摘要:

AbstractIn this paper we estimate the marginal rate of substitution between aggregate per‐capita consumption and per‐capita government expenditure on goods and services using US quarterly data over the period 1953 to 1993. This estimate is an important input to any attempt to assess the overall effectiveness of fiscal policy since it directly affects the size of the fiscal policy multiplier. Other recent consumption studies which incorporate the effects of government expenditure have failed to establish a stable estimate of the marginal rate of substitution. We argue that this failure results from imposing the unrealistic assumption that this parameter is constant. In contrast, we allow the marginal rate of substitution to depend on both the level and composition of government spend

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00669.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractIn this paper we analyze the generation of endogenous growth and irregular fluctuations in a simple New Keynesian model whose background assumptions are borrowed from a class of asymmetric information models popularized by Greenwald and Stiglitz. We extend the framework put forward by Greenwald and stiglitz taking explicitly into account technological progress as the engine of growth. We show how irregular endogenous fluctuations can arise around an endogenous trend: the traditional view of fluctuations as ‘short run’ phenomena must be abandoned in favour of models of fluctuating gro

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00670.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AstractThe paper analyses the degree of product differentiation between sigle product firms in alternative market equilibria. The equilibria are stable in the sense of Nash, and both non‐cooperative and tacitly collusive market outcomesare identified. The basic model follows the ‘address’ aproach to product differentiation, and the firms' strategic variables are choice of product type and price charged. When all firms are non‐cooperative, product gaps between firms are equal; but tacit collusion results in product gap variation between firms in Nash equilibrium. In all cases, profits for any firm are assumed to be proportional to the multiple of the product gaps between that firm and each of its two closest

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00671.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AstractEx antereal interest rates and their differentials are tested for mean reversion using quarterly data on three‐month treasury bill rates and consumer prices for 12 major industrial countries over the period 1972:l‐1993:3. The results are strongly supportive of mean reversion, particularly when less conventional tests are employed. The conclusion that can be derived from the empirical evidence is that goods, capital and foreign exchange markets have become highly integrated in the countries under considerat

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00672.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AstractThat demand‐side deficiencies can provide an inducement for outward investment by transnational corporations has never acquired much currency, despite its long history and the fact that existing theories ofter have implications supportive of it. Arguably a reason for this is that the idea has never been tested empirically. In this paper we provide the first such empirical test. First we critically survey and attempt to synthesize the mainstream microeconomic or supply‐side theories of the TNC. Then we examine the case for a demand‐side perspective, link this to the supply‐side and discuss some existing indirect evidence in support of this perspective. Finally we provide a direct econometric test of the demand‐side perspective, which provides clear suppo

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00673.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThe confidently theoretical method of English classical economics is traced to the Enlightenment's struggle to resolve the disputes between rationalism and anti‐rationalism which had dominated the 17th century. It is argued that, in an attempt to resolve these disputes, several Enlightenment authors, including David Hume and Dugald Stewart, sought to unite empiricism with the notion of law‐like universe by arguing that economic laws are no more than general facts apparent from everyday life. This position, by denying that theory had any connection with the hypothetical, the instrumental or the abstract, blurred the distinction between theory and fact, and taught Classical economists to see their theorising as fact. This position thereby gave the Classical economists licence to pursue their theoretical speculations, free from any doubts or uncertainties about their theoris

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00674.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThe paper investigates the relationship between output variability and economic growth using a GARCH‐M model with industrial production in post‐war Great Britain. The data reveals a positive relationship between variability and growth ra

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00675.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

P. Self.Government by the Market: The Politics of Public Choice.NICK HANLEY and CLIVE L. SPASH, Cost‐Benefit Analysis and the Environ‐ment, Aldershot; Edward Elgar, 1993.THOMAS MAYER. Doing Economic Research: Essays on the Applied Uethodology of Economics. Aldershot; Edward Elgar, 1

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00676.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY