This paper begins by documenting the extent to which the predictions of standard Real Business Cycle (RBC) models are incompatible with observed movements in real interest rates. The main finding of the paper is that extending the baseline model to include habit persistence in consumption and adjustment costs to capital significantly improves the model's empirical performance. In our evaluation of the model's performance, we take special care of estimating and testing predictions of the model using both moments drawn directly from the data and moments calculated after identifying shocks to the stochastic trend. 相似文献
Summary. We show, in the Choquet expected utility model, that preference for diversification, that is, convex preferences, is equivalent
to a concave utility index and a convex capacity. We then introduce a weaker notion of diversification, namely “sure diversification.”
We show that this implies that the core of the capacity is non-empty. The converse holds under concavity of the utility index,
which is itself equivalent to the notion of comonotone diversification, that we introduce. In an Anscombe-Aumann setting,
preference for diversification is equivalent to convexity of the capacity and preference for sure diversification is equivalent
to non-empty core. In the expected utility model, all these notions of diversification are equivalent and are represented
by the concavity of the utility index.
Received: July 27, 1999; revised version: November 7, 2000 相似文献
The paper presents some results concerning the averaging approach in a general linear regression model in one dimension under suitable conditions about the martingale structure of errors. At first asymptotics of the primary and averaged estimators are discussed. Then it is shown that variances of estimators can be consistently estimated by appropriate integrated squared deviations functionals. Finally applications to the construction of confidence regions are considered. 相似文献
Summary This paper investigates the dynamical properties of optimal paths in one-sector overlapping generations models without assuming that the utility function of the representative agent is separable. When the utility function is separable, the optimal growth paths monotonically converges toward the modified golden rule steady state. In the non-separable case, we show that the optimal growth path may be oscillating and optimal two-period cycles may exist. Applying these results to the model with altruism, we show that the condition of operative bequest is fully compatible with endogeneous fluctuations provided that the discount factor is close enough to one. All our results are illustrated using Cobb-Douglas utility and production functions.We thank C. Blackorby, J. Blot, P. Cartigny and one anonymous referee for helpful comments and suggestions which generally improved the exposition of the paper. We would also like to thank the participants of the Population and demography session of the European Economic Association 10th Annual Congress (Prague, The Czech Republic, September 1–4, 1995). 相似文献
Integrating insights from the strategic goal literature and the knowledge‐based view of the firm, this article proposes that the pursuit of social and economic strategic goals by commercial firms affects their innovation performance through different knowledge sourcing activities. The strategic goals, knowledge sourcing practices, and innovation performance of 1257 Belgian firms are investigated. Results show that both social and economic strategic goals are associated with the use of external information sources, but only the pursuit of social goals inspires firms to engage in external collaboration. No evidence is found of an inherent conflict between social and economic strategic goals. Instead, the two types of goals are independent of each other, that is, an emphasis on social goals does not preclude an emphasis on economic goals and vice versa. Moreover, firms’ external knowledge sourcing and innovation performance benefit most when strongly held social goals align with strongly held economic goals. These findings offer new insight into the nature and the effects of goal multiplicity among commercial firms. They open up a new perspective on the potential positive effects of the joint pursuit of social and economic strategic goals instead of seeing them as inherently conflicting, as past research has typically done. We illustrate how social strategic goals can deliver unique benefits to a firm, independently of and in addition to economic strategic goals. Our findings also contribute to the open innovation literature by revealing strategic goals as a driver of firms’ knowledge sourcing practices. Our findings suggest that solely emphasizing economic goals may be one reason why firms struggle to implement open innovation practices and do not reap their full benefits. The practical implications of our research are discussed. 相似文献
James Buchanan’s views on public finance have already been analyzed and they are quite well known, as are their origins and roots. However, nothing has ever been said about why Buchanan chose public finance in the first place. The first goal of this paper is to show that Buchanan had made this choice before arriving at Chicago. We show how Carlton C. Sims and Charles P. White influenced him. We also show, by analyzing Buchanan’s M.A. thesis, that he was not only interested in public finance but was also primarily concerned by ethical questions and defended a bureaucratic centralized solution to solve the problem he was discussing – how to share the benefits collected from a gasoline tax among Counties. This helps to understand that Buchanan did not choose to study public finance to learn how to fight government intervention. Quite the contrary: it was to legitimate it. Second, we also demonstrate that a lot of the ideas that will matter for Buchanan in his career – the importance of ethics and the principle of an equal treatment for equals, the need to link taxes to benefits, the importance to adapt the scale of provision of a public good to the type of public good – were already present in this first work.
Most transition countries used tax‐supported wage norms in the early 1990s, as a part of their market liberalization programmes. This article analyses how a firm‐level tax (or subsidy) on deviations from a pre‐set wage norm may promote employment by rotating the labour demand curve perceived by the workers’ union around the value of the norm. We derive the conditions under which it yields a positive employment effect. We test the effect of the norm on the wages on a sample of Polish firms in 1990 and 1991. The data support the role of the wage norm on the position of the perceived labour demand curve and the role of the tax rate on its slope. 相似文献
This study identifies the main shocks that cause fluctuations in French output and their channels of transmission. It uses
a large-dimensional structural approximate dynamic factor model. There are three main findings. First, common shocks, especially
demand shocks, which seem to originate from the U.S., play an important role in explaining French economic activity. While
international trade, relative prices, and foreign direct investment (FDI) flows are the main channels of transmission, the
stock market, consumer confidence, and interest rates also matter. Second, France’s integration with the rest of the world
has increased over time. Third, there is some tentative evidence of regional components in explaining French output fluctuations;
country-specific components also contribute. The predominance of exogenous factors affecting French output, the asymmetry
in the transmission of shocks, and France’s participation in a currency area argue for making French goods, services, and
labor markets as flexible as possible. 相似文献