摘要:

This paper demonstrates that, across nineteen OECD countries for 1981‐84, a survey‐based measure of the perceived likelihood of nuclear war is negatively correlated with the rate of net private saving, holding other determinants of saving constant. The estimates indicate that a 10 percent increase in the fraction of the population that believes a world war is likely is associated with a decline of 4.1 percentage points in the net private saving rate. This finding is consistent with other evidence based on U.S. aggregate time series and cross‐individual data suggesting that fear of nuclear war decreases sa

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00824.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Rational expectations, natural‐rate macro‐models in which aggregate demand disturbances affect the real sector through price prediction errors, while powerful and tractable analytical tools, are often perceived to be of questionable empirical relevance. This paper reexamines the empirical role of price prediction errors in determining the level of real aggregate activity. The approach is distinguished by accounting for aggregate supply‐side disturbances and by more careful treatment of natural rates. Contrary to some previous studies, we find considerable empirical support for the hypothesis that demand‐driven price level surprises are positively and significantly correlated with aggregate real economic a

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00825.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

This paper considers how government size responds to a change in the influence of interest groups. First, an election model is developed that has an equilibrium and in which interest groups have unequal influence. The authors then show that an increase in a group's influence per se does not cause government size to increase but does cause its size to increase when the government (1) cannot change tax shares or (2) provides a good benefiting one (untaxed) group, whose sole interest is in maximizing its consumption of the good. The paper concludes with a discussion of some of the normative implications.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00826.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

This paper tests an intertemporal labor supply model for workers who say they face quantity constraints on their hours and for workers who say they do not. The data reject the model for the first group but not for the second. I conclude from this evidence that employment fluctuations result mainly from changes in the severity of constraints—that is, changes in involuntary unemployment—rather than intertemporal substitution. It also appears that liquidity constraints influence labor supply. Finally, the paper proposes a new approach to identifying intertemporal labor supply equati

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00827.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

We develop a one‐period model of hospital and donor behavior to analyze how insurance for hospital care, various public subsidies, and other factors affect donations to hospitals. Theoretically, increased insurance coverage has an ambiguous effect on private giving. Empirical tests using time series and cross‐sectional data show that the growth of private insurance and especially the introduction of Medicare and Medicaid substantially reduces private giving to hospitals. Effects of public subsidies for construction depend on whether the subsidy more closely resembles a matching or lumpsum gr

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00828.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Economists commonly use rent and unit costs as measures of non‐renewable resource scarcity and identify the types of scarcity as Malthusian or Ricardian. Malthus and Ricardo, however, concerned themselves mainly with renewable agricultural land; Mill and Jevons provided major insights into non‐renewable resource scarcity. A simple model of mining brings out the contributions of major classical and other writers and shows that unit costs and rent are not necessarily useful indicators of scarcity. Exhaustibility of the deposit and choice of capital stock appear more pertinent to firms' intertemporal decisions than exhaustibility of world reser

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00829.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Intracountry time‐series evidence for a sample of thirty‐nine countries fails to provide strong support for the basic implications of the Lucas aggregate supply model, namely: there exists a negative relationship between the output‐inflation tradeoff and the variability of both nominal aggregate demand and the rate of inflation, and a positive relationship exists between the variabilities of the inflation rate and aggregate demand. The findings differ from those of most of the previous cross‐sectional studies, which found support for the Lucas variance hypotheses, but are consistent with Froyen and Waud's [1980

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00830.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Unanticipated money does, and anticipated money does not, influence output for the period between the Civil War and the Depression. These conclusions, reached using a two‐step econometric procedure, appear robust for a wide variety of measures of output and for two alternate definitions of mone

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00831.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

The turnpike companies of early America (roughly 1795–1840) were very unprofitable but conferred vast benefits to communities served. Purchasing stock was like paying for the road since such purchases were necessary to complete the road and unprofitability was foreseen. Thus the turnpikes would appear to have been public goods. Yet hundreds of turnpikes were provided through voluntary association. The free rider problem was overcome by an almost vigilant impulse to participate and to see that your neighbor did likewis

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00832.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

The causes of expropriation of Multinational Firms (MNFs) by their host governments are investigated, based on social welfare analysis and also on public choice theory. A key feature is the presence of Cournot‐Nash rivalry with domestic firms. Thus, the likelihood of expropriation differs according to whether or not a domestic rival exists. The likelihood also depends on the MNF's initial technological superiority over domestic technology, the host country's demand structure, the type of control to be exercised over the expropriated firm (private vs. state) and the strategic behavior of the MNF, ex anti, when under threat of expropriatio

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00833.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY