摘要:

This paper investigates the degree of rigidity in prices of manufactured products in the U.S., conditional on labor costs. I extend Rotemberg's model of quadratic price‐adjustment costs and find that prices are costly to adjust: after a year, about 40 percent of adjustment remains to be completed for aggregate manufacturing, while for some industries the adjustment is twice as slow. But manufacturing prices are less sluggish than prices in the U.S. economy as a whole. Thus, nominal rigidity in other markets, such as those for services or labor, may be importan

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01971.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

In markets where sellers have customer‐specific investments, and buyers can make credible, but costly, commitments to switch suppliers, buyers' strategies attenuate the market power of sellers. Furthermore, since current prices and a buyer's decision to switch suppliers are related, limit pricing becomes an equilibrium. Limit prices increase with the time it takes a buyer to switch suppliers, and with buyers' switching costs, but fall with the level of sunk investments. Thus, sunk investments may restrain the sellers' ability to exert market power. The paper questions, then, the standard inverse relationship between market performance and sunk investment

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01972.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

The anti‐dumping law is most often applied in oligopolistic industries, while most analyses focus on the monopoly model. I analyze a duopoly model where a foreign firm engages in price‐based dumping. Under Cournot behavior, the anti‐dumping law has ambiguous price and welfare effects. When the home firm is a Stackleberg leader, two disquieting effects emerge. First, the home firm can use the anti‐dumping law to curtail competition even when the foreign firm does not initially engage in dumping. Second, the anti‐dumping law can increase profits of both firms at the expense of domestic

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01973.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This research analyzes the International Trade Commission's anti‐dumping decisions from 1980 to 1986. The results suggest that commissioners use criteria consistent with the instructions set forth in U.S. legislation. The analysis also indicates that political variables help predict commissioner decisions. Petitions involving Senate oversight committee members' constituencies may be systematically favored in the process. Evidence of possible bias toward less‐developed‐country exports is presented as well. The methodology also yields estimates of commissioner‐specific fixed

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01974.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Efficiency wages are wages that exceed a worker's reservation wage. A standard explanation for such wages is “bonding”: high wages increase the cost of being discharged for misbehavior and so help ensure worker honesty. A neglected alternative is “satiation”: by decreasing the worker's marginal utility of income, the high wage decreases the benefit from misbehavior. Satiation, unlike bonding, applies even in a one‐period model, but it relies on the misbehavior having a monetary benefit and on at least part of the punishment being no

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01975.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

An important feature of the German hyperinflation is the way in which accelerating monetization of both government and private debt by the Reichsbank fueled the inflation process. The stimulus to private credit demand arising from more rapid adjustment of money wages over this period is often ignored, however. The present empirical results strongly support the importance of wage pressures in augmenting fiscal influences on nominal money growth during 1920–1923. Our findings also suggest that wage claims provided the main conduit through which higher inflationary expectations were accommodated by faster rates of monetary expansio

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01976.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper examines whether observed “structural shifts” in the money demand function could be the result of agent heterogeneity due to different household income levels. Following the methodology of Stoker [1986], income distribution variables are found to be significant determinants of money demand, and once changes in the distribution of income are accounted for, there is no evidence of parameter instability. A money demand function incorporating income distribution effects is shown to perform as well or better than several standard alternatives on the basis of diagnostic tests, non‐nested hypothesis tests, within‐sample prediction errors and out‐of‐sample

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01977.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper investigates the degree of shortfall between the wages workers earn and what they could earn assuming perfect or costless information in the labor market. We use the stochastic frontier regression technique to estimate the degree of shortfall found in wages on an individual basis. The paper tests, in addition, a number of hypotheses supplied by search theory in this context. The results generally confirm the propositions from search theory and indicate that, on the average, worker wages fall short of worker potential wages by approximately 10 percent.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01978.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper examines the contribution of deposit insurance to bank failures during the 1920s. Using individual bank data from Kansas, where membership in the state insurance system was voluntary, I find that the balance sheets of insured banks reflected greater risk‐taking, and probit model estimates indicate that insured banks were more likely to fail than non‐insured banks. Insurance had an especially strong impact the closer a bank was to failure. Because regulation was comparatively strict in Kansas the findings suggest that deposit insurance had an even greater impact in other states and in the recent U.S. experie

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01979.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

The paper develops a theory of factor demand under uncertainty, that encompasses neo‐classical factor demand and Keynesian effective factor demand as special cases. The model allows factor demand and output to move positively with product demand, even with a constant product price. This, in turn, permits real wages to move pro‐cyclically in response to product demand shocks. In addition the model provides a new perspective on the “adding‐up” problem (which posits that total factor payments exceed output if increasing returns to scale exist), and generates positive uncertainty profits that are similar in spirit to those of Fra

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01980.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY