摘要:

Beginning in the late 1970s, a series of reforms to improve industrial productivity were implemented in China. We estimate changes in productivity growth and identify its sources in the post‐reform period 1980‐85. Our work is based on the newest and most comprehensive data set available on Chinese industrial activities. Productivity growth estimates are shown to be strongly affected by output specification. Overall, we find sharp increases in productivity growth in the 1984‐85 period as compared to the 1980‐84 period. Collective and private enterprises show higher output and productivity gains than do state‐owned en

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01296.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Why do professional partnerships like law firms, accounting practices, and management consulting groups to name a few, rely almost exclusively on promotions for incentives and do not typically use incentive pay to motivate their associates? We compare three schemes (relative‐input‐based piece rates, tournaments with monetary prizes, and tournaments with promotions as prizes) within an environment characterized by group production and double moral hazard induced by possible wealth constraints on the supervisors. We find that the difficulty in implementing promotion tournaments is possibly an important reason for the existence of fi

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01297.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

The efects of government spending on employment and output may depend on government size and the persistence of spending. The empirical results suggest that permanent (or persistent) changes in government consumption have a greater impact on output and employment than temporary (or cyclical) changes. This implies a negative wealth effect and reduces the stabilization potency of government spending. The findings also support the hypothesis that the output elasticity of government consumption is positive but declines with increases in government size. Using the estimated equations, I calculate the optimal government size for the representative country as around 20 percent of GDP.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01298.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

We construct a dynamic rational expectations model of the federal funds and deposit market that provides a rationale for central bank secrecy about current monetary aggregate objectives. In this analysis, the Trading Desk values secrecy because it reduces the influence of monetary control policy on interest rates. We then examine actual U.S. experience with monetary control and determine that the reserve bias predicted by the model is present in the data from 1978 to 1985. Finally, we demonstrate that central bank secrecy may not lower the value of commercial banks.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01299.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

This paper examines empirically the Alchian and Allen proposition that shipping charges induce consumers to opt for higher quality goods. We show in a household productions framework why this holds whether goods or buyers travel. Using a large sample of individual consumption data for football games, we find that buyers who travel the farthest, purchase the best tickets. In the end, we believe that the Alchian and Allen theorem is so broad and pervasive that it qualifies as the third law of demand.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01300.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

This article investigates the relationship between imperfect competition and basing point pricing. Basing‐point pricing can emerge if firms at the base site are Bertrand competitors, firms at non‐base locations are less than perfectly competitive with each other and are von Stackleberg leaders with respect to base site production, and the products produced at the base and non‐base locations are perfect substitutes. Basing‐point pricing is associated with competitive prices by base site firms but with markups by non‐base site firms equal to their phantom freigh

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01301.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

The effects of trading institutions on market efficiency and trading volume are examined. The trading institutions are computerized versions of continuous double auction and “clearinghouse” markets. Traders are experienced, profit‐motivated undergraduates. The traded good is a financial asset whose monetary value is state‐ and trader type‐contingent. Traders possess asymmetric private information on asset value. The results show that clearinghouse markets are as informationally efficient as double auction markets and almost as allocationally efficient; the double auction encourages greater trading volume but the clearinghouse provides greater depth; public orderflow information enhances double auction performance but impairs clearinghouse pe

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01302.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Redundant protection, tariffs that exceed the domestic import‐price differential, is an important feature of nineteenth century U.S. tariff history and remains a common practice in many developing countries. This paper develops political‐economy models of the tariff setting process when the world price of the importable product is stochastic. The optimal endogenous tariff may involve redundant protection even if agents are risk neutral. These political‐economy models also permit us to assess the comparative static effects of changes in the mean‐preserving spread of the world price under differing assumptions about the political

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01303.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

One of the most misunderstood and neglected concepts in all of economics is the notion that money may be in excess supply or excess demand. The article presents several reasons why monetary disequilibrium would indeed persist, including the fact that no “money market” exists with a single price which would clear that market. Contrary to the claims of several leading textbooks, the article explains why changes in the interest rate would not immediately eliminate an excess supply of or demand for mo

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01304.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

We attempt to interpret Frank Knight by taking him on his own terms. Among our conclusions are the following. (1)Knight's distinction between risk and uncertainty is not solely a distinction between insurable and uninsurable risk. (2)Knight's explanation for the existence of firms does not reduce to a moral‐hazard theory, except perhaps in the broadest and least‐interesting sense. And (3) Knight's treatment of the problem of the separation of ownership from control is not as obviously wrong as commentators have made it out to

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb01305.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY