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作者：Krishna, K; Winston, T
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：Why are higher quality niches seen as intrinsically more profitable in business circles? Why do high quality products sometimes have a low real price, whereas it is unusual to see low quality products with high real prices? Can markets have quality differentiation as well as quality bunching? How does the rate at which fixed costs change with quality affect market structure? In this article we develop a new model of quality that casts light on such issues.
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作者：Steigum, E; Thogersen, O
作者单位：BI Norwegian Business School
摘要：Should the government run fiscal deficits in response to an adverse external shock that warrants transfer of resources from production of nontraded to traded goods? This article considers normative fiscal policy implications of sectoral adjustment costs in a two-sector model with overlapping generations. Fiscal deficits benefit present generations by depleting foreign assets and slowing down the adjustment process. We show that despite no nominal rigidities, temporary fiscal deficits increase ...
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作者：Klein, P; Ríos-Rull, J
作者单位：Western University (University of Western Ontario); University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This article studies the properties of optimal fiscal policy in a stochastic growth model when the government cannot commit itself beyond the next period's capital income tax rate. We find that the results contrast markedly with those under full commitment. First, capital income tax rates are very high (65% on average versus close to zero on average under full commitment). Second, labor income taxes are rather low on average (about 12% versus a value of around 31 % under full commitment). Fina...
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作者：Lagerlöf, NP
作者单位：Concordia University - Canada
摘要：We model demographic and economic long-run development in a setting where mortality is endogenous and subject to epidemic shocks. The model replicates the full transition from Malthusian stagnation to modern growth. Consistent with the historical facts, the economy also passes an intermediate post-Malthusian phase where growth rates of both population and per capita income increase simultaneously, as mortality rates fall and become less volatile. The escape from the Malthusian trap is the resu...
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作者：Armstrong, KG
作者单位：Carleton University
摘要：This article develops a novel multilateral test approach to the problem of international comparisons. Many of the associated tests are justified as reasonable using the fact that they are direct analogues to properties of the cost-of-living index. Further support is bestowed upon the new approach by showing that it is equivalent to an extended version of Diewert's (1986) multilateral test approach. Finally, a number of alternative multilateral comparison formulas are evaluated and the relative...
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作者：Ottaviano, G; Tabuchi, T; Thisse, JF
作者单位：Bocconi University; University of Tokyo; Universite Catholique Louvain
摘要：The purpose of this article is twofold. First, we present an alternative model of agglomeration and trade that displays the main features of the recent economic geography literature while allowing for the derivation of analytical results by means of simple algebra. Second, we show how this framework can be used to permit (i) a welfare analysis of the agglomeration process, (ii) a full-fledged forward-looking analysis of the role of history and expectations in the emergence of economic clusters...
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作者：Boadway, R; Cuff, K; Marceau, N
作者单位：Queens University - Canada; McMaster University; University of Quebec; University of Quebec Montreal
摘要：Regions inhabited with an immobile population of disabled and able individuals compete to attract mobile firms that provide jobs. The redistributive goal of regional governments is to support the disabled, who cannot work. Able individuals may work, be involuntary unemployed because of frictions in the labor market, or choose to be voluntary unemployed. Labor force participation decisions depend on regional redistributive policies. Both the size of workforce and tax on firms affect profits and...
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作者：Vercammen, J
作者单位：University of British Columbia
摘要：A model of simultaneous adverse selection and moral hazard in a competitive credit market is developed and used to show that aggregate borrower welfare may be higher in the combined case than in the moral-hazard-only case. Adverse selection can be welfare improving because in the pooling equilibrium of the combined model, high-quality borrowers cross subsidize low-quality borrowers. The cross subsidization reduces the overall moral hazard effort effects, and the resulting gain in welfare may m...
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作者：Shi, SY
作者单位：Indiana University System; Indiana University Bloomington
摘要：Using directed search to model the product market and the labor market, I show that large plants can pay higher wages to homogeneous workers and earn higher expected profit per worker than small plants, although plants are identical except size. A large plant charges a higher price for its product and compensates buyers with a higher service probability. To capture this size-related benefit, large plants try to become larger by recruiting at high wages. This size-wage differential survives lab...
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作者：De Waegenaere, A; Polemarchakis, H; Ventura, L
作者单位：Tilburg University; Brown University; Sapienza University Rome; Universite Catholique Louvain
摘要：In an incomplete asset market, firms assign values to investment plans by projecting their payoffs on the span of the payoffs of marketed assets. This is a criterion that does not require firms to possess information, such as the marginal valuation of revenue across date-events by shareholders, which is not directly observable; rather, it is based on the prices and payoffs of marketed assets. Under standard assumptions, competitive equilibria exist. However, even in the absence of nominal asse...
