摘要:

An important deficiency in Harberger's [1962] model of corporate income taxation is its inability to consider both corporate and noncorporate production of the same good. Within‐industry substitution has potentially major implications for both the excess burden and incidence of the corporate tax.We analyze this within‐industry substitution using a model in which each industry/sector contains corporate and noncorporate firms (with identical production functions) which produce goods that are close substitutes. The scope for considerable within‐industry substitution of noncorporate for corporate capital leads to a very much larger excess burden than that in the Harberger

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00887.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Many believe that antitrust policy has had a dramatic impact on merger strategies in the United States. For this to be true, enforcement of antitrust laws must affect a wide range of firms, not just those firms whose mergers are contested. This study tests whether or not firms engaged in uncontested mergers are affected by antitrust enforcement, as signalled by Supreme Court decisions. Using event study methodology, we find that antitrust policy against mergers was binding during the 1960s and 1970s as it ulowered the value of targets in ucontested ongoing mergers.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00888.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

I develop a model which nests both Ricardian equivalence and an alternative non‐Ricardian theory. The alternative is a stochastic variant of Blanchard's [1985] model, and its empirical implications are derived. I then test Ricardian equivalence against this alternative using data from nineteen countries. Ricardian equivalence is resoundingly rejected. Moreover, the estimated deviation from Ricardian equivalence is roughly what one would expect if households faced perfect insurance markets and did no have altruistic bequest motives. For many purposes, however, the estimated deviation from Ricardian equivalence has no practical impor

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00889.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

I argue that the saving decline following the post‐1973 productivity slowdown discredits the permanent income hypothesis. The permanent income hypothesis predicts that a reduction in expected future income growth should cause an increase in saving. I show that economic agents revised downward their expectations of future growth after 1973 but that the saving rate declined. other economic events during this period cannot explain this discrepanc

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00890.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

I find empirical evidence that bank borrowing behavior at the discount window changed when the Federal Reserve changed its short‐run operating procedures and reserve accounting rules. Under narrow Federal funds rate targeting (1975‐79), the spread between the funds rate and the discount rate was relatively predictable and borrowing was very sensitive to the spread. Under nonborrowed reserves targeting (1979‐82), the spread became more volatile and less predictable, and borrowing became significantly less sensitive to the spread. With the switch to contemporaneous reserve accounting under borrowed reserves targeting in 1984, borrowing became even less sensitive to the s

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00891.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Since the mid 1980s, an extensive emprical literature has examined the relationship between U.S. Fiscal deficits, exchange rates, and trade balances. We investigate two questions that continue to spark debate: do increased government deficits casue doller appreciation, and do fiscal deficits lead to higher trade deficits (the popular ‘twin deficit’ notion)? We examine these issues fusing a five‐variable VAR system, generating posterior probability bounds to assess significance. Our result provide some evidence that growing goverment deficits apperciate the dollar, and support the “twin deficit” notion that government deficits contrinute to trade

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00892.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Competition for rank within animal societies is an innate drive recognized in sociobiological and evolutionary theory. In human societies, fashion signals social rank or status. We extend standard economic theories of competitive and noncompetitive markets to analyze fashion by including the status‐seeking incentive. In the competitive case, the conditions under which fashion cycles occur are examined. In the noncompetitive case, producers of fashion services discriminate between customers intertemporally to sustain the fashionability of their services. Unlike the standard models of fashion that populate marketing textbooks, our theory of fashion does not require that demand curves slope upwar

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00893.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Available evidence suggests that the generations of most families are linked by altruistic human capital investment, rather than by altruistic financial transfers. What is the consequence of this distinction for the Ricardian Equivalence Theorem? We use a realistically calibrated overlapping generations model to show that, despite the presence of altruistic human capital transfers, deficit policies are likely to reduce the aftertax wealth of future generations. Furthermore, the majority of households in the current‐period population would vote in favor of a deficit‐financed tax

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00894.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Laboratory experiments compare the results of two different buyer rationing rules on Bertrand‐Edgeworth duopoly markets. The two rationing rules, a value queue and a random queue, specify the ordering of buyers and generate different predictions under otherwise identical conditions. These experiments show market outcome can chane significantly with a change in the ordering of buyers. The direction of these changes agrees with the predictions of the stage‐game Nash equilibrium. Thus, the single‐shot Nash equilibrium is show to have predictive power even in repeated

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00895.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

Although the Sherman Antitrust Act is more than a century old, debate continues over its goals. In contrast to what many have argued, I contend that the Act's main goal is to maximize economic efficiency, rather than the welfare of consumers. The Sherman Act is a modest extension of the common law, which the “Law and Economics” literature indicates moves towards economic efficiency. Further, unlike the Interstate Commerce Act of 1887, Sherman Act decisions are made by courts, not a regulatory agency. Thus, the theory of legislature choice also implies that the goal of the Act is to maximize economic efficie

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1993.tb00896.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY