-
作者：Espinosa-Vega, VA; Yip, CK
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Chinese University of Hong Kong
摘要：This paper presents a framework that can help reconcile conflicting findings in the growth-inflation literature. Here, the behavior of financial intermediaries plays a crucial role in the determination of the economy's inflation and real growth rates. Absent any restrictions on financial intermediation, there will be a unique equilibrium when agents are fairly risk averse. In this case, an increase in seigniorage-financed government spending will always be inflationary and detrimental to growt...
-
作者：Miyagiwa, K; Ohno, Y
作者单位：Kobe University; Louisiana State University System; Louisiana State University; Rice University
摘要：In recent trade policy debates it is often argued that temporary protection stimulates innovation. This paper shows that the validity of the argument depends on the perceived credibility of protection policy. If it is suspected that temporary protection will be removed early should innovation occur before its terminal date, the protected firm invests less in R&D than it does under free trade. If it is expected that protection will be extended should no innovation have occurred by its terminal ...
-
作者：Wright, R
作者单位：University of Pennsylvania
-
作者：Echevarria, C; Merlo, A
作者单位：University of Saskatchewan; New York University
摘要：We explore the issue of gender differences in education in the context of a two-sex overlapping generations model where men and women of each generation bargain over consumption, number of children, and investment in education of their children. We show that the gender difference implied by our model is smaller than the one that would result from a pure investment model. We use our model to estimate the cost to a woman of having a child, The estimate we obtain is about 5% of the working lifeti...
-
作者：Ellingsen, T; Wärneryd, K
作者单位：Stockholm School of Economics
摘要：This paper makes the point that an import-competing industry may not want maximal protection. The reason is that a high level of protection encourages inward foreign direct investment, which could be even less desirable than import competition. A government captured by the domestic import-competing industry consequently will set the level of protection low enough to limit direct foreign entry. This paper also establishes results regarding the form of protection. Voluntary export restraints are...
-
作者：Kelejian, HH; Prucha, IR
作者单位：University System of Maryland; University of Maryland College Park
摘要：This paper is concerned with the estimation of the autoregressive parameter in a widely considered spatial autocorrelation model. The typical estimator for this parameter considered in the literature is the (quasi) maximum likelihood estimator corresponding to a normal density. However, as discussed in this paper, the (quasi) maximum likelihood estimator may not be computationally feasible in many cases involving moderate- or large-sized samples. In this paper we suggest a generalized moments ...
-
作者：Robinson, JA
作者单位：University of Southern California
摘要：This gaper provides a theory of strikes as part of a constrained efficient enforcement mechanism for an implicit contractual agreement. A firm possessing contemporaneously private information about demand engages in an enduring relationship with its workforce. If the information becomes perfectly observable subsequently, then, module discounting, the first-best is implementable, but strikes are always off the equilibrium path. If the observations of the workforce are imperfect strikes occur in...
-
作者：Eaton, J; Kortum, S
作者单位：Boston University; National Bureau of Economic Research
摘要：We model the invention of new technologies and their diffusion across countries. In our model all countries grow at the same steady-state rate, with each country's productivity ranking determined by how rapidly it adopts ideas. Research effort is determined by how much ideas earn at home and abroad. Patents affect the return to ideas. We relate the decision to patent an invention internationally to the cost of patenting in a country and to the expected value of patent protection in that countr...
-
作者：Xie, X
作者单位：Chinese University of Hong Kong
摘要：This paper produces three main results in a two-country model where learning is generated through interactive production. First, it endogenizes the incidence of international spillovers and consequently, integrates the convergence and divergence literature of endogenous growth. Second, it qualifies the notion of 'the advantage of backwardness' and shows that a large technology gap may reduce cross-country spillovers. Third, it points out that besides the already recognized 'contagion effect,' ...
-
作者：Cheng, LK; Tao, ZG
作者单位：Hong Kong University of Science & Technology; University of Hong Kong
摘要：It has been shown under the assumption of linear R&D technology that a government subsidy to imitative (innovative) R&D decreases (increases) imitative effort but increases (decreases) innovative effort, and that strengthening the enforcement of patent laws leads to a decrease in innovative R&D but to an increase in imitative R&D. By replacing the linear R&D technology with a sufficiently convex R&D technology, we have shown that the counter-intuitive results are reversed. In the case of linea...
