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  • 1
    Digitale Medien
    Digitale Medien
    Springer
    Economic theory 14 (1999), S. 729-740 
    ISSN: 1432-0479
    Schlagwort(e): Keywords and Phrases: Monetary policy design, Inflation, Anticipated policies, Overlapping generation model, Indeterminacy, Feedback rules. ; JEL Classification Numbers: E31, E50, E52, E58.
    Quelle: Springer Online Journal Archives 1860-2000
    Thema: Wirtschaftswissenschaften
    Notizen: Summary. This paper analyzes how monetary policy in an overlapping generations model can be designed to avoid inflationary consequences of anticipated changes of monetary policies. Avoiding these inflationary consequences will require a once and for all increase (decrease) in monetary growth immediately before the policy switch takes place if the relative risk aversion is greater (less) than unity. If the relative risk aversion is greater than unity, the avoidance of inflationary consequences is also time-consistent. Moreover, a general monetary feedback rule ensures that the economy picks the steady state with the lowest inflation rate. Our results suggest that the difference between unanticipated and anticipated policy switches may not be as important as generally assumed, because the consequences of the latter can be neutralized.
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
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  • 2
    Digitale Medien
    Digitale Medien
    Amsterdam : Elsevier
    Journal of Public Economics 48 (1992), S. 259-268 
    ISSN: 0047-2727
    Quelle: Elsevier Journal Backfiles on ScienceDirect 1907 - 2002
    Thema: Wirtschaftswissenschaften
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
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  • 3
    Digitale Medien
    Digitale Medien
    Amsterdam : Elsevier
    Economics Letters 35 (1991), S. 239-242 
    ISSN: 0165-1765
    Quelle: Elsevier Journal Backfiles on ScienceDirect 1907 - 2002
    Thema: Wirtschaftswissenschaften
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
    BibTip Andere fanden auch interessant ...
  • 4
    Digitale Medien
    Digitale Medien
    Basel, Switzerland : Helbing & Lichtenhahn Verlag AG
    Kyklos 53 (2000), S. 0 
    ISSN: 1467-6435
    Quelle: Blackwell Publishing Journal Backfiles 1879-2005
    Thema: Sociologie , Wirtschaftswissenschaften
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
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  • 5
    Digitale Medien
    Digitale Medien
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of economic surveys 12 (1998), S. 0 
    ISSN: 1467-6419
    Quelle: Blackwell Publishing Journal Backfiles 1879-2005
    Thema: Wirtschaftswissenschaften
    Notizen: Since many policies affect specific parts of economies differently, it is useful to decompose GDP per capita differences across countries into differences across smaller and smaller parts of economies. In this paper, we summarize recent contributions in this area and fit them together into a decomposition procedure for GDP per capita differences. The overall finding is that the U.S. is the productivity leader for the most of the economy. Moreover, international productivity differences at the aggregate level of the economies are in most cases translated into differences in the productivity of industries, at least compared to the productivity leader U.S. The variability of productivity differences at the industry level is, however, substantially higher than any differences at the aggregate or sector level. For the manufacturing sector alone the U.S. and Japan share the leadership on the industry level. In contrast, France, U.K., and Germany exhibit almost no leadership in productivity at the industry level. Hence, nation-specific factors appear to be dominant in the comparison of European countries with the U.S. Finally, mix differences do not play a very large role for big countries. For Germany, however, the mix effect can help to reconcile relative high productivity for the market economy and lower productivity at disaggregated levels.
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
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  • 6
    Digitale Medien
    Digitale Medien
    Oxford, UK : Blackwell Publishing Ltd.
    Journal of economics & management strategy 12 (2003), S. 0 
    ISSN: 1530-9134
    Quelle: Blackwell Publishing Journal Backfiles 1879-2005
    Thema: Wirtschaftswissenschaften
    Notizen: We develop a new approach to endogenizing technological spillovers. We analyze a game in which firms can first invest in cost-reducing R&D, then compete on the human-capital market for their knowledge-bearing employees, and finally enter the product market. If R&D employees change firms, spillovers arise. We show that technological spillovers are most likely when they increase total industry profits. We use this result to show that innovation incentives are usually stronger for endogenous than for exogenous spillovers and that endogenous spillovers may reverse the result that innovation incentives are stronger under quantity competition than under price competition. Finally, we explore the robustness of our results with respect to contractual incompleteness and the number of R&D workers.
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
    BibTip Andere fanden auch interessant ...
  • 7
    Digitale Medien
    Digitale Medien
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    The @world economy 25 (2002), S. 0 
    ISSN: 1467-9701
    Quelle: Blackwell Publishing Journal Backfiles 1879-2005
    Thema: Rechtswissenschaft , Wirtschaftswissenschaften
    Notizen: In this paper we develop a concept of globalisation at the micro level defined as the exposure of a productivity follower industry in one country to the productivity leader in another country. Globalisation is measured by the intensity of contacts through trade and foreign direct investment. In a simple model and empirically we show that the exposure of a productivity follower to competition with the leader is highly correlated with the productivity gap of this industry. Competition restricted to one region such as Europe, or North America, or the Far East, is not sufficient to achieve highest productivity levels. Moreover, it turns out that foreign direct investment (FDI) has a weight in the globalisation index at least equal to trade. FDI can contribute directly to higher levels of domestic productivity by transferring the best production practices, and put pressure on other domestic producers to improve. The impact of trade on globalisation can be weakened by tariffs and non-tariffs.
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
    BibTip Andere fanden auch interessant ...
  • 8
    Digitale Medien
    Digitale Medien
    Oxford, UK and Boston, USA : Blackwell Publishing Ltd
    European financial management 9 (2003), S. 0 
    ISSN: 1468-036X
    Quelle: Blackwell Publishing Journal Backfiles 1879-2005
    Thema: Wirtschaftswissenschaften
    Notizen: We examine how the correlations of bank loan defaults depend on the correlations of asset returns and how correlations and diversification are affected by macroeconomic risks. We highlight the main properties of the relationship between asset returns and default correlations, illustrating how adverse macroeconomic shocks raise not only the likelihood of defaults, but also the correlation of defaults. The latter effect, called correlation effect, may account for more than 50% of the increase in the credit risk.
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
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  • 9
    Digitale Medien
    Digitale Medien
    Springer
    Theory and decision 42 (1997), S. 37-51 
    ISSN: 1573-7187
    Schlagwort(e): Irreversibility ; flexibility ; value of information ; risk
    Quelle: Springer Online Journal Archives 1860-2000
    Thema: Sociologie , Wirtschaftswissenschaften
    Notizen: Abstract The analysis of the nexus between the value of information and risk is examined for sequential decisions with different degrees of future commitment, as e.g. environmental decisions. We find that in the linear case a riskier environment in general will increase the value of information. This result will be extended in the separable case to decreasing and increasing stochastic returns to scale. An example shows the ambiguity in the general case.
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
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  • 10
    Digitale Medien
    Digitale Medien
    Springer
    Social choice and welfare 12 (1995), S. 363-370 
    ISSN: 1432-217X
    Quelle: Springer Online Journal Archives 1860-2000
    Thema: Sociologie , Wirtschaftswissenschaften
    Notizen: Abstract The analysis is concerned with the characterization of equilibria of a two-stage voting game involving private information acquisition. Rational ignorance and information efficiency are identified. It turns out that information efficiency is not always desirable. By restricting the payoff domain, we are able to characterize completely the set of equilibria. In this case, information acquisition by few voters benefits a majority, or even the whole community. Economic Literature Classification Number D70, D71, D80.
    Materialart: Digitale Medien
    Standort Signatur Erwartet Verfügbarkeit
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