摘要:

Data from sixty‐three countries are used to examine the impact of average and marginal tax rates on the level and growth of economic activity. Apparent negative effects of tax rates on growth disappear upon controlling for (1) potential endogeneity of average tax rates to per capita income and (2) the relation between economic growth and per capita income. However, controlling for average tax rates, increases in marginal tax rates have negative effects on the level of economic activity. This evidence supports the hypothesis that reductions in the “progressivity” of tax rates induce a parallel shift upward in the growth

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02011.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

The effects of stochastic output shocks on the behavior of ex‐change rates and nominal price levels is studied within the context of a two‐country, cash‐in‐advance model. The analysis of this model, in contrast to the existing cash‐in‐advance literature, demonstrates that exchange rates can be more volatile than price levels even though agents' elasticity of substitution between foreign and domestic goods is greater than one‐half. This possibility arises when output shocks are autocorrelated and are due to revisions in expectations that affect the terms of trade and/or the velo

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02012.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02013.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

In contrast to numerous assertions in the literature on bureaucratic behavior that government employees seek to promote the growth of their agencies to increase their salaries, this paper offers empirical evidence indicating the absence of a significant positive relationship between agency growth and salaries. The impact of agency growth on salaries is estimated using a random sample of individual federal white‐collar employees. Inspection of civil service rules reveals that most federal employees are highly insulated from fluctuations in agency staffing or budget appropriations. The existence of a highly protected bureaucracy raises questions about the control and performance of federal worker

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02014.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper analyzes bargaining and Pigovian taxation solutions to inefficiencies from production externalities with free entry. The Coase Theorem fails in a decentralized context but remains valid if the property rights holder can act like a command economy planner. A less powerful price‐taking rights holder's objective function is nonconcave, causing an inefficient bargaining outcome. Bargaining complicates Pigovian taxes with a nonlinear tax scheme required to sustain the optimum. Polluting firms pay a franchise tax whose revenue is given lump sum to consumers and face a marginal charge only on excess output, which thus raises no revenue in equilibriu

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02015.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper estimates the welfare consequences for members of the Central American Common Market if they abolish their union by imposing tariffs against each other. An imperfect substitutes trade model is used and direct estimates are provided for the effects of the union. These are important advances over previous studies, which relied on perfect substitutes models and merely imputed the effects of the union by assuming that it left either market shares or income elasticities of demand constant in member countries. The union is shown to impose static welfare losses on the members, which contradicts the results of previous studies.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02016.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Research shows that filter rules in foreign exchange markets yield higher than normal profits. Other work indicates that central banks lean against the wind in those markets and some claim that this intervention generates profits for private speculators. This study, which uses daily data for exchange rates and official re‐serves, indicates that excess profits from filter rules between the U.S. and Canadian dollar during the 1950s are the result of intervention by the Bank of Canad

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02017.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

The classic example of a temporary supply shock is a failed agricultural harvest. Theoretically, adverse temporary supply shocks are predicted to raise the ex ante real interest rate; that is, a below‐normal harvest raises the interest rate. Apparently, however, no one has tested this conclusion using agriculture as the supply shock. This paper examines nineteenth century French data and confirms the hypothesis that deviations from the “average” harvest have an inverse effect on the interest rate. It also finds that temporary fluctuations in government spending affect the interest rate: higher than normal government spending raises the interest

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02018.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

A central tenet of supply‐side economics is that a balanced‐budget reduction in the marginal tax rate on wage income increases aggregate labor supply. In contrast, the orthodox Keynesian analysis concludes that the relationship between tax rates and the economy‐wide supply of labor is theoretically ambiguous. Our analysis of a general model reveals that these two propositions are associated, respectively, with the special assumptions of “compensated independence” and “ordinary independence” between leisure and pu

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02019.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

A politico‐economic model is developed in which rationally formed forecasts are available to all traders. Systematic government policy is neutral, but a large majority of the electorate, those who adopt rationally formed forecasts but do not know the model, hold the government responsible for the economy's performance. Real and political shocks generate novel feedback effects due to anticipated regime changes. These feedback effects may amplify or dampen the initial shocks; this depends on whether the government follows a high or low monetary growth rate rule and whether inflation or unemployment is the main concern of the electorat

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb02020.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY