摘要:

This paper investigates the consequences of assuming that default on loans or corporate debt is costly; that is, the act of default imposes a deadweight cost on the economy. The analysis deals with two simple capital market models. Conditions for capital market equilibrium nominal interest rates and probability of default to exist are given and the comparative statics of these equilibrium variables with respect to changes in expectations, productivity of investment, cost of default and riskless interest rates are examined. In many cases these comparative static results are unambiguous in sign.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00521.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Macaulay's measure of “duration” and Hicks' “average maturity” of an income stream, sometimes used to compare different assets, is an index number. It is shown in this paper that many such indexes can be defined and that the appropriate one depends on an investor's objective and his subjective view of future prices (or

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00522.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper builds some bridges between economics, psychology and cybernetics by showing how a theory of learning when put into finite automaton terms yields insights about how learning is related to doing in a market enviornment.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00523.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper investigates the effects of income and other family characteristics on the demand for new and used automobiles. The multinomial logit probability model is employed to explain a family's choice of age and number of automobiles. Two cross‐section surveys are analyzed to ascertain how well these components of demand can be explained by socio‐economic variab

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00524.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Several important aspects of the growth of the Federal funds market and non‐bank participation in this market are examined. It is shown that the recent growth and development that has taken place has significantly influenced bank behavior and the process of bank credit determination. Additionally, it is shown that non‐banks' use of Federal funds sales as an integral part of their cash management affects money demand. The implications of these recent developments in the Federal funds market for policymakers are exami

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00525.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper examines some of the arguments of the critics of foreign aid and other capital inflows to less developed countries (LDCs). The paper finds that the critics lack sufficient evidence on the supposedly adverse effect of capital transfers to LDCs on their savings and growth of incomes. This, however, does not mean that these capital inflows always promote growth in LDCs. In particular, it is shown that the relative importance of foreign capital on economic growth of LDCs would depend on the degree to which that growth is constrained by the lack of capital.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00526.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper challenges the new view that J. S. Mill's redistribution policies share the same pro‐poor philosophy of modern negative income tax advocates who stress the minimum injury to labour incentives. While they assume a progressive tax structure, Mill wanted a proportionate tax, and, in practice, if his actual tax proposals favoured any group it was the middle class. “The moderns” object to welfare schemes that impose a 100 percent tax on the welfare recipient's own earnings. The New Poor Law, that Mill supported, did just this. The Old Poor Law (under Gilbert's Act), that outraged him, came closest to modern NIT scheme. It provided outdoor relief in cash, whereas Mill wanted indoor relief in kind. And it answered the inefficiencies and indignities of conventional welfare (work‐house) administration, a problem in which Mill showed no interest. His scheme did contain incentives; but these were directed to the needs of a future poor, educated according to Mill's own special

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00527.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00528.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00529.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00530.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY