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1.
Existing studies on the fiscal multiplier under imperfect competition assume a symmetric market structure with identical firms. This paper examines the fiscal policy implications of introducing a multisectoral economy, where a composite commodity is offered in many varieties within a market of monopolistic competition and a homogeneous good is produced in a perfectly competitive environment. Within the context of this mixed industrial structure we show that the size of the short-run multiplier crucially depends on the composition of public expenditure chosen by the government. 相似文献
2.
This paper examines how immigrant enclaves influence labor market outcomes. We examine the effect of variation in ethnic concentration across counties and county subdivisions on both immigrant earnings and employment using the non‐public use, 1‐in‐6 sample of the 2000 U.S. Census. We find that there is heterogeneity in enclave impacts by ethnic group and skill composition of the enclave. While some groups tend to suffer from lower wages and employment propensities when residing in areas with larger ethnic concentrations, others have higher wages and improved employment opportunities in enclaves. (JEL J61, J15, R23) 相似文献
3.
ROBERTO MARTINEZ‐PECINO LOURDES MUNDUATE FRANCISCO J. MEDINA MARTIN C. EUWEMA 《劳资关系》2008,47(3):480-495
Effectiveness of mediation strategies is analyzed in two different types of collective labor conflicts: rights conflicts and conflicts of interests. The sample consists of 106 professional labor mediators who completed a questionnaire about the strategies they used and the outcomes they achieved in their most recent mediation intervention. Results from regression analysis indicate that while the use of substantive and contextual strategies is positively related to effectiveness in both types of conflict, the use of reflexive strategies is negatively related to effectiveness, particularly in rights conflicts. 相似文献
4.
This paper analyzes the explanatory power of some of the recent theories of optimal capital structure. The study extends empirical work on capital structure theory in three ways. First, it examines a much broader set of capital structure theories, many of which have not previously been analyzed empirically. Second, since the theories have different empirical implications in regard to different types of debt instruments, the authors analyze measures of short-term, long-term, and convertible debt rather than an aggregate measure of total debt. Third, the study uses a factor-analytic technique that mitigates the measurement problems encountered when working with proxy variables. 相似文献
5.
Reversal is the current stylized fact of weekly returns. However, we find that an opposing and long‐lasting continuation in returns follows the well‐documented brief reversal. These subsequent momentum profits are strong enough to offset the initial reversal and to produce a significant momentum effect over the full year following portfolio formation. Thus, ex post, extreme weekly returns are not too extreme. Our findings extend to weekly price movements with and without public news. In addition, there is no relation between news uncertainty and the momentum in 1‐week returns. 相似文献
6.
This article investigates fiscal convergence attained by EU countries in the period 1991–2008, by employing β‐ and σ‐convergence techniques complemented by a time series analysis. Overall our results highlight a distinctive convergence pattern in the European Union. Fiscal discipline leading to a fast convergence of deficit/GDP ratio over the 1990s markedly weakened in the following decade. Nonetheless, after the Euro debut a pronounced convergence in total revenue and total government spending emerges, with different patterns characterizing each expenditure component. Despite this evidence of fiscal harmonization, European treaties failed to attract countries toward a common share of government debt over GDP. (JEL E61, H11, C23) 相似文献
7.
The growth benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics shared by industries that grow relatively faster in more financially developed economies. Using the standard growth‐theoretic definition of technology in terms of the production function, we explore a range of technological characteristics that theory suggests might underpin differences across industries in the need or the ability to raise external finance. We find that industries that grow faster in more financially developed countries display greater R&D intensity and investment lumpiness, indicating that well‐functioning financial markets direct resources toward industries where growth is driven by R&D. 相似文献
8.
PHILIP VERMEULEN DANIEL A. DIAS MAARTEN DOSSCHE ERWAN GAUTIER IGNACIO HERNANDO ROBERTO SABBATINI HARALD STAHL 《Journal of Money, Credit and Banking》2012,44(8):1631-1650
This paper summarizes the microevidence on the setting of producer prices in the euro area. The main findings are: (i) 21% of producer prices are adjusted each month, (ii) producer prices are changed more frequently and by smaller amounts than consumer prices (even after controlling for product characteristics), (iii) price decreases are relatively frequent, (iv) inflation correlates positively with the difference between the frequency of price increases and decreases, and (v) there is substantial variation in price flexibility across sectors, which can be explained in part by differences in the cost structure, the degree of competition, and the level of sectoral inflation. 相似文献
9.
The paper addresses the question of whether migration plays a role in the determination of the per capita incomes in sub‐regions of Brazil. In order to discuss this relationship, we slightly modified the Solow‐Swan model with migration to better resemble the Brazilian context. Based on this model, we determined theoretically five different possibilities for the spatial dynamics regarding net migration, human capital differentials between migrants and nonmigrants, and capital stock per effective worker. We applied this framework to census data and the microregions in Brazil were empirically classified in one or other of these possibilities with the multivariate technique of cluster analysis. Finally, we used econometric models with instrumental variables applied to panel data and observed a tendency of increase in the variability of per capita income due to migration. 相似文献
10.
An Empirical Analysis of the Dynamic Relation between Investment-Grade Bonds and Credit Default Swaps 总被引:2,自引:0,他引:2
We test the theoretical equivalence of credit default swap (CDS) prices and credit spreads derived by Duffie (1999) , finding support for the parity relation as an equilibrium condition. We also find two forms of deviation from parity. First, for three firms, CDS prices are substantially higher than credit spreads for long periods of time, arising from combinations of imperfections in the contract specification of CDSs and measurement errors in computing the credit spread. Second, we find short‐lived deviations from parity for all other companies due to a lead for CDS prices over credit spreads in the price discovery process. 相似文献