ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00800.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

This paper takes a critical look at the conventional view that the dollar exchange rate appreciation during the early 1980s caused a major resource shift in the U.S. economy away from tradables production, such as manufactures, toward nontradables production. We argue that the association of a dollar appreciation with relative strength or weakness in the tradable goods sector depends on the particular shock causing the appreciation, and consequently that the relation between exchange rates and the sectoral composition of output is unlikely to be stable over time. Our empirical analysis finds evidence of instability in the exchange rate–sectoral output link and of a positive association between tradables output and fiscal stimulu

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00801.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Sellers selected both price and quality but buyers had limited information about those choices in the experiments reported here. Market efficiency was high under full information with truthful advertising of prices and qualities, but was much lower with no advertising of price or quality. Efficiency did not improve when sellers were permitted to advertise price, but not quality, and in half of these experiments “lemons” outcomes occurred. Although the range of outcomes is great, it cannot be claimed that price advertising improves efficiency when quality is unkn

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00802.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

This paper extends the application of neoclassical production theory to include the effects of worker attitudes on productivity and cost of production, using data for the U.S. automobile industry. Behavioral indicators of worker attitudes are imbedded in a standard four‐input translog cost function. The coefficients of the imbedded function are determined in estimation of the cost function simultaneously with its share equations. Hypotheses concerning the effects of worker attitudes on the cost function are tested, and the properties of the index of worker attitude that emerge from the estimation are examine

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00803.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

In a market with heterogeneous individuals, the fact that a particular group of individuals are the consumers of a particular product already indicates that there exist systematic differences between them and the average person. Simple tools from statistical theory are used here to analyze the implications of consumer diversity. It is argued that an increase in consumer diversity will increase the gains from trade, and that there is a “shadow price of heterogeneity” associated with product quality. Throughout the discussion, the significance of consumer self‐selection and the distinction between “average” and “marginal” will

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00804.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Voluntary Import Expansion is a policy under which one country (Japan) agrees to import a minimum quantity of a commodity from another country (U.S.) It turns out that Japan is better off under an equivalent export subsidy; the U.S. is better off under a VIE; and the welfare of a third‐country is higher under a policy which improves its term of trade. The “optimum” VIE for the U.S. results in a trade equilibrium point where the U.S. fnter curve is of unitary elasticity. We also consider the case of a U.S. export which is Giffen good in

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00805.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

The social security program has grown more than a thousand fold since its inception. Even fnter the increased number of retired persons and inflation are accounted for, average real social security benefit levels more than tripled from the late 1940s to the early 1980s. What accounts for this growth? This paper finds that increased retirement benefit levels are generated by changes in the constraints faced by the median voter rather than by changes in the political power of special interest groups. The results suggest that the median voter has a finite planning horizon.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00806.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Most economists agree that opportunistic behavior by politicians is limited by the threat of reelection. By implication, the level of shirking should be the greatest when a politician decides to leave office. This paper seeks to learn whether shirking can be reduced when opportunities exist for political parties andlor constituencies to fnfect a shirking politician's post‐elective career or the careers of his children. Shirking is found to be completely eliminated only in the case where both the retiring congressman and his offspring continue to be employed in government andlor lobbying fnter the congressman leaves elective offic

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00807.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

A long‐run tendency of industry profit rate to converge to a single competitive level has been a fundamental tenet of the industrial organization approach to the study of competitiveness in a market economy. This paper shows that for the post World War II period a weak equalization can be econometrically identified with different reaction speeds by industry. However, persistent profit rate differences endure. Finally, a portfolio theory of risk is considered as an explanation of these differential

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00808.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

For half a century economists have debuted the impact of the Embargo Act of 1807 on the U.S. economy. Using New England bank statistics and the weekly prices of financial assets traded in the Boston market, hypotheses generated by a real business cycle model are tested. The study concludes that the embargo significantly fnfected the levels of real and nominal bunk loans, the real and nominal money stock, and current financial asset yields. Also, increased monetary und banking activity in Maine during the period supports the long‐standing hypothesis that the embargo caused an increase in smuggling activit

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1990.tb00809.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY