摘要:

Arguments for the efficiency of federalism typically depend on a decentralization thesis and a competition thesis, both of which relate to mobility. In this essay I shall review and appraise these two lines of argument I shall suggest that the decentralization thesis is best seen, not as an argument for the efficiency of federalism, but as an efficiency criterion against which models of federalism may be evaluated By contrast, competition and mobility are aspects of the procedural mechanism of federalism which must be supplemented by explicit models of the political process.

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02546.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02547.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

The paper presents a multi‐product two‐country overlapping generations model of trade and innovation. We show that for a low level of innovation (unitation) in the South, firms in the North innovate at a level which guarantees a long‐term technological gap between the North and the South. However, a high innovation level in the South leads to a situation where the South can catch up the North in a finite time. This model differs from the existing literature in two major aspects. a) Except for the head start of the North we assume that the North and the South are identical with respect to factor endowment and their ability to develop new goods. b) It is general enough to explain both the product cycle phenomena and the catching‐up

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02548.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper employs the hedonic price approach developed by Rosen (1974) and recently extended to study the effects of potential natural hazards on consumer behaviour. Hedonic prices are used to estimate home buyers' willingness to pay to avoid a high‐pressure gas pipeline installed in a residential area Studies of risk and information (e.g. Brookshire et al., 1985, Smith and Johnson, 1988) suggest that the subjective probability of a hazard occurring differs from the objective probability. If we allow for this, and relax the assumption of full information on the part of home buyers, our theoretical analysis indicates that a single hedonic price is not sufficient because hedonic prices are likely to change with a change in information. Our empirical analysis of cross‐sectional data across time is in accord with the theoretical model, although not highly signifi

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02549.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper examines the relationship which exists between the spot and forward Australian/US Dollar exchange rates for one‐, three‐and six‐month contracts using weekly data over the period January 1984—March 1987. The paper splits the forward premium into a component due to risk and one which is due to a forecasting error, and this analysis is suggestive of a time‐varying ris

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02550.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper investigates open market operations in Australia and incorporates some key features of these operations into a simple rational expectations macroeconomic model Where relevant, comparisons with US operating procedures are made. The major finding is that the Reserve Bank of Australia like the Federal Reserve uses the overnight interest rate as its policy instrument However, specific features of the Australian money market imply that direct control of the interest rate will be a more efficient policy in Australia than in the United States.

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02551.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02552.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02553.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Book reviewed in this article:The Internationalization of the Japanese Economy, by C. Higashi and G. P. LauterThe Measurement of Saving, Investment, and Wealth, edited by R. E. Lipsey and H. S. TiceMoney, Interest and Capital: A Study in the Foundations of Monetary Theory, by C. RogersEconomic Organizations as Games, edited by K. Binmore and P. DasguptaCapitalism in a Mature Economy, Financial Institutions, Capital Exports and British Industry, 1870–1939 by J. J. Van Helten and Y. CassisThe Commercial Bank of Australia: History of an Australian Institution 1866–1981, by R. J. WoodBudgetary Stress. The South Australian Experience, edited by Richard Blandy and Cliff WalshThe Australian Macroeconomy in the 1980sDisequilibrium and Macroeconomics, by V. BöhmMarket Volatility, by R. J. ShillerThird World Debt, The Search for a Solution, edited by Graham BirdKnights, Raiders, and Targets: The Impact of the Hostile Takeover, edited by J. C. Coffee, Jr, L. Lowenstein, and S. Rose‐AckermanCorporate Takeovers: Causes and Consequences, edited by A. J. AuerbachMergers and Acquisitions, edited by A. J. AuerbachMergers and Merger Policy, edited by J.A. Fairbum and J.

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02554.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

GOWLAND, DAVID. The Regularion of Financial Markets in the 1990sFISHER. D. Money Demand and Monetary PolicyALLAN, ESTONE, LOCK and VALENTINE. Foreign Exchange ManagementWILLIAMS, D. B. (ed). Agriculture in the Australian Economy. 3rd edn

ISSN:0013-0249    

DOI:10.1111/j.1475-4932.1991.tb02555.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY