ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00565.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTConventionally, models of general training assume perfect capital markets; as a result, workers smooth their consumption stream through borrowing. In these models general training has no effect on labor turnover. I develop a model of general training where workers have diminishing marginal utility from consumption, capital markets are imperfect, and a firm cannot monitor the match quality with another firm of a worker who quits. It is shown that in the absence of a surplus effect from training, raising the level of general training steepens the worker's wage profile for reasons associated with consumption smoothing and labor turnover. However, with the surplus effect, results may be ambiguous.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00566.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTRecent papers by Lee and Petruzzi (1986) and Barsky and Summers (1988) provide rival theories of how the Gibson Paradox could result from the impact of changes in the interest rate on the real price of gold. This paper empirically tests each model and finds more support for the Lee‐Petruzzi approach than the Barsky‐Summers approach. The paper also suggests that Lee and Petruzzi may have used an inappropriate method to test their model, and that both papers employed inappropriate sample peri

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00567.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00568.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTA credit market is introduced into an IS‐LM model with wealth effects and the government budget constraint explicitly considered, The model is able to handle issues such as a credit market shock that would be impossible to examine in standard models without a credit market. The analysis of more standard policies or shocks is enhanced by recognition of the role of the credit market, thus supporting the view that such recognition is both feasible and warrante

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00569.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTIn this paper we analyse the implications of integer pricing for Bertrand Edgeworth oligopoly with strictly convex costs. When price is a continuous variable, there is a generic non‐existence of pure‐strategy equilibrium. In the case of integer pricing, this is not so. We characterize a set of possible single price equilibria around the competitive price, which if non‐empty will constitute the set of single price equilibria if the industry is large enough. Furthermore, we provide an example in which the highest equilibrium price can be arbitrarily far from the competitive

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00570.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY