摘要:

This paper develops a model in which the term‐structure of interest rates obtains as an equilibrium outcome of the interactions of firms, households and rationally informed speculators. Exogenous disturbances whose impact effects fall only in the market for short‐term bonds generate equilibrium movements in the yield on long‐term bonds and the level of investment spending. In the case of risk‐averse speculators, a purely transitory, unanticipated shock to the money supply generates a long distributed‐lag effect on the level of aggrega

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01831.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

To obtain a surface water right in the arid American West, private appropriators have been required to undertake actual physical diversion of the water. That requirement largely negates the role of private contacting to preserve or enhance water flows for recreational, wildlife and aesthetic purposes. In this paper a model is developed and used to examine the courts' rationale for denying private claims to instream flows. The ways in which such claims can be made amenable to the prior appropriation system are explored. The paper is motivated by the failure of public agencies to achieve an approximately optimal solution.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01832.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper provides empirical evidence on the extent to which the inverse relationship between real stock returns and inflation in recent years is causal or spurious. The results indicate that this relationship is spurious and can be explained by the inverse correlation between unexpected inflation and unexpected real output. The expected and unexpected real output and inflation variables are generated from the ASA/NBER Business Outlook Surveys.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01833.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Tax evasion and deadweight loss have similar implications for the rules of public finance. The optimal mix of taxes can be derived from the minimization of the sum of aggregate deadweight loss and aggregate cost of tax evasion. Similarly, the marginal cost of public funds includes allowances for marginal deadweight loss and marginal cost of tax evasion per dollar of public revenue acquired.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01834.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The degree to which countries restrain international trade varies significantly. This paper explains the pattern of tariff and non‐tariff trade barriers for developed countries, in the context of politically optimal redistribution. The degree of trade restriction across countries is shown to be determined by differences in such factors as per capita income, the size of the government, and the size of the countr

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01835.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper investigates the relationship between the technology for evaluating performance and optimal contract choice. Specifically, the paper examines the different compensation packages that arise when occupations differ in evaluation technology, workers are risk averse, work effort is endogenous, and there exists asymmetric information. In occupations in which it is less difficult to measure output, it is shown that compensation is more closely tied to output; the implications for work effort, the sorting of workers by ability, and average compensation are developed. Analysis of a new data set confirms our predictions concerning earning differentials and wage growth.The powerful 1.6 million‐member National Education Association and other teacher organizations have traditionally fought the notion of rewarding better teachers with more money, arguing that there is no objective way to measure a teacher's competence and that it would lead to favoritism, and bad morale [Time, June 20, 1983

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01836.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper critically examines the deterrent effect of price‐fixing statutes under alternative antitrust regimes. A regime is defined by the litigation strategy which the antitrust agency employs in detecting cartels and in determining whether prosecution is warranted and by the basis upon which courts estimate damages. The results of the analysis suggest that antitrust policy may actually induce cartels to further restrict output, increasing welfare loss above the level imposed by an unthreatened, perfect monopoly. Litigation strategy and damages should be founded upon consideration of welfare loss measures to avoid this possibilit

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01837.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

Do teacher unions affect the cost of public education? Based upon data from two national surveys and holding measures of educational output and other factors constant, the authors of this paper find that teacher unions raise costs by 7 to 15 percent. The estimated differential is not reduced by treating unionization as endogenous, by distinguishing between large and small districts, or by distinguishing between districts in large and small cities. The union effect on cost works through teacher compensation, production technology, and factor use, and is borne primarily by taxpayers, with little or no effect on average student achievement.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01838.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

The purpose of this paper is twofold: 1) to develop a theoretical framework for the analysis of export supply which is empirically more fruitful than existing approaches, and 2) to present an empirical application of the theory to the market for Japanese steel, thereby quantifying important export supply elasticities not dealt with in the past. Evidence is presented which indicates that the supply of Japanese steel exports to the U.S. is price elastic, and sensitive to Japanese and rest of world demand conditions.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01839.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY

摘要:

This paper deals with an interesting but often‐neglected labor practice prevalent in large North American firms with well‐developed internal labor markets. Large North American firms typically respond to a decline in demand for their products by first reducing the number of hours worked (or worksharing). As the demand continues to fall, however, they begin to make skilled workers “bump onto” unskilled jobs, displacing unskilled workers. Skilled workers are laid off only after a considerable number have bumped. I develop an implicit contract model and explain the p

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1986.tb01840.x

出版商:Blackwell Publishing Ltd    

年代:1986

数据来源: WILEY