure of bureaucratic power, as a supply-side variable, and by the ratio of local to state expenditure, as an institutional factor that captures the division of competencies between local and central government in allocating public expenditure. This result is independent from the Wagner's Law specification chosen. The persistence profile analysis shows a slow adjustment to equilibrium for the estimated government growth relationship following system-wide shocks, pointing to rigidities and complex functioning of the public sector. 相似文献
2.
Stefano Comino Alberto Galasso Clara Graziano 《The Journal of industrial economics》2020,68(2):226-269
This paper exploits the introduction of the first regularized patent system, which appeared in the Venetian Republic in 1474, to examine the factors shaping inventors’ propensity to use a new form of intellectual property. We combine detailed information on craft guilds and patents in Renaissance Venice and show a negative association between patenting activity and guild statutory norms that strongly restricted entry and price competition. Our analysis shows that the heterogeneity in patenting activity documented by the industrial organization literature is not a special feature of modern technologies, but is rather a persistent phenomenon affected by market power. 相似文献
3.
The article assesses the impact of Argentinas main socialpolicy response to the severe economic crisis of 2002. The programwas intended to provide direct income support for families withdependents and whose head had become unemployed because of thecrisis. Counterfactual comparisons are based on a matched subsetof applicants not yet receiving program assistance. Panel dataspanning the crisis are also used. The program reduced aggregateunemployment, though it attracted as many people into the workforcefrom inactivity as it did people who otherwise would have beenunemployed. Although there was substantial leakage to formallyineligible families and incomplete coverage of those who wereeligible, the program did partially compensate many losers fromthe crisis and reduced extreme poverty. 相似文献
4.
Capitalism,Meritocracy, and Social Stratification: A Radical Reformulation of the Davis‐Moore Thesis
Costas Panayotakis Ph.D. 《American journal of economics and sociology》2014,73(1):126-150
This article advances a reconceptualization of the Davis‐Moore thesis, which adresses the weaknesses of Davis and Moore's original formulation and can function not as a causal explanation of inequality but as a normative yardstick, against which the efficiency of capitalist society's use of human talents can be measured. I argue that the nonmeritocratic nature of capitalist society prevents it from using human talents efficiently and that this fact is obscured by a “meritocratic illusion” that is systematically generated by the structural logic of capitalist society. After briefly exploring one way in which capitalism's ecological contradictions impinge on the Davis‐Moore thesis, I conclude by arguing that it is the mediation of capitalism's contradictions through social struggles that will determine whether a more meritocratic society consistent with the reconceptualized version of the Davis‐Moore thesis will ever emerge. 相似文献
5.
We consider an overlapping generations economy where capital is produced from bank loans under stochastic constant returns to scale, and subject to idiosyncratic shocks whose realisations are costly to verify. Our formulation differs from earlier work in permitting investment projects to be infinitely divisible and private agency costs to be convex. If there are external economies to financial intermediation, then deviations from steady-state output are negatively correlated with the spread between loan and deposit rates. Moreover, the capital stock correspondence is set-valued, a result consistent with poverty traps, growth cycles, and hump-shaped impulse response functions. 相似文献
6.
Modelling the spot prices of various coffee types 总被引:1,自引:0,他引:1
We investigate long-run relationships among the spot prices of four coffee types. Two cointegrating vectors emerge: one between the prices of Arabica coffee varieties, and the other one between Unwashed Arabicas and Robusta. A persistence profile analysis shows a more rapid adjustment to equilibrium for the first compared to the second vector due to the fact that the former involves the Arabica coffees, which are more homogeneous. Adjustment is relatively fast, implying that economic forces act rapidly and discrepancies in the equilibrium relationships are short-lived. We also find evidence of non-linear adjustment back to equilibrium; when prices are too high, adjustment takes place at a slower rate than when they are too low. 相似文献
7.
8.
Wages, Experience and Seniority 总被引:4,自引:0,他引:4
In this paper we study the sources of wage growth. We identify the contribution to such growth of general, sector specific and firm specific human capital. Our results are interpretable within the context of a model where the returns to human capital may be heterogeneous and where firms may offer different combinations of entry level wages and firm specific human capital development. We allow for the possibility that wages are match specific and that workers move jobs as a result of identifying a better match. To estimate the average returns to experience, sector tenure and firm specific tenure within this context, we develop an identification strategy which relies on the use of firm closures. Our data source is a new and unique administrative data-set for Germany that includes complete work histories as well as individual characteristics. We find positive returns to experience and firm tenure for skilled workers. The returns to experience for unskilled workers are small and insignificant after 2 years of experience. Their returns to sector tenure are also zero. However, their returns to firm tenure are substantial. 相似文献
9.
Technological innovation has contributed to recent changes inthe conduct and character of banking, but its impact has beencontradictory. First, money-dealing transactions have becomecheaper, but investment costs have increased and a broader rangeof services had to be provided. The cost efficiency of bankshas not improved. Second, banks have developed computationallyintensive, arms length techniques to assess creditworthinessand manage risk. Thus, they have been able to generate new revenuestreams from lending to individuals and from fees for moneymarket mediation. This shift has signalled a decline of relationalbanking. Third, new technology and related practices have facilitatedthe entry of foreign banks into developing countries, wherethey can exploit arms length, technologicallydemanding niches in domestic markets. This has not improvedthe efficiency of host banking systems, nor increased the availabilityof credit to the productive sector. 相似文献
10.