摘要:

ABSTRACTThis paper investigates measurement errors in generally accepted figures on international transactions that are supplied by national statistical offices to the IMF and the OECD. Implicit minimal measurement errors in bilateral trade data for Germany and the Netherlands appear to be about 1.5–3 per cent. An investigation of foreign direct investment data for 20 OECD countries in the period 1950–89 shows that their accuracy has improved little if at all since the 1970s: in 15–25 per cent of the cases, implied minimal measurement errors are in excess of 10 per

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00597.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTMaurice Scott has argued that the neoclassical production function and growth accounting are fundamentally flawed as tools for understanding the growth process. If the role of capital were correctly evaluated, then (he argues) the famous ‘residual’ of growth accounting would disappear. Contrary to these claims, this paper seeks to show that growth accounting gives correct answers to interesting questions, even when all technical progress is embodied in new capital goods and even when depreciation is entirely due to obsolesce

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00598.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00599.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTThis paper combines learning‐by‐doing and asymmetric information in a model of monopoly regulation with and without foreign competition. The principal source of the information asymmetry is unobservable firm effort in the learning process, although unobservable costs are also considered. The major result is that a post‐learning all‐or‐nothing output‐contingent lump‐sum subsidy can achieve the regulator's complete information welfare maximum. With foreign competition this model can best be thought of as one involving infant indust

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00600.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTThe paper estimates both long‐run reserves and long‐run money demand equations using the multivariate cointegration approach. An economic model is constructed, based on the monetary approach to balance of payments in which the monetary authorities can control money supply through changes in bank credit. The vector auto‐regressive methodology is used to derive latent equilibrium relationships, and the short‐run error correction equations are estimated for both nominal money stock and reserves. A response function for the short‐run changes in bank credit is developed. Given the institutional system and slow adjustments, a response function of changes in bank credit to lagged changes in reserves performs well for the perio

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00601.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTA dual measure of capacity utilization is developed for multiproduct, revenue‐maximizing firms. Under the assumption of revenue maximization, the sensitivity of CU to a change in an individual product price is shown to be directly related to the product‐specific scale elasticity. The results are given a simple graphical interpretat

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00602.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTIn less developed countries where an industrial licensing policy governs the entry of new firms, and when government officials awarding these licenses are corrupt, an incumbent firm may deter entry by bribing the official to deny the license. The paper demonstrates that such bribery can lead to the exclusion of more efficient firms from the market. This contradicts the established result that bribery does not affect allocation efficiency.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00603.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY