摘要:

An attempt is made to measure the sensitivity of real wages and weeks worked to overall cyclic disturbances using rather refined microdata. While overall results indicate that real wages are “rigid” with weeks worked exhibiting a procyclic pattern, significant contrasts in cyclic patterns are evident between union and nonunion sectors. Furthermore, these cyclic contrasts are generated by worker experience level to ascertain the extent of cyclic variation depending upon years on current job by a worker. An attempt is then made to link these empirical contrasts to patterns that are expected for two theoretical frameworks: an auction market model and an implicit contracting model. This leads to a conclusion that the union sector tends to exhibit implicit contracting characteristics whereas auction market characteristics prevail in the nonunion sec

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00543.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

This paper analyzes the structure of slave prices in New Orleans from 1804 to 1862 in an attempt to shed light on such issues as the competitive nature and economic “rationality” of the slave system, the impact of the slave trade on the separation of the slave family, the extent of slave skill formation and its importance to the Southern economy, and the personal relationships between owners and slaves. The analysis is based on the Rogert Fogel and Stanley Engerman (1974) sample of New Orleans slave invoices representing over 5700 slaves sold during the years 1804 to 1862. These invoices contain a rich assortment of information detailing the characteristics and attributes of slaves sold in the market as well as the particulars of slave transactions. The data are investigated within a regression model that relates the price of slaves sold in the market to their characteristics and to other aspects of the slave sale. After discussing the data and the regression model, the paper presents general results; subsequent sections of the paper focus on questions of more particular inter

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00544.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

This paper creates a synthesis of Ayres's views, drawing them together from his many publications, and displaying his work as an intellectual system. His work is also evaluated, with the conclusion that his basic distinction between institutional and technological behavior is not tenable, but that he made some contributions of lasting value in his elaboration of institutionalist theory. In particular, he demonstrated the necessity for a recognition of the cultural and technological environment within which economic behavior occurs, he argued persuasively in favor of an interdisciplinary approach, and he contributed to the analysis of the process of technological change.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00545.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

This paper employs theoretical neoclassical and Keynesian models which have been expanded to include near monies to demonstrate that the interest elasticity of money demand is a peripheral issue to more fundamental differences between monetarists and Keynesians. The analysis indicates that the money supply is endogenously determined by income in such models, i.e. the reverse causation argument applies, and money is therefore an inappropriate instrument of monetary policy. The analysis also reveals that necessary and sufficient conditions for fiscal policy to be impotent are that the interest elasticities of money demand, money supply and all near monies must be zero.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00546.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

Sticky wages have been explained in the recent implicit contracts literature as a risk shifting device. Risk averse employees purchase insurance via an implicit contract from risk neutral firms. This paper offers an alternative explanation of the phenomenon. Various alternative organizational forms for labor markets are analyzed from a transactions cost viewpoint. Observed labor market institutions (including sticky wages) are seen as ways to economize on transactions costs. In fact, it is argued that sticky wages would be observed even if workers were risk neutral. Thus the emphasis on risk shifting in the implicit contracts literature seems misplaced.A fall (in price) arising from temporary distress will be attended probably with no correspondent fall in the rate of wages: for the fall in price, and the distress, will be understood to be temporary, and the rate of wages, we know, is not so variable as the price of goods.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00547.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

Publication is an essential scientific activity, but dangers arise when it is the primary signal of professional ability. This paper presents a simple model of screening in academic job markets. Signaling pressures may bias research decisions toward orthodox, low‐risk projects, denying science the bold hypotheses and vigorous competition necessary for significant advance. Screening mechanisms help explain patterns of development noted by some historians of science as well as differences in these patterns across disciplines. The paper concludes with some comments on signaling and scientific change in economic

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00548.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

Economists take tastes as given. However, tastes must be derived from biological models of evolutionary survival; we exhibit those tastes which served to make our ancestors survive. In particular, economists have no theory which explains observed behavior towards risk; rather, we take behavior as a datum. In this paper we present a model which explains risk seeking by adolescents and risk aversion by mature males as the result of an evolutionary mechanism.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00549.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

While there may have been a Darby‐Feldstein effect in the 1960's (interest rates rising by more than expected inflation because of tax considerations), the relationship is so variable that it more likely reflects changing investor confidence in the expected returns to capital assets. In addition, the degree of capacity utilization appears to have a strong influence on short‐term interest rates, and there is a statistically significant but quantitatively small liquidity effect from changes in the growth rate of mo

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00550.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00551.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1979.tb00552.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY