摘要:

ABSTRACTPrevious work has established the partial equilibrium response to product demand uncertainty by a single firm in a competitive industry, but for many purposes the aggregate output response of the whole industry is more important. The paper shows that this depends in a simple and intuitive way upon the attitudes to risk of the industry's constituent firms.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00551.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTThe paper shows that monetary precommitment can be advantageous to the government in a macroeconomic policy game where (i) the government's objectives are explicitly derived from those of the citizens, (ii) inflation has a real cost and (iii) the suboptimality of the output level arises from the structure of the private sector rather than from fiscal policy. It suggests that, to this extent, welfare interpretations of game theoretic monetary policy models are coherent.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00552.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTIn this paper we examine whether the rational expectations/constant liquidity premium‐theory can explain the Danish term structure of interest rates during the 1980s. Three types of tests will be conducted: a single‐equation regression test, a volatility‐test, and tests based on a cointegrated VAR‐model. All these tests remain valid even if interest rates individually follow non‐stationary stochastic processes. In contrast to most other empirical studies of the term structure, the evidence generally supports the rational expectations/constant liquidity premi

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00553.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00554.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTIn a macroeconomic model with unemployment a tariff may raise output in the tariff‐imposing country, but if the foreign country retaliates output falls in both countries due to asset market factors which put downward pressure on prices and outpu

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00555.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTThis paper concerns the case of a monopolist facing multiplicative uncertainty in demand. Karlin and Carr (1962), henceforth KC, show that, when price and production are both chosenex ante, the uncertainty price exceeds the certainty price. They also give a sufficient condition under which the firm locates above the certainty demand curve, but they do not consider the effect on the output level. In this note we replicate the KC results and then go further. In the special case that the price elasticity of certainty demand is constant, and the probability distribution for the uncertainty parameter in the demand function is uniform, output is unambiguously lower under uncertainty, and KC's condition for the firm to locate above the certainty demand curve can be strengthened to one that is both necessary and sufficient. The robustness of these results is tested under less stringent assumptions on demand, abandoning symmetry for a lognormal distribution of the uncertainty parameter. Simulation confirms that the results hold up, and also determines the effects upon the firm's decisions of an increase in demand uncertainty.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00556.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTSeveral reasons have been suggested for why export unit value data is an unreliable proxy for export prices and hence may result in the estimated coefficients of export models being both biased and inconsistent. The purpose of this note is to consider the role of exporters' choice of invoicing currency in contributing to this problem.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1993.tb00557.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY