| 1. |
- Acemoglu, Daron, et al.
(författare)
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Agency Costs in the Process of Development
- 1996
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We analyze an economy where production is subject to moral hazard. The degree of the incentive (agency) costs introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce correct incentives in a society which posesses better ex post information. The degree of ex post information depends on the number of projects and entrepreneurs in the economy; the more projects, the better the information. This implies that at the early stages of development, the range of projects and the amount of information are limited and agency costs are high. Since the information created by a project is an externality on others, the decentralized economy is constrained inefficient; in particular, it does not 'experiment' enough. The analysis of the role of information also opens the way to an investigation of the development of financial institutions. We contrast the information aggregation role of stock markets and information production role of banks. Because the amount of available information increases with development, our model predicts the pattern of financial development observed in practice; banks first and stock markets later.
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| 2. |
- Acemoglu, Daron, et al.
(författare)
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Information Accumulation in Development
- 1998
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We propose a model in which economic relations and intritutions in advanced and less developed countries differ as these societies have access to different amounts of information. The lack of information in less developed economies makes it hard to evaluate the performance of manager, and leads to high "agency costs". Differences in the amount of information have a variety of sources. As well as factors related to the informational infrastructure, we emphasize that societies accumulate information partly because the scarcity of capital restricts the repetition of various activities. Two implications of our model are: (i) as an economy develops and generates more information, it achieves better risk-sharing at a given level of effort, but because agents are exerting more effort and the types of activities are changing, the overall level of risk-sharing may decline; (ii) with development, the share of financial intermediation carried out through market institutions should increase.
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| 3. |
- Acemoglu, Daron, et al.
(författare)
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Productivity Differences
- 1998
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Many technologies used by the LDCs are developed in the OECD economies, and as such, are designed to make optimal use of the skills of these richer countries' workforces. Due to differences in the supply of skills, some of the tasks performed by skilled workers in the OECD economies will be carried out by unskilled workers in the LDCs. Since the technologies in these tasks are designed to be used by skilled workers, productivity in the LDCs will be low. Even when all countries have equal access to new technologies, this mismatch between skills and technology can lead to sizable differences in total factor productivity and output per worker. Our theory also suggests that productivity differences should be highest in medium-tech sectors, and that the trade regime and the degree of intellectual property right enforcement in the LDCs have an important effect on the direction of technical change and on productivity differences.
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| 4. |
- Agell, Jonas, et al.
(författare)
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Asset Markets, Tax Arbitrage, and the Redistributive Properties of Progressive Income Taxation
- 1988
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- It is commonly believed that tax arbitrage is anti-egalitarian. The present paper shows that this is not necessarily true; tax arbitrage might actually reduce inequality as well as increase efficiency. It is also shown that the introduction of tax arbitrage will linearize the tax system. Thus complicated, non-linear tax scedules in the spirit of Mirrlees (1971) cannot be sustained.
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| 5. |
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| 6. |
- Agell, Jonas, et al.
(författare)
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Egalitarianism and Growth
- 1991
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Are competitive wage premia an obstacle to growth? The answer of the architects of the Scandinavian "model" in the 1950s and 60s was in the affirmative: By punishing expansive and growth enhancing sectors of the economy competitive wage premia put an unwarranted drag on the rate of structural change. We formalize this intuition using a two sector endogenous growth model, considering both open and closed economy cases. We also show that egalitarian pay compression, combined with active labor market policies, works exactly in the same way as an industrial policy of subsidizing sunrise industries.
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| 7. |
- Agell, Jonas, et al.
(författare)
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Fiscal Policy when Monetary Policy is Tied to the Mast
- 1994
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper analyses the time inconsistency problem of both exchange rate and fiscal policy in a small open economy. The equilibrium under discretion is characterised by inflation and a deficit. Commitment of the exchange-rate instrument only, e.g., through membership in a European monetary union with low inflation, contributes to price stability but increases the deficit. Whether the government will prefer this outcome to the discretionary one depends on the structure of the economy: commitment appears more favourable, the more open is the economy. The time-consistency arguments strengthen the case for simultaneous commitment of monetary and fiscal policy for inflation-prone countries joining a monetary union.
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| 8. |
- Agell, Jonas, et al.
(författare)
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Labor Supply Prediction when Tax Avoidance Matters
- 1999
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We examine how tax avoidance in the form of trade in well-functioning asset markets affects the emipircal study of labor supply. We discuss the implications for tax policy analysis, and we show that a failure to account for avoidance responses may lead to huge errors when predicting how tax reform affects labor supply, tax revenue, and the welfare cost of taxation. in conclusion we argue that our model may explain a number of otherwise hard to understand dimensions of tax payer response.
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| 9. |
- Agell, Jonas, et al.
(författare)
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Macroeconomic Externalities : Are Pigovian Taxes the Answer?
- 1991
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Basic welfare economics tells us that many types of externalities can be remedied by proper use of corrective taxes and subsidies. This paper shows that this notion also extends to the macroeconomic externalities discussed in recent Keynesian literature on nominal price rigidities. The derived policy rules are lindred in spirit to standard Keynesian policy prescriptions: Progressive income taxes may serve a useful role in combating wasteful economic fluctuations. However, unlike older fix-price models of automatic stabilizers, progressive taxes work in our monopolistic economy because they directly affect the pricing mechanism.
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| 10. |
- Agell, Jonas, et al.
(författare)
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On the Analytics of the Dynamic Laffer Curve
- 2000
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- In this paper, we analyze government budget balance within a simple model of endogenous growth. For the AK model, simple analytical conditions for a tax cut to be self-financing can be derived. The critical variable is not the tax rate per se, but the "transfer-adjusted tax rate". We discuss some conceptual issues in dynamic revenue analysis, and we explain why previous studies have arrived at seemingly contradictory results. Finally, we perform an empirical study of the transfer-adjusted tax rates of the OECD countries to see which country has the highest potential for fiscal improvements; it turns out that only a few countries have any potential for such "dynamic scoring".
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| 11. |
- Agell, Jonas, et al.
(författare)
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Tax Arbitrage and Labor Supply
- 1998
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We examine how tax avoidance in the form of trade in well-functioning asset markets affects the basic labor supply model. We show that tax arbitrage has potentially dramatic implications for positive, normative and econometric analysis of how taxes affect work incentives.
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| 12. |
- Agell, Jonas, et al.
(författare)
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Wage Fairness and International Trade Theory and Policy
- 1991
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We show how an extended theory of fair wages, in which workers also care about the functional distribution of income, can be incorporated in the two-by-two Heckscher-Ohlin model. An important feature of the model is the existence of involuntary unemployment. Several results stand out. First, there is no longer a simple relation between measures of factor abundance and trade patterns. First, there is no longer a simple relation between measures of factor abundance and trade patterns. Second, factor-price equalization will generally not occur. Third, differences in social norms explain why terms of trade shocks produce nonuniform adjustments in real wages and unemployment across otherwise similar countries. Fourth, losses from trade may occur. Finally, in countries where fairness considerations are important, tariffs may increase overall employment.
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| 13. |
- Ahtiala, Pekka
(författare)
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A Synthesis of the Macroeconomic Approaches to Exchange Rate Determination
- 1983
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper develops a general model with the goods, money, bond, and labor markets. The special assumptions needed to generate the predictions of the Keynesian, monetarist, and portfolio balance approaches from the model are then found. It turns out that the assumtion of perfect capital mobility essentially generates the monetarist predictions, and perfect monetary sterilization by the central bank at a fixed interest rate the predictions of the elasticity-absorption approach. The supply side regime and purchasing-power parity assumptions fix income but do not qualitatively affect the exchange rate responses. The approaches turn out to be independent, rather than contradictory parts of the general model, each approach abstracting from what the other is analysing. This is technically done by dichotomizing the general model, the monetarists making the money market equation, and the Keynesians the goods market and balance payments equations the independent ones. The orthodox neutral monetary policy version of the Keynesian approach generates the predictions of the whole model. While the Keynesian and monetarist approaches differ in their policy regime assumptions, the portfolio balance approach differs in its equilibrium condition, by constraining the trade balance to equilibrium.
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| 14. |
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| 15. |
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| 16. |
- Andersen, Torben, et al.
(författare)
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Reputation and Rational Expectations
- 1987
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper considers the importance of reputation in relation to disinflationary policies in a continuous time ration expectations model, where the private sector has incomplete information about the true preferences of the government. It is proved that there is a unique equilibrium with the important property that the costs of disinflation arise in the start of the game where the policy has not yet gained credibility.
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| 17. |
- Andersen, Torben, et al.
(författare)
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The Role of Credibility for the Effects of a Change in the Exchange-Rate Policy
- 1987
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper analyses the real and monetary effects of a shift in the exchange-rate policy in an economy where the private sector is uncertain about the true intentions of the government. In a repeated game of incomplete information, we show that a shift towards a tight, fixed exchange-rate policy leads to a loss in output and to a deficit on the current account in the period in which the policy lacks credibility. We also show that the long interest rate is above the short interest rate, reflecting the risk that the government reneges on its announced exchange-rate target.
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| 18. |
- Anderson, James E., et al.
(författare)
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A New Approach to Evaluating Trade Policy
- 1991
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper introduces a new measure, the Trade Restrictiveness Index, which measures the restrictiveness of a system of trade protection. The index is a general equilibrium application of the distance function and answers the question: "What uniform set of trade restrictions is equivalent (in welfare terms) to the initial protective structure?" The index is applicable to both tariffs and quotas and allows international and intertemporal comparisons. The index is operational and we provide an empirical example to illustrate its applicability and to show its superiority over commonly used measures.
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| 19. |
- Anderson, James E.
(författare)
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Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs
- 1997
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Government budget balance forces the endogenous use of distortionarytax instruments when an exogenous reform is implemented. The aggregate efficiency of such reforms is based on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff or quota changes with theMarginal Cost of Funds of the alternative taxes, or of the Marginal Benefit ofGovernment supplied goods. The aggregate efficiency of tariff liberalization is dubious, while quota liberalization is more likely to be efficient. Social welfare rises with aggregate efficiency unless distribution effects are perverse. Plausible sufficient conditions for non-perverse distributional effects are provided. The results frame a diagnostic method for sensitivity analysis in evaluations of trade and tax policies.
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| 20. |
- Anderson, Kym
(författare)
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Rent-Seeking and Price-Distorting Policies in Rich and Poor Countries
- 1989
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Who do rich countries tend to subsidize agricultural production more than industrial production and to effectively tax food consumption, while poor countries tend to protect industrial producers and food consumers at the expense of farmers? This paper uses a computable general equilibrium model and representative parameters to demonstrate that the income distributional effects of those two different patterns of price distortions are such that on a per capita basis the losers lose little relative to the benefits to gainers. When coupled with determinants of the relative efficiency of different groups in pressuring policy-makers and influencing social preferences, such as the costs of information and collective action, it becomes less puzzling as to why we so often observe these policy regimes.
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| 21. |
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| 22. |
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| 23. |
- Barry, Frank G.
(författare)
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An Optimizing Approach to Factor and Production Subsidies in a Small Open Economy with Classical Unemployment
- 1984
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper presents a two-period model of a small open economy with a rigid real wage and classical unemployment. The optimal levels of three common aggregate-supply policies - employment, investment and production subsidies - and their effects on social welfare, the government budget and the balance of payments, are analysed and contrasted. The costs and benefits of firm- and sector-specific subsidies are also considered.
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| 24. |
- Barry, Frank G.
(författare)
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Fiscal Policy in a Small Open Economy : An Integration of the Short-Run, Heckscher-Ohlin and Capital Accumulation Models
- 1984
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- this paper incorporates the response to fiscal policies described by the Heckscher-Ohllin and sector-specific-capital models within a more general framework of two-sector growth, for a small open economy with classical unemployment. The results of the short-run model are seen to apply when changes in fiscal policy are unanticipated while those of the model with intersectoral capital mobility are relevant when such changes are correctly anticipated. This is in sharp contrast to the conventional interpretation of these models as describing consecutive rather than alternative transition stages of the economy. Other results are that permanent bond-financing of deficits is unstable, temporary bond-financing has long-run contractionary effects, and that possible temporary increases in employment due to fiscal policy are likely to be dominated by subsequent reductions when public spending is financed by increased taxation.
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| 25. |
- Basu, Kaushik
(författare)
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Civil Institutions and Evolution
- 1992
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper examines the relation between civil norms and evolution. The survival of norms in the long run may depend on the evolutionary process and natural selection. The sieve of natural selection may ensure that norms which persist must have minimal efficiency properties. This paper begins wutg a general discussion of evolutionary processes and the survival of civil institutions. It then presents an introductory account of the theory of evolutionary games. It is argued that the model of evolutionary games is more suited to analyzing animal behaviour than the human one. Since it is the latter that is of interest to economists, and attempt is made in this paper to develop some new solution concepts which are more apt for human games.
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| 26. |
- Basu, Kaushik, et al.
(författare)
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Strategy Subsets Closed under Rational Behavior
- 1990
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- A set of strategy profiles is here said to be closed under rational behavior (curb) of it contains all its best replies. Each curb set contains the support of at least one Nash equilibrium in mixed strategies, but there are perfect Nash equilibria that are not contained in any minimal curb set. It is shown that every game with compact strategy sets and continuous payoff functions possesses at least one minimal curb set, that every minimal curb set is identical with its best replies and that it is contained in the set of rationalizable strategy profiles.
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| 27. |
- Beetsma, Roel
(författare)
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Inflation versus Taxation : Representative Democracy and Party Nominations
- 1994
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The trade-off between inflation and taxation is analysed in a model with heterogeneity in nominal debt holdings. This creates a political conflict among the electorate. As a benchmark we study a "completely representative" democracy, where more inequality leads to higher equilibrium inflation. Extensions include a more realistic two-party nomination system and real money balances in the utility function. Special attention is drawn to the sources of multiple politico-economic equilibria. Finally, an explicit comparison with the capital-levy problem is made.
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| 28. |
- Beetsma, Roel M.W.J.
(författare)
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Macroeconomic Stabilisation and Intervention Policy under an Exchange Rate Band
- 1994
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Macroeconomic stabilisatin and foreign exchange market interventions are investigated within the context of a stochastic small open economy. With money demand shocks a peg is optimal, but with goods demand shocks a nominal income target is best. With supply shocks the optimal degree of monetary accommodation rises with the welfare weight attached to output rather than to price stability. A nominal exchange rate band is not advisable from a stabilisation point of view, albeit that with money demand shocks no welfare losses are incurred. With goods demand shocks, narrowing the band affects the optimal coefficient of intramarginal monetary accommodation. With supply shocks and no intramarginal interventions, it is desirable to have a wider band if there is a relatively large weight on price rather than output stability.
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| 29. |
- Beksiak, Janusz
(författare)
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Economic Crises in Poland
- 1987
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- In the last decade the Polish economy fell into some of the deepest and longest lasting crises in her history. It is not the only ciris within the post-war period. It is my belief that the roots of all these crises are in the character and dynamics of the existing social and economic system. In attempt, therefore, to explain the causes, mechanisms and consequences of crises in contemporary Poland, I will analyze the working and the evolution of her socio-economic system.
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| 30. |
- Bentzen, Eric, et al.
(författare)
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The Intertemporal Capital Asset Pricing Model with Returns that follow Poisson Jump-Diffusion Processes
- 1992
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The capital market equilibrium is derived in a model where asset returns follow a mixed Poisson jump-diffusion process, rather than a simple diffusion process as in the traditional ICAPM. In the resulting JCAPM (CAPM with Jumps) expected returns are still linear in beta, but in addition premia have to be paid for jump risk. When jump risk is diversifiable in the market portfolio the JCAPM reduces to the standard ICAPM, as in Jarrow and Rosenfeld (1984). Jumps are found to be prevalent in the daily returns of the market indices in the 18 countries investigated, during the time period 1985-89. However, when the year of the crash, 1987, is excluded from the sample, the simple diffusion process gives an adequate description of the market returns in seven countries.
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| 31. |
- Berg, Claes, et al.
(författare)
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Pioneering Price Level Targeting : the Swedish Experience 1931-1937
- 1998
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted such an explicit price level target. Starting from the issues and concepts familiar from research and policy experience in the 1990s of inflation targeting - as contrasted to price level targeting - this paper examines the evolution of the Swedish price level targeting in the 1930s. We bring out a number of similarities and differences between price stabilization in the 1930s and in the 1990s.
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| 32. |
- Bergman, Michael, et al.
(författare)
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Money-Income Causality and the Neutrality of Money
- 1993
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We study two related Granger noncasualty hypotheses. First, money equation innovations cannot predict future income. Second, the coefficients on money in the income equation are zero. Furthermore, we test if income is neutral in the long run with respect to money equation innovations. The first and third hypotheses are addressed in the moving average represenation of a cointegrated vector autoregression. Focusing on monthly U.S. data (1959-89) on income, prices, interest rates, and money we obtain weak evidence against the first hypothesis and mixed evidence about the second. Finally, our results suggest that income is not influence by money innovations in the long run.
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| 33. |
- Bertola, Giuseppe, et al.
(författare)
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Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models
- 1990
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- In the model of this paper, an exchange rate fluctuates between given boundaries for random lengths of time and jumps discretely when devaluation occur. We provide explicit solutions for the stochastic processes followed by the exchange rate and by the expected rate of depreciation when the likelihood and the size of devaluations vary stochastically over time. The model produces realistic patterns of covariation between exchange rates and interest rate differentials, and provides interesting interpretations of available empirical evidence. We also specify how to infer devaluation risk from target zone data.
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| 34. |
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| 35. |
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| 36. |
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| 37. |
- Blix, Mårten
(författare)
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Rational Expectations in a VAR with Markov Switching
- 1997
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper shows how a well known class of rational expectations hypothesis using linear vector autoregressions (VAR:s) can be extended to allow for unobservable Markov switching. The regime shift model used falls into the general framework of Hamilton (1990), but differs to the centered model actually implemented by Hamilton and others. The model here has the advantage that it is easier to estimate, and the intuitive appeal that the state dependence is symmetric. THe contribution of the paper is to derive testable restrictions implied by rational expectations, which are linear when the forecast horizon is infinite. The restrictions on the autoregressive parameters are the same as those that appear in the centered model. As an illustration, we duplicate a test of the expectations hypothesis (EH) in Sola & Driffill (1994) on 3 and 6 month US bills on quarterly data, and find that their results may be fragile.
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| 38. |
- Blomqvist, Åke, et al.
(författare)
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Public Health Insurance and Optimal Income Taxation
- 1982
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- If individuals differ not only in their inherent capacity to earn income, but also in the probability that they will fall ill, can subsidized public health insurance be justified on the grounds that it serves as an efficient tool to redistribute welfare? This question is analyzed in a model where the social welfare function is a weighted average of individual expected utilities, and where taxation is by a linear income tax. The answer is "yes", except in certain special cases.
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| 39. |
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| 40. |
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| 41. |
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| 42. |
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| 43. |
- Brownstone, David, et al.
(författare)
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Effects of Tax Reform on the Demand for Owner-Occupied Housing : A Microsimulation Approach
- 1984
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper analyzes the effects on the demand for owner-occupied housing that are likely to result from the Swedish 1983-85 tax reform. This is done by means of a microsimulation model which takes into account the dichotomous nature of the demand for housing: the consumers choose the mode of tenure (owning versus renting) as well as the quantity of housing conditional on the choice of the mode of tenure. The tax reform consists of a general reduction of marginal tax rates (i.e. an increase in disposable income) together with limitations in the deductibility of mortgage interests. The simulations show that this will cause an increase in home-ownership in the sense that more households will demand owner-occupied housing. At the same time, however, the households will demand smaller houses in the average, and thus aggregate demand for small and medium-sized units will increase while demand for large units will fall sharply.
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| 44. |
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| 45. |
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| 46. |
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| 47. |
- Bulow, Jeremy, et al.
(författare)
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Sovereign Debt : Is to Forgive to Forget?
- 1988
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- International lending to a less-developed country cannot be based on the debtor's reputation for making repayments. That is, loans to LDCs will no be made or repaid unless foreign creditors have legal or other direct sanctions they can exercise agains a sovereign debtor who defaults. Even if some lending is feasible because of direct sanctions, having a reputation for repayment in no way enhances a small LDC's ability to borrow.
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| 48. |
- Burda, Michael C.
(författare)
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Migration and the Option Value of Waiting
- 1995
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Migration is an investment: it involves fixed, unrecoverable costs and uncertain future returns. If migration can be postponed, the option value of doing so may have positive value. Migration may not occur for a range of individuals who would otherwise migrate on a net present valur basis. This paper models the migration decision using ideas developed by Pindyck (1991) and Dixit (1992). Th option value of waiting is related to the interest rate, fixed costs, and especially uncertainty governing the evolution of income at home and abroad. The "bad news principle" predicts that only unfavorable states of the world will affect the value of the migration option. In a rational intertemporal equilibrium of two regional labor markets, low migration rates may coexist with large or even increasing current wage differentials.
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| 49. |
- Burda, Michael C.
(författare)
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Unions and Wage Insurance
- 1995
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Existing theories of unions emphasize their impact on wage levels relative to the opportunity cost of leisure. This paper explores tha possibility that monopoly unions provide income insurance against idiosyncratic wage variability. An optimal union contract is characterized by real wage and other types of flexibility only in response to systematic changes in underlying uncertainty. Under such conditions, there is no presumption that the "union wage premium" relative to the free market wage is positive. The model shows the effect of unemployment benefits, average productivity, and risk on the desirability of union membership, and offers and economic interpretation of equity and solidarity in union policy. It can also explain the negative correlation between inequality and unionism in developed countries.
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| 50. |
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