-
作者：Anderlini, L; Felli, L
作者单位：Georgetown University; University of London; London School Economics & Political Science
摘要：This paper explores the extent to which ex ante transaction costs may lead to failures of the Coase Theorem. In particular we identify the basic 'hold-up problem' that arises whenever the parties to a Coasian negotiation have to pay ex ante costs for the negotiation to take place. We then show that a 'Coasian solution' to this problem is not available: a Coasian solution typically entails a negotiation about the payment of the costs associated with the future negotiation, which in turn is asso...
-
作者：Miles, D; Cerny, A
作者单位：Imperial College London; Imperial College London
摘要：This article uses stochastic simulations on a calibrated model to assess the impact of different pension reform strategies where financial markets are less than perfect. We investigate the optimal split between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of pension system when there are imperfections in financial markets. This article calculates the expected welfare of agents of different cohorts under various p...
-
作者：Carlaw, KI; Lipsey, RG
作者单位：Simon Fraser University
摘要：Seven years after Helpman's (1998) book on general purpose technologies (GPTs), there is a dearth of subsequent models. Early models employed technically complex dynamic optimising techniques which limited further development. We present a model in which sustained growth is driven by a succession of GPTs that is technically simpler than the early models yet captures stylised facts that were omitted from them. Ours has diminishing returns to inputs, and endogenous, incremental technological cha...
-
作者：Marceau, Nicolas; Myers, Gordon
作者单位：Universite de Montreal; Simon Fraser University
摘要：We consider a world in which the mode of food production, foraging or agriculture, is endogenous, and in which technology grows exogenously. Within a model of coalition formation, we allow individuals to form co-operative communities (bands) of foragers or farmers rationally. At the lowest levels of technology, equilibrium entails the grand coalition of foragers, a co-operative structure which avoids over-exploitation of the environment. But at a critical state of technology, the co-operative ...
-
作者：Innes, R
作者单位：University of Arizona
摘要：This article models strategic interactions between non-identical duopolistic firms and a public interest/environmental organisation (EO) that promotes 'green' production practices by threatening consumer boycotts against 'brown' producers. The article describes when boycotts are deterred by prior firm commitments to be 'green' and, also when a boycott arises in equilibrium, despite symmetric information. When a boycott arises, it is either a small persistent boycott against the 'small firm' in...
-
作者：Aubert, P; Caroli, E; Roger, M
作者单位：Universite Paris Nanterre
摘要：We investigate the relationships between new technologies, innovative workplace practices and the age structure of the workforce in a sample of French firms. We find evidence that the wage-bill share of older workers is lower in innovative firms and that the opposite holds for younger workers. This age bias affects both men and women. It is also evidenced within occupational groups. More detailed analysis of employment inflows and outflows shows that new technologies essentially affect older w...
-
作者：Webb, David
作者单位：Johns Hopkins University
-
作者：Khan, T
作者单位：University of Oxford
摘要：This study investigates the relationship between dividends and ownership structure for a panel of 330 large quoted UK firms. Controlling for unobserved firm-specific effects, results indicate a negative relationship between dividends and ownership concentration. Ownership composition also matters, with a positive relationship observed for shareholding by insurance companies, and a negative one for individuals. These results are consistent with agency models in which dividends substitute for po...
-
作者：Allsopp, Christopher; Kara, Amit; Nelson, Edward
作者单位：University of Oxford; Federal Reserve System - USA
摘要：The UK's monetary policy strategy is one of floating exchange rates and inflation forecast targeting, with the targeted measure referring to consumer prices. We consider whether it is welfare-reducing to target inflation in the CPI rather than in a narrower index and the role of the exchange rate in the transmission of monetary policy actions to CPI inflation. It is appropriate to model imports as intermediate goods rather than goods consumed directly by households. This leads to a simpler tra...
-
作者：Andrés, J; López-Salido, JD; Vallés, J
作者单位：University of Valencia
摘要：This article examines the role of money in a small-scale dynamic general equilibrium model of the euro zone estimated by maximum likelihood. The model allows for both intertemporal and intratemporal non-separability in preferences. We find, first, that real balances do not affect the marginal utility of consumption. Second, money demand shocks mainly help to forecast real balances while real shocks explain the bulk of price, output and interest rates fluctuations. Third, the calculation of the...
