-
作者：Etro, Federico
作者单位：Universita Ca Foscari Venezia
摘要：I characterize the optimal export promoting policy for international markets whose structure is endogenous. Contrary to the ambiguous results of strategic trade policy for duopolies, it is always optimal to subsidize exports when entry is endogenous, under both quantity and price competition. With homogenous goods the optimal export subsidy is a fraction 1/epsilon of the price, where epsilon is the elasticity of demand (the exact opposite of the optimal export tax in the neoclassical trade the...
-
作者：Beresteanu, Arie; Li, Shanjun
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Resources for the Future
摘要：We analyze the determinants of hybrid vehicle demand, focusing on gasoline prices and income tax incentives. We find that hybrid vehicle sales in 2006 would have been 37% lower had gasoline prices stayed at the 1999 levels, and the effect of the federal income tax credit program is estimated at 20% in 2006. Under the program, the cost of reducing gasoline consumption was $75 per barrel in government revenue and that of CO2 emission reduction was $177 per ton. We show that the cost effectivenes...
-
作者：Chen, Been-Lon; Chen, Hung-Ju; Wang, Ping
作者单位：Washington University (WUSTL); National Taiwan University; Academia Sinica - Taiwan
摘要：We construct a search model with endogenous human capital and labor participation to study the growth effects of short-run frictions and the effectiveness of human capital policies. Employment, learning effort, and output growth increase with more effective learning, better labor-market matching, lower job separation, or less costly vacancy creation. Although output growth, employment, vacancy creation, and learning and search effort are most responsive to changes in a human capital policy tha...
-
作者：Gassebner, Martin; Gaston, Noel; Lamla, Michael J.
作者单位：Bond University
摘要：This article examines whether a country's economic reforms are affected by reforms adopted by other countries. Our theoretical model predicts that reforms are more likely when factors of production are internationally mobile and reforms are pursued in other economies. Using the change in the Index of Economic Freedom as the measure of market-liberalizing reforms and panel data (144 countries, 1995-2006), we test our model. We find evidence of the spillover of reforms. Moreover, consistent with...
-
作者：Galenianos, Manolis; Kircher, Philipp; Virag, Gabor
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Oxford; University of Rochester
摘要：We build a theoretical model to study the welfare effects and policy implications of firms' market power in a frictional labor market. The main characteristics of our environment are that wages play a role in allocating labor across firms and the number of agents is finite. The decentralized equilibrium is inefficient and the firms' market power results in the misallocation of workers from the high to the low productivity firms. A minimum wage exacerbates the inefficiencies by forcing the low-...
-
作者：Phillips, Peter C. B.; Wu, Yangru; Yu, Jun
作者单位：Singapore Management University; University of Southampton; University of Auckland; Yale University; Rutgers University System; Rutgers University New Brunswick; Central University of Finance & Economics
摘要：A recursive test procedure is suggested that provides a mechanism for testing explosive behavior, date stamping the origination and collapse of economic exuberance, and providing valid confidence intervals for explosive growth rates. The method involves the recursive implementation of a right-side unit root test and a sup test, both of which are easy to use in practical applications, and some new limit theory for mildly explosive processes. The test procedure is shown to have discriminatory po...
-
作者：Peck, James; Yang, Huanxing
作者单位：University System of Ohio; Ohio State University
摘要：We study investment cycles in a social learning model, where investment returns fluctuate according to a Markov process. In our Waiting Game, agents observe the investment history and a private signal correlated with the current period's investment return. Agents then decide whether to invest immediately or to delay their decision to later in the period. Cascades in which everyone invests or no one invests eventually reverse themselves. As compared to the No-Waiting Game with no opportunity fo...
