-
作者：YING, JS; SHIN, RT
摘要：While the divestiture of AT & T was intended to produce benefits in the long-distance market, the evidence suggests it has created an unexpected side benefit in local telephone markets. Our results show that local exchange carriers have realized immediate cost savings in responding to competitive pressures since the breakup, with the Baby Bells experiencing generally larger gains. Dynamically, these productivity gains have increased over time at a relatively constant rate. Although gains of 3%...
-
作者：BELADI, H; CHOUDHARY, MAS; PARAI, AK
作者单位：State University of New York (SUNY) System; SUNY Fredonia
摘要：We apply Chow's (1989) technique to the present value model of hyperinflation under rational and adaptive expectation hypotheses. We use the monthly data on price and money supply of Germany (1921:5-1923:8), Hungary (1921:10-1924:2) and Poland (1922:1-1924:1). Our test results show that the German data are consistent with the adaptive expectations hypothesis and the Hungarian data are consistent with the rational expectations hypothesis. The Polish data, however, do not support either of the t...
-
作者：BUCCOLA, ST; SUKUME, C
作者单位：University of Zimbabwe
摘要：Recent developments in social welfare analysis provide insights into the selection of price policies. In the present paper, a CES social welfare function and a weighted average of utilitarian and leximin rules are used to identify optimal producer prices in an economy where government is the price setter and agents are risk averse. The analysis distinguishes between the interests of commercial producers, peasant producers, consumers, and taxpayers. An application to Zimbabwe indicates that a m...
-
作者：TERRELL, K
作者单位：Czech Academy of Sciences; Charles University Prague
摘要：This paper provides improved estimates of technological change and the first estimates of factor bias in Polish industry. The analysis uses newly generated data on western capital (the factor assumed responsible for technical change), adjusts capital for capacity utilization and tests for more complex specifications of the production function. The major findings are (a) the trend in technical change was non-increasing over the period and technological change was western capital using in only t...
-
作者：BEGHIN, JC; LOVELL, CAK
作者单位：Organisation for Economic Co-operation & Development (OECD); University System of Georgia; University of Georgia; University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper provides an empirical investigation into the international trade and domestic market efficiency effects of physical domestic content requirement in the Australian tobacco leaf growing and cigarette manufacturing industries. Our empirical evidence suggests that the content requirement has distorted trade by restricting leaf imports. Nevertheless, the data are also consistent with the efficient contract hypothesis. The mix of domestic to imported leaf used in cigarette manufacturing d...
-
作者：FARE, R; GROSSKOPF, S; LOVELL, CAK; YAISAWARNG, S
作者单位：Southern Illinois University System; Southern Illinois University; University of North Carolina; University of North Carolina Chapel Hill; Union College
摘要：Many production activities generate undesirable byproducts in conjunction with the desirable outputs they produce. Pittman (1983) showed how to adjust productivity calculations, and Fare et al. (1989) showed how to adjust efficiency measures, in the presence of undesirable outputs. Here we show how to estimate output distance functions as frontiers in order to generate shadow values of the undesirable outputs that are required to make both types of adjustment. An empirical application is provi...
-
作者：HIRSCH, BT; SEAKS, TG
作者单位：State University System of Florida; Florida State University; University of North Carolina; University of North Carolina Greensboro
摘要：The Box-Cox transformation is used to compare alternative functional forms of market value equations. Based on evidence from a panel of 480 publicly-traded U.S. manufacturing companies and two additional data sets used previously in the literature, the semilog form of a Tobin's q equation is found to be strongly preferred to the commonly estimated linear form. We provide illustrations in which inferences can be affected by the choice of functional form.
-
作者：BRESTER, GW; WOHLGENANT, MK
作者单位：North Carolina State University
摘要：Use of disappearance data as proxies for actual consumption causes inconsistent estimates of own-price retail demand elasticities. A system of equations describing consumer, processor, and producer behavior is used to consistently estimate the retail demand elasticity for beef using available data while avoiding the restrictive assumption of fixed input proportions implicit in disappearance data. This approach yields an estimate of the own-price retail demand elasticity for beef of -0.45, whic...
-
作者：NOLAND, M
摘要：Recent research has demonstrated the possibility of welfare-enhancing industrial policy. This paper analyzes the impact of industrial policy on Japan's trade pattern, and explores the possibility that it has been welfare-enhancing. Econometric results indicate that industrial policies have had an impact on Japan's trade specialization. These results are obtained contemporaneously, and when the explanatory variables are tagged, suggesting either that policymakers have been forward-looking, or t...
-
作者：PARSLEY, DC; WEI, SJ
作者单位：Harvard University
摘要：This paper casts doubt on the validity of the hysteresis hypothesis as an explanation of the persistent U.S. trade deficits in the 1980s. We propose two tests to investigate two different implications of the hypothesis. The first implication is that cumulative changes in exchange rates, in addition to current exchange rate levels, are important determinants of trade flows. The second implication is that foreign exporting firms' perceptions of exchange rate volatility will affect their decision...
