作者：Robson, P
作者单位：University of St Andrews
作者：Mihályi, P
作者单位：Central European University
作者：Laskar, D
作者单位：Centre National de la Recherche Scientifique (CNRS)
作者：Blank, RM
作者单位：University of Michigan System; University of Michigan
作者：Robson, P
作者单位：University of St Andrews
作者：Demetriades, PO; Mamuneas, TP
作者单位：University of Leicester; University of Cyprus
摘要：This paper utilises an intertemporal optimisation framework to study the effects of public infrastructure capital on output supply and input demands in 12 OECD countries. We find that in all 12 countries: (i) public capital has positive long-run effects on both output supply and input demands (ii) its mean short-run rates of return are fairly low, while the corresponding long-run rates are much higher but declining over time. These findings underscore important under-investment, gaps in infras...
作者：Lawler, P
作者单位：Swansea University
摘要：The paper examines the appropriate design of central banking institutions in an economy in which the nominal wage is set by an inflation-averse monopoly union as a positive mark-up over its market-clearing value. The analysis considers both the optimal choice of central banker and the potential role for a linear inflation contract. The optimal set of arrangements is a central banker who attaches less significance to inflation than does society, combined with an inflation contract where the val...
