ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01530.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Using an overlapping‐generations model in which households may have either finite or infinite horizons, I derive the implications of each horizon for the steady‐state real interest rate. I then formulate an econometric model of the steady‐state real interest rate and devise tests that can distinguish between finite and infinite horizons. These tests are applied to annual and quarterly U.S. data, which span the period 1875–1988. The results are inconsistent with finite horizons, and broadly consistent with infinite h

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01531.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Regulations often require that local public utilities engage in high rates of freight absorption. These regulations, often mandating uniform pricing, are shown to arise logically as a consequence of self‐interested voting behavior. We specifically consider the case of a single‐plant spatial monopoly which is regulated by consumers distributed around the plant. Consumers may change their delivered price by voting to require a rate of freight absorption which differs from the profit‐maximizing rate. Voting outcomes under a median voter model predict the high rate of freight absorption often observed in pra

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01532.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Nonlinearities in economies, as elsewhere, can generate chaotic equilibria. The presence of Pareto‐inferior chaotic equilibria might seem reason enough to use stabilization policy to select preferable equilibria. However, I show that a stabilization policy with feedback can itself lead to chaotic dynamics. Thus the existence of nonlinearities in the economy does not by itself justify monetary or fiscal policies aimed at reducing economic instability. Current evidence cannot distinguish whether monetary policy stabilizes a nonlinear economy, creates nonlinear dynamics in the economy, or bot

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01533.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Interest group theories of regulation suggest that industries will be able to gain political benefits at the expense of the larger, but disorganized and disinterested, general public. However, casual observation indicates that industries are often the targets of costly legislation. We examine how the political influence and vulnerability of industries are affected by industry income. Results show wealthy industries are more likely to be subject to costly legislation, whereas no relationship was found between industry income and the granting of political benefits. We interpret these results as supportive of both interest group and median voter models of the political process.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01534.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

All husbands and wives share in the spoils of marriage. Sharing makes each partner a residual claimant and encourages spouses to provide marital inputs. However, because each spouse is only a partial residual claimant, each may be inclined to provide a “suboptimal” level of marital inputs. The choice of spouse influences the level of distortion, and under some circumstances the efficient mating is between individuals of equal v

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01535.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

A cohort sample of Ph.D. economists indicates a significant propensity for researchers to select coauthors of the same sex. This gender‐sorting contributes to lower article production for women. Further, we find evidence of bias in academic promotion when single‐authored and coauthored articles carry the same weight in promotion and salary decisions. The evidence explains, in part, why women academics wait longer for promotion and are not as likely to be promoted as men. Among the effects of gender‐sorting is self‐selection of women into larger departments where they are more likely to find colleagues of the s

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01536.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Black couples are found to own a disproportionately low share of aggregate housing wealth in the United States because they are less likely than whites to be homeowners and because black‐owned houses have lower market values than white‐owned houses. Probability of ownership and house value equations (corrected for selectivity bias) are estimated with national data for 1970, 1980, and 1986. Trends in racial differences in homeownership and house value are identified and reasons for their existence are investiga

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01537.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

The effects of sectoral shifts, measured by dispersion in the growth rates of employment or earning across industries or regions, on unemployment are tested in a specification controlling for the effects of other labor‐market variables and shifts in the demographic composition of the labor force. Interindustry and geographical shifts in labor demand have significant unemployment effects, with adult males the group most strongly affected. The estimated equations imply that most of the fluctuation in unemployment over the period 1956‐87 was been due to microeconomic causes rather than aggregate dem

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01538.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

The debate over the relative importance of sectoral and aggregate shocks in explaining fluctuations in the aggregate unemployment rate has centered on the relationship between unemployment, job vacancies, and the dispersion of sectoral employment growth rates (which proxies for sectoral shocks). This paper examines some possible theoretical relationships between these variables, and, after decomposing unemployment into components attributable to sectoral and aggregate shocks, estimates the importance of each. It finds that fluctuations in unemployment are principally caused by aggregate shocks, but sectoral shifts explain a significant, albeit steady, amount of unemployment.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01539.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY