ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00718.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

We argue that legislator shirking (voting on the basis of personal ideology rather than the interests of one's constituents) can exist, but its appearance should conform to the law of demand. We test and confirm this theory using votes on defense expenditure bills in the U.S. Senate in 1982. We assume the cost of shirking is relatively higher on narrowly focused bills on specific weapons systems with well‐defined beneficiaries, and relatively lower on general defense expenditure bills with uncertain final distribution of funds. We find greater influence for senators' ideology in general versus specific bill

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00719.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper presents a simple empirical model of the relation between the inflation rate and the nominal interest rate. We show that previous results found in the literature may be attributed to specification error and that there are natural explanations for the observed signs of previous Fisher equation estimates. Our results show that fiscal policy shocks may generate short run negative correlations between changes in inflation and changes in the nominal interest rates. These results illustrate the difficulty in discussing the relation between inflation and nominal interest rates without conditioning the analysis with specific assumptions on the course of the economy.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00720.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

In an economy in which households face a cash‐in‐advance constraint, the nominal interest rate acts like a tax on consumption. To the extent that investment is financed from current earnings and so escapes the interest rate tax, households will defer their consumption when the nominal interest rate is high. A short‐run Tobin effect results: capital accumulates most rapidly when the interest rate is thought to be high relative to its past and future v

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00721.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

We distinguish between bequests that are planned as part of a lifetime optimization process and those that are the unplanned result of errors in forecasting the date of death. Given the initial endowment we expect a positive relation between the bequest and the planning horizon, and a negative relation between unexpectedly long life and the bequest. A unique data set on wealthy decedents and their parents provides measures of expected horizons based on parents' longevity. Both predictions are confirmed, and there is an especially large and significant positive relation between the bequest and the length of the planning horizon.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00722.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This study reviews empirical evidence from four research methods related to the impact of money on short‐term nominal rates. The studies consistently fail to find evidence supporting the much hypothesized short‐term, negative relationship between money and nominal rates since at least April 1975. Reasons for the absence of a negative relationship include the tendency of financial markets to anticipate corrective action by the Fed whenever Ml deviates from targeted growth ranges and a rapid adjustment of inflationary expectations to changes in money gro

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00723.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper presents a simple macroeconomic model in which firms' outputs are imperfect substitutes, and explores the macroeconomic implications of monopolistic competition. The model is classical in some respects, but Keynesian in others. Multiple or unstable equilibria are not unlikely. Permanent price controls will, in principle, be desirable, since they allow a permanent and efficient increase in aggregate output. Small costs of price adjustment may induce large deviations of output from the natural rate. Fiscal policy will generally affect aggregate output, but the sign and magnitude of the government expenditure multiplier cannot be determined a priori.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00724.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

The collaboration among people is often subject to shirking; the net gain from the collaboration depends on the contract governing it. I argue that the entrepreneur assumes the role of the residual claimant because his actions are more costly to monitor than those of the factors with which he collaborates. By offering fixed pay contracts to others and himself becoming residual claimant, the entrepreneur curtails his incentive to gain at the expense of his partners, and the net gain from the collaboration is then maximized. Costly monitoring applies to both labor and capital, and thus the entrepreneur may supply both labor services and capital. The entrepreneur's capital serves to guarantee the pay of the other factors.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00725.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

In this paper I suggest that besides Knight's well recognized “uncertainty” explanation of the firm, he had another one. “Moral hazard” is the central feature in the second, largely overlooked theory. I argue, and attempt to document, that this theory is not a chance excursion but is rather quite well developed by

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00726.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper assesses the effectiveness of union strikes against agricultural industries. Various factors including input substitution possibilities create special challenges for union leaders. We develop the concept of a minimum‐effective union and apply it empirically to the 1979 California lettuce strike. To be effective, a union has to reduce producer profits below the prestrike level. In the lettuce strike case, producer profits were actually increased, not reduce

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00727.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY