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作者：KEANE, MP; RUNKLE, DE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：MIYAGIWA, K; OHNO, Y
作者单位：Oregon State University; Chinese University of Hong Kong
摘要：This paper explores the linkage between protection and the speed with which a protected firm adopts new technology. Of primary importance here is the distinction between permanent and temporary protection on the one hand, and between tariffs and quotas on the other. We find that a permanent tariff speeds up adoption, but a permanent quota delays adoption unless the quota is highly restrictive. However, temporary protection (i.e., protection that remains effective until the firm adopts new tech...
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作者：Hochman, O; Pines, D; Thisse, JF
作者单位：Ben-Gurion University of the Negev; Tel Aviv University; heSam Universite; Universite Pantheon-Sorbonne; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：We show that space matters in designing the optimal provision of local public goods (LPG's). Geography imposes a particular institutional structure of local governments due to the overlapping of market areas associated with different LPG's, The optimum can be decentralized through local governments that have jurisdiction over market areas of all LPG types. This implies that the appropriate suppliers of LPG's are metropolitan governments which finance them through user charges and land rent. in...
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作者：COLLINS, SM
作者单位：Brookings Institution
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作者：JONES, DC; KATO, T
作者单位：Colgate University
摘要：We report the first results for Japanese firms on the effects of employee stock-ownership plans (ESOP's) and bonuses by estimating production functions using new panel data. We find that the introduction of an ESOP will lead to a 4-5-percent increase in productivity; this productivity payoff takes 3-4 years. There is a modest productivity gain from the bonus system. We also find evidence that the productivity effect of bonuses is enhanced by the existence of ESOP's, suggesting that ESOP's may ...
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作者：Madrigal, V; Smith, SD
作者单位：University System of Georgia; Georgia State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We investigate the structure of preferences and uncertainty that guarantees that prices are fully revealing even though asset markers are incomplete and there are more sources of uncertainty than assets in the economy. A sufficient condition for fully revealing prices is that investors have preferences of the (possibly state-dependent) linear-risk-tolerance class. Finally, we discuss how our result allows one to extend certain existing literature on demand aggregation, welfare analysis, and th...
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作者：HAUSMAN, D; MCPHERSON, M
作者单位：Williams College
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作者：PHELPS, ES
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作者：ROTH, AE; XING, XL
作者单位：National University of Singapore
摘要：This paper concerns the difficulties associated with establishing a time at which a market will operate. We first describe the experience of several dozen markets and submarkets, from entry-level professional labor markets in the United States, Canada, England, and Japan, to the (American) market for postseason college football bowls. The difficulties these markets have experienced in coordinating the timing of transactions have been decisive in determining how they are organized today. The pa...
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作者：CHICHILNISKY, G
作者单位：Columbia University
摘要：Differences in property rights create a motive for trade among otherwise identical regions. Two regions with identical technologies, endowments, and preferences will trade if one, the South, has ill-defined property rights on environmental resources. Trade with a region with well-defined property rights transmits and enlarges the problem of the commons: the North overconsumes underpriced resource-intensive products imported from the South. This occurs even though trade equalizes all prices, of...
