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  • Blackwell Publishing Ltd  (182,011)
  • 1
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 6 (1992), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Book reviewed in this article:Michael E Beesley (1992) Privatization, Regulation and DeregulationDieter Bös (1991) Privatization: A Theoretical TreatmentCosmo Graham and Tony Prosser (1991) Privatizing Public Enterprises: Constitutions, the State, and Regulation in Comparative PerspectiveAttiat F. Ott and Keith Hartley (eds.) (1991) Privatization and Economic Efficiency: A Comparative Analysis of Developed and Developing CountriesCento Veljanovski (ed.) (1989) Privatisation and Competition: A Market ProspectusCento Veljanovski (ed.) (1991) Regulators and the Market: An Assessment of the Growth of Regulation in the UK
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  • 2
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 5 (1991), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. This paper identifies four principal econometric approaches to the estimation and testing of asset market models of exchange rate determination: the traditional, static reduced-form approach; the error correction and co-integration, dynamic reduced-form approaches; the simultaneous equations approach; and large scale, multi-equation macroeconometric simulation models. Each of these econometric approaches is evaluated with respect to its theoretical validity and the comparative properties of the empirical results obtained. This leads to the conclusion that although there may be little to choose between the different theoretical exchange rate models, there may be grounds for favouring a multi-equation, simultaneous estimation procedure for this class of models.
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  • 3
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. This survey is organized as follows. I. Introduction. II. The main issues. III. Negishi's model. IV. Objective demand in the Cournot-Nash framework. V. Objective demand in the Bertrand-Nash framework. VI. The assumption of quasi-concavity of the profit functions. VII. Compromises between the conjectural and the objective approach. VIII. Insights into the notion of perfect competition. IX. Conclusion.
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  • 4
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 5 (1991), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. Error Correction Models (ECMs) have proved a popular organising principle in applied econometrics, despite the lack of consensus as to exactly what constitutes their defining characteristic, and the rather limited role that has been given to economic theory by their proponents. This paper uses a historical survey of the evolution of ECMs to explain the alternative specifications and interpretations and proceeds to examine their implications for estimation. The various approaches are illustrated for wage equations by application to UK labour market data 1855–1987. We demonstrate that error correction models impose strong and testable non-linear restrictions on dynamic econometric equations, and that they do not obviate the need for modelling the process of expectations formation. With the exception of a few special cases, both the non-linear restrictions and the modelling of expectations have been ignored by those who have treated ECMs as merely reparameterisations of dynamic linear regression models or vector autoregressions.
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  • 5
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. The literature on exploration for non-renewable resources is surveyed. Following a brief synopsis in section 2, section 3 focuses on issues related to the world market for resources. Section 4 considers more microeconomic supply-related issues linked to the exploration of the small region or play. Section 5 turns to the small but growing literature on exploration as a learning process related to R&D. The latter sections pay particular attention to empirical and policy aspects.
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  • 6
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. This paper summarizes and critically surveys research on hyperinflation. Appraisal and review of the literature considers the origins, development, termination, and the lessons to be learned from hyperinflations. The historical evidence as well as the econometric evidence is analyzed. It is concluded that while the lessons to be learned from such episodes perhaps have been overstated a number of useful implications may be derived from studying hyperinflations, such as an understanding of the forces which link monetary and fiscal policies to inflation, and policy makers’role in influencing individuals’expectations.
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  • 7
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Books reviewed in this article:Acs, Z. and Audretsch, D. B. (eds.) (1990) The Economics of Small Firms: A European Challenge
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    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. The paper compares three different types of theoretical explanation of ‘sticky’wages. They are implicit contracts, efficiency wage models and insider/outsider models. It then reconsiders Keynes’rationale for sticky wages, which focuses on relative wage issues. Finally, the paper considers possible directions for future research.
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    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. In this paper we review various models that have been proposed for the study of mixed oligopoly, that is markets in which private and public firm compete on equal basis using only market instruments.
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Books reviewed in this article:Lawrence A. Boland (1989) The Methodology of Economic Model Building: Methodology after Samuelson.J. C. Glass and W. Johnson (1989) Economics: Progression, Stagnation or Degeneration?Arjo Klamer, Donald N. McCloskey and Robert M. Solow (eds.) (1989) The Consequences of Economic Rhetoric.Brian J. Loasby (1989) The Mind and Method of the Economist: A Critical Appraisal of Major Economists in the 20th Century.John Pheby (1988) Methodology and Economics: A Critical Introduction.
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    Journal of economic surveys 4 (1990), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. The traditional theory of economic policy requires targets, instruments, an empirical economic model, and a social welfare or criterion function to be specified in order to derive the optimal economic policy. Empirical studies of reaction functions suggest that economic policy is carried out in some systematic manner, subject to interference from political factors. This survey addresses the problems of specifying, estimating and applying an economic model when economic policy is following a path specified by a reaction function. Attention is paid to rational expectations, the Lucas’critique, and the policy neutrality proposition. Lack of knowledge of the policy maker's objective function poses the most serious difficulty when applying the theory of economic policy. Various methods of determining this function are reviewed, and the possibility that policy makers might be satisficing is discussed. The role played by political factors is considered in the light of the public choice literature.
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  • 12
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    Journal of economic surveys 3 (1989), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. The literature on internal labour migration is surveyed using a fourfold taxonomic scheme. The potential migrant, as presented in the existing literature, can be viewed as a supplier of labour, an investor in human capital and a consumer of regional amenities such as public goods. The paper develops a fourth approach which treats the household, rather than the individual, as the migrating unit and which views the potential migrant as a producer of home produced commodities. The continuities as well as the contrasts between the four approaches are discussed in the paper.
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    Journal of economic surveys 3 (1989), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. The study analyses intra-firm trade, that is the estimated one-third of world trade which is transacted between affiliated parties. As firms realize the increasing potential for integrating their operations throughout the world, they are contributing to significant shifts in the patterns of interntional trade and industrial development. As emphasized here, international trade is inextricably linked to the growing and substantial share of transactions between affiliated parties conveyed through multinational enterprises.
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  • 14
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    Oxford, UK : Blackwell Publishing Ltd
    Journal of economic surveys 3 (1989), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Journal of economic surveys 3 (1989), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Books reviewed in this article:Olivier Jean Blanchard and Stanley Fischer (1989) Lectures on Macroeconomics.Keith Cuthbertson and Mark P. Taylor (1987) Macroeconomic Systems.Andrew Stevenson, Vinantonio Muscatelli and Mary Gregory (1988) Macroeconomic Theory and Stabilisation Policy.
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    Journal of economic surveys 3 (1989), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. This paper reviews the recent developments in the economics of industry with respect to strategic entry deterrence. Starting from Bain's (1956) classical analysis, a simple two-stage game between an incumbent firm and a potential entrant is used to present the general structure of the entry deterrence problem. Commitments, credible threat and sub-game perfection are illustrated in this context. The various strategic variables that an incumbent firm can use to bar entry are discussed. The issue of whether a group of incumbents can non-cooperatively deter entry is taken up and some empirical evidence is reviewed.
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    Journal of economic surveys 3 (1989), S. 0 
    ISSN: 1467-6419
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    Topics: Economics
    Notes: Abstract. The three substantive sections of this survey deal with the economic consequences of voluntary export restraint agreements (VERs), e.g. the Multi-Fibre Arrangement and VERs on Japanese auto exports. Section 2 focuses on the disposition of quota rents under the assumptions of perfectly competitive markets and the absence of substitute suppliers. Section 3 considers imperfect competition and the role of VERs as cartelization instruments, facilitating collusion. Section 4 analyzes the discriminatory effects of VERs when there are third country suppliers. A broad conclusion is that the economic consequences of VERs are more complex than the standard trade policy analysis based on tariffs because of the issues discussed in Sections 3 and 4.
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    Journal of economic surveys 3 (1989), S. 0 
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    Topics: Economics
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  • 19
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    Journal of economic surveys 2 (1988), S. 0 
    ISSN: 1467-6419
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    Topics: Economics
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    Journal of economic surveys 2 (1988), S. 0 
    ISSN: 1467-6419
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    Topics: Economics
    Notes: Books reviewed in this article:George R. Feiwel (ed.) Arrow and the Ascent of the Modern Economic Theory.George R. Feiwel (ed.) Arrow and the Foundations of the Theory of Economic Policy.
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  • 21
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    Journal of economic surveys 2 (1988), S. 0 
    ISSN: 1467-6419
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    Topics: Economics
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    Journal of economic surveys 2 (1988), S. 0 
    ISSN: 1467-6419
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    Topics: Economics
    Notes: Abstract. This paper surveys the growing literature on buffer stock models of the monetary transmission process. The first part indicates the basic issue of how (assumed) exogenous changes in the money supply work their way through the economic system via disequilibrium in the money market. After a brief historical development, buffer stock models are divided into four types depending upon whether the disequilibrium arises in stocks and/or flows, and to whether changes in the money stock are purely exogenous. The empirical implications, including how buffer stock models explain the recent behaviour of money demand functions are given. Theoretical and empirical criticisms of the models are presented in terms of the classification system. The survey concludes that whilst the buffer stock notion is an interesting idea, the current models do not lend themselves to empirical testing, and those models which do have performed poorly.
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    Journal of economic surveys 3 (1989), S. 0 
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    Topics: Economics
    Notes: Abstract. The article considers the possibility that asset prices might deviate from intrinsic values based on market fundamentals. Three broad categories of theory are surveyed: (a) growing bubbles (b) fads and (c) information bubbles. ‘Sunspot’theories are also discussed. The paper covers both theory and evidence, and directions for future research are discussed.
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    Journal of economic surveys 3 (1989), S. 0 
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    Topics: Economics
    Notes: Abstract. This paper demonstrates that Black-Scholes implied volatilities can be used to value options in many situations where the assumptions of the Black-Scholes model are violated, including (i) alternative stock processes, (ii) stochastic interest rates, and (iii) market frictions. Given its computational simplicity, this procedure provides an attractive alternative to the more complex models with a direct estimation procedure.
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    Journal of economic surveys 3 (1989), S. 0 
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    Topics: Economics
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    Journal of economic surveys 3 (1989), S. 0 
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    Topics: Economics
    Notes: Books reviewed in this article:Jacques Drèze (1987) Essays on Economic Decisions under Uncertainty.W. Kip Viscusi and Wesley Magat et al (1987) Learning about Risk.J. L. Ford (1987) Economic Choice under Uncertainty: a Perspective Theory Approach.Isaac Levi (1986) Hard Choices: Decision Making under Unresolved Conflict.
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    Journal of economic surveys 2 (1988), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. The history of the Marxian Transformation Problem is surveyed from 1885 to the present. Particular emphasis is placed on the less well-known literature and the focus is on problems of interpretation rather than on technicalities. A substantial bibliography is provided.
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    Journal of economic surveys 2 (1988), S. 0 
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    Topics: Economics
    Notes: Abstract. The term structure of interest rates is an old topic. Over the years, both the hypotheses debated and the research techniques used have changed considerably. Two fairly recent developments which distinguish current research are the widespread adoption of rational expectations and the integration of the term structure with the general theory of asset pricing. This survey reviews previous work from this perspective. The main objective is to catalogue available evidence about term premia and to interpret this evidence in light of alternative models of term premia determination.
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    Journal of economic surveys 2 (1988), S. 0 
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    Topics: Economics
    Notes: Abstract. The Tiebout hypothesis that consumer mobility and interjurisdictional competition leads to efficient provision of local services has provoked much controversy and debate in recent years. This article summarizes the opposing and conflicting viewpoints on this subject and presents a synthesis of the theoretical and empirical literature. The basic conclusion of this literature is that only under very restrictive assumptions will foot-voting and interjurisdictional competition ensure allocative efficiency in the local public sector. Nevertheless, the Tiebout mechanism offers important insights for public policy debates on the assignment of taxes and services and the design of equalization grants. Oates' suggestion that capitalization of fiscal differentials into residential property values provides an empirical test of the Tiebout hypothesis also generated an intense debate on the theoretical validity of this procedure and a heightened interest in its empirical applications. This debate is evaluated and an overview is given of the leading empirical approaches to test the efficiency and equity implications of the Tiebout mechanism. Controversial empirical issues such as the choice of the tax price term, the level of aggregation and econometric estimation problems are highlighted in this part of the survey.
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    Journal of economic surveys 2 (1988), S. 0 
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    Topics: Economics
    Notes: Abstract. This is a study of macroeconomics in action: how an applied macroeconomist works in a policy context to provide analysis and guidance on specific issues of public concern. We examine and classify Arthur Okun's policy essays, and thereby try to gain a better understanding of the role of economists in the policy-making process.
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    Journal of economic surveys 2 (1988), S. 0 
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    Topics: Economics
    Notes: Abstract. There has recently been considerable interest in chaotic dynamics in a variety of disciplines. This paper introduces and then surveys some of the associated literature and techniques. Applications to economic theory are discussed but the primary focus is on empirical applicability. In addition to surveying the literature we also provide an example of the use of these techniques in economics. We conclude by highlighting the importance of the techniques for empirical work as well as considering their context in econometric methodology.
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    Journal of economic surveys 2 (1988), S. 0 
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    Topics: Economics
    Notes: Books reviewed in this article:Rosalind Levacic (1987) Economic Policy-Making: Its Theory and Practice.Paul Whiteley (1986) Political Control of the Macro-Economy.Douglas A. Hibbs Jr. (1987) The Political Economy of Industrial Democracies.Wyn Grant with Jane Sargent (1987) Business and Politics in Britain.Michael Moran (1986) The Politics of Banking
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    Journal of economic surveys 2 (1988), S. 0 
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    Journal of economic surveys 2 (1988), S. 0 
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    Topics: Economics
    Notes: Abstract. The purpose of this survey is twofold. First, it introduces the reader to recent developments in the theory of price discrimination. Simultaneously, the exposition aims at being self-contained and accessible to the non-specialist reader. The paper is structured around Pigou's distinction between perfect, second-degree and third-degree price discrimination.
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    Topics: Economics
    Notes: Books reviewed in this article:John Eatwell, Murray Milgate and Peter Newman (editors) 1987 The New Palgrave: A Dictionary of Economics
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    Topics: Economics
    Notes: Abstract. This paper surveys part of the recent voluminous literature on the economics of discrimination, focusing on two key questions. First, how should discrimination be measured and can in fact unambiguous estimates be derived, as the basis for detecting where discrimination is present and setting in train measures to eliminate it? Second, to what extent has the implementation of equal opportunities legislation improved the relative standing of women and minority workers in the labour force? This section includes a discussion of the likely effects of recent changes in the law such as the equal value amendment in the UK or the introduction of comparable worth in the USA. The survey concludes that our ability to detect discrimination at all precisely is still rudimentary and consequently policy measures are likely to be inefficient for this reason.
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    Topics: Economics
    Notes: Abstract. As thoughtful modelling and empirical research of non-profit enterprises continues to grow, two general views of non-profit organizations are emerging: one view is that non-profit firms are inefficient and wasteful; another view is that non-profit firms are a response to market failure, and, thus, may improve efficiency. The purpose of this paper is to explore the theoretical and empirical work that represents the current divided state of thinking in this area.
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    Topics: Economics
    Notes: Abstract. This article presents a survey of theories of monopoly capitalism. The defining characteristic of monopoly capitalism is that developed capitalist economies are seen as essentially dominated by firms which operate in oligopolistic industries. It discusses in chronological order the contributions of Hilferding, Lenin, Kalecki, Steindl, Baran and Sweezy, and Cowling to the monopoly capitalism approach. By drawing out some common features of the authors discussed we arrive at an implicit view of the nature of theories of monopoly capitalism. The macroeconomic aspects of monopoly capitalism are discussed with emphasis on the implications for the level of economic activity. A further section discusses the international aspects of the monopoly capital approach. The final section of the paper reviews criticisms of the theories of monopoly capitalism with concentration on those advanced from a Marxist perspective.
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    Journal of economic surveys 10 (1996), S. 0 
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    Topics: Economics
    Notes: Abstract. This is a detailed introduction to auction theory. It begins with a simple analysis of standard auctions and then uses a strikingly simple general solution of symmetric private values auctions to prove the payoff equivalence of many auction rules. The basic framework is then modified to admit risk aversion, multi-unit and repeated auctions as well as collusion. Then follows an introduction to optimal auctions, with and without stochastic entry, and to common value auctions and the winner's curse problem. The survey closes with a sample of applications, from the regulation of natural monopolies to price competition in oligopoly and the government securities market.
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    Journal of economic surveys 10 (1996), S. 0 
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    Topics: Economics
    Notes: Abstract. A large number of different Pseudo-R2 measures for some common limited dependent variable models are surveyed. Measures include those based solely on the maximized likelihoods with and without the restriction that slope coefficients are zero, those which require further calculations based on parameter estimates of the coefficients and variances and those that are based solely on whether the qualitative predictions of the model are correct or not. The theme of the survey is that while there is no obvious criterion for choosing which Pseudo-R2 to use, if the estimation is in the context of an underlying latent dependent variable model, a case can be made for basing the choice on the strength of the numerical relationship to the OLS-R2 in the latent dependent variable. As such an OLS-R2 can be known in a Monte Carlo simulation, we summarize Monte Carlo results for some important latent dependent variable models (binary probit, ordinal probit and Tobit) and find that a Pseudo-R2 measure due to McKelvey and Zavoina scores consistently well under our criterion. We also very briefly discuss Pseudo-R2 measures for count data, for duration models and for prediction-realization tables.
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    Notes: Abstract. This reply takes up specific points raised by Professor Kolm over which there persists some disagreement between us. It offers a rather broad, philosophically oriented discussion of the issues. I explain why I think Kolm is right in preferring the term ‘equity’to that of ‘envy-freeness,’but I express moral doubts concerning the interpretation proposed by Kolm of equity as a criterion of equal liberty. On this basis, I then defend my own specific interpretation of equity as a welfarist-egalitarian criterion, and express some reluctance as to the alleged ‘moral irrelevance’of individual preferences in the theory of equity. I also briefly discuss the conceptual role played by counterfactuals and try to mitigate somewhat Kolm's critique of the use of axioms involving ‘imaginary’ situations.
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    Journal of economic surveys 10 (1996), S. 0 
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    Notes: Abstract. This paper presents a critical survey of theories of migration, their welfare and policy implications and their empirical relevance. We also develop some extensions to the theory beginning with the Harris and Todaro (HT) model. In particular, the HT model is extended to examine risk averse behaviour within families where the migration of members of families serves to diversify risk. The welfare implications of the individual migration decision and government intervention in the form of employment subsidies are examined. Recent evidence on international migration is presented. It is shown that migration does not flow automatically in response to wage differentials. Characteristics of migrants and the process of self-selection are found to be important determinants of the rate of migration.
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    Notes: Abstract. The principle that ‘no individual prefers another's allocation to his own’is central in the analysis of Economic Justice mainly because of its identity with the basic case of equality of liberty, rather than for its indirect relation with the sentiment of envy. The various reproaches which have been addressed to this principle, gathered by Arnsperger, either are misconceived, or have been answered by rational (justified) extensions or specifications of the principle.
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    Notes: Abstract. We survey recent theoretical research on the effects of short-term share-price based managerial incentive schemes. Such schemes can induce inefficient managerial behaviour in both hidden action and hidden type contexts. These problems arise from informational asymmetries: managers take actions to manipulate the information flow rather than to maximize firm value. More generally, imperfect transmission of information between managers and shareholders or between managers of different firms can lead to similar distortions even when the parties' interests are aligned.
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    Journal of economic surveys 10 (1996), S. 0 
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    Notes: Abstract. Worker absenteeism constitutes a significant loss of work-time and therefore has important implications for both household income and firm productivity. Despite this, the economics profession has been somewhat laggard relative to other disciplines in addressing the phenomenon. The situation is, however, changing, with recent years witnessing a mild flurry of activity. The aim of this paper is to maintain, and if possible, enhance this momentum. We do this firstly by developing some basic theoretical ideas which we consider to be central to an economic analysis of absence. In particular, we address the often cited claim that observed absence is unequivocally inefficient. Second, by reviewing some of the key contributions, we attempt to assess where the literature on the economics of absence stands at present, as well as suggesting some potentially fruitful lines of future enquiry.
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    Notes: Abstract.  Current debate on networking focuses on network structures and firm strategies. In this perspective, theoretical analysis has been concerned with allocative issues. This essay proposes a different interpretation. Starting from the existing theoretical framework, we emphasise the nature and the implications of different types of networks with respect to socio-economic development from a distributional point of view. Within this context, we develop the analysis of subcontracting starting from the concept of economic power. We then provide an analysis of governance in production by considering the attitudes and the nature of the actors involved. The externalisation of activities by large transnationals, which characterises current corporate restructuring, is often related to the search for greater flexibility, but also for greater power over governments, labour, and subcontractors. Differently, networks based on the mutual dependence of actors, which are not necessarily built around a large firm, could – under particular conditions – reach large production scales or more complex scopes without breaking the links with territorial systems, thus including local objectives in the strategic decision-making process. Our conclusion is that the impact of subcontracting networks varies enormously. This is crucial to an understanding of future trends and possibilities. Not least, firms and public policy agencies need to understand the implications of different forms of subcontracting network and how those forms actually differ in practice.
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    Notes: Abstract.  Data obtained from business and consumer surveys are often used in forecasting models and in testing different expectation formation schemes. Their use, however, requires a previous step of transformation of the qualitative data into quantitative figures. This paper contains a critical review of the different quantification methods, highlighting the limits of their use in macroeconomic modelling.
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    Notes: Abstract.  This paper provides an integrated overview of theoretical and empirical explanations used in the applied literature on regional unemployment differentials. On the basis of 41 empirical studies, four different model types covering nine theoretical constructs of regional unemployment determination and 13 sets of explanatory variables are identified. The overall conclusion is that theoretical and empirical explanations help to reduce the weaknesses in each other. While theory is found to predict that the regional unemployment rate depends on labour supply factors (a collection of factors which affect natural changes in the labour force, labour force participation, migration and commuting), labour demand factors and wage-setting factors, it is the empirical studies that provide a more profound understanding of the explanatory variables involved. Conversely, whereas most empirical studies provide clear-cut explanations for the signs of the explanatory variables, it is theory that shows that some of these explanations might be out of proportion. By grouping many studies together, this paper shows that there are indeed clear-cut trends.
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    Notes: Abstract.  This review examines the facilities provided by PcGets version 1.0, an OxMetrics module designed to implement automated general-to-specific model selection in the context of cross-section or dynamic time-series models that are linear in the parameters. A cross-section empirical example is used to illustrate the steps involved, the output produced and the options available for modellers.
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    Notes: Human capital is increasingly believed to play an important role in the growth process, however, adequately measuring its stock remains controversial. In this paper three general approaches to measurement are identified; cost-based, income-based and educational stock-based. This survey focuses on the first two approaches and provides a critical review of the theories and their applications to data from a range of countries. Particular emphasis is placed upon the work of Jorgenson and Fraumeni (1989, 1992) and some new results for New Zealand based upon their approach are also presented.
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    Notes: This paper surveys the convergence literature. It begins by laying out different definitions of convergence and by showing the link between the convergence issue and the growth theory debate. The paper then follows the convergence research conducted along four different approaches, namely the cross-section, panel, time-series, and distribution approaches. The paper shows the association of these methodological approaches with various definitions of convergence and highlights the connections among the convergence results. It shows that, despite some impressions to the contrary, there is considerable agreement among the results. Although the convergence research might not have solved the growth debate entirely, it has helped both the neoclassical and the new growth theories to adapt and evolve. The research on convergence has established new stylized facts regarding cross-country growth regularities. It has brought to fore the existence of large technological and institutional differences across countries and has given rise to new methodologies for quantifying and analyzing these differences. This is providing a new information base for analysis of technological and institutional diffusion and for further development of growth theory in general.
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    Notes: The estimated static welfare gains from international trade are very small, on the order of one percent of GDP. The case for free trade is therefore increasingly linked to trade’s apparent positive effects on economic growth. But how large are these growth effects? The vast empirical literature has emphasized the statistical significance, not the economic significance, of the trade-growth relationship. This survey’s re-examination of the empirical literature focuses on the size of the relationship between trade and growth. Our survey reveals that the many empirical studies are surprisingly consistent in terms of the size of the relationship: A one percentage point increase in the growth of exports is associated with a one-fifth percentage point increase in economic growth. Given the power of compounding, the effect of trade on growth is very important for human welfare.
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    Notes: This paper surveys the literature on fiscal policy and economic growth. We present a unifying framework for the analysis of long run growth implications of government expenditures and revenues. We find that several tax rates and expenditure categories exhibit a direct impact on the growth rate of the economy. In a creative synthesis we have assigned the relevant literature to the twelve introduced policy variables. Due to the equivalence of some policy variables we are left with six degrees of freedom, where we need four to internalize the model’s intrinsic externalities, leaving two instruments to conduct short run fiscal policy.
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    Notes: This paper reviews the literature on Ricardian equivalence. This hypothesis may be interpreted as a generalization to the short and the long run of the theories that put no weight on the real effects of public policies on aggregate demand. We argue that Ricardian equivalence relies on both the permanent income hypothesis and the fulfillment of the intertemporal government budget constraint. The theoretical literature emphasizes several reasons for departures from this hypothesis. However, the empirical literature is inconclusive. When Ricardian equivalence is tested in a life–cycle framework the hypothesis is usually rejected, while when the empirical analysis is based on optimizing models, it is usually accepted.
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    Notes: We investigate the possible future of Post-Kyoto climate policies until 2020. Based on a cross-impact analysis, we first evaluate an expert poll to identify the most likely Post-Kyoto climate policy scenarios. We then use a computable general equilibrium model to assess the economic implications of these scenarios. We find that Post-Kyoto agreements will include only small reductions in global greenhouse gas emissions, with abatement duties predominantly assigned to the industrialized countries, while developing countries remain uncommitted, but can sell emission abatement to the industrialized world. Equity rules to allocate abatement duties are mainly based on sovereignty or ability-to-pay. Global adjustment costs to Post-Kyoto policies are very moderate, but regional costs to fuel exporting countries can be substantial because of distinct terms-of-trade effects on fossil fuel markets.
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    Notes: Are private firms more efficient than public ones? Does privatisation improve performance? In order to answer these questions, it is necessary to disentangle the impact of ownership and competition upon business performance. This paper presents empirical evidence relating to the hypothesis that public ownership and competition are determinants of firms' productivity. It concludes that public ownership has a significant negative effect on productivity and also that privatisation has a positive impact on efficiency. Furthermore, increased competition is found to have a positive effect on productivity. These results are interpreted as confirming that privatisation is effective as a means of increasing firms' efficiency, at least in a non-regulated and relatively competitive sector, such as manufacturing.
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    Notes: Investment incentives targeted at attracting multinational firms have been extensively researched, and empirical evidence has shown them to be influential. The same is not true of exit restrictions. Yet, as recent theory suggests, there may be a trade-off between entry incentives and ease of exit. This paper focuses on that trade-off in the case of US multinationals in 33 host countries. An indicator of labour market regulations is used as a measure of ease of exit. Results suggest that both entry incentives and labour market regulations are important and ignoring the latter neglects an important dimension in firms' location decision.
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    Notes: This paper explores the conflict of real and monetary convergence during the EMU run-up of the Central and Eastern European member states. Using a Balassa-Samuelson model of productivity driven inflation, we find a high probability of higher inflation in the new member states. We compare the policy options which make the compliance possible, i.e. fiscal tightening and nominal appreciation within the ERM2 band. Nominal appreciation within ERM2 seems the better option to achieve the compliance with the Maastricht criteria, as no discretionary government intervention is necessary, and losses in terms of real growth are smaller. Having once opted for nominal appreciation by fixing the ERM2 entry rate as the central rate (Irish model), a high degree of flexibility is provided in coping with erratic short-term capital inflows. The strategy of setting the ERM2 entry rate above the central rate (Greek model) implies a clear exchange rate path within ERM2 and thereby less exchange rate volatility. Despite the merits of nominal appreciation, countries committed to hard euro pegs, or with high budget deficits, may choose fiscal contraction as a solution.
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    Notes: This paper suggests that, while medieval cathedrals served many purposes and, indeed, were some of the greatest technical achievements of their time, they served a rational economic purpose as well. Protestant entry into the market for Christian religion finally materialized in the early sixteenth century. The Roman Catholic Church did not make a ‘mistake’ in failing to forestall entry. We argue that the Church made a conscious rational effort to do so by supplying excess capacity and particular forms of capital in medieval cathedrals. While the attempt to forestall entry was ultimately unsuccessful, the extent of cathedral building helps explain why some areas of Europe remained Catholic and alternative forms of Christianity took hold in other locales.
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    Notes: Theory presents two channels through which profit sharing can cause workers to increase their coworkers' productivity: greater cooperation and increased peer pressure. This paper argues that these generate opposite influences on coworker relations, and that which dominates varies according to circumstances and type of worker. Using German data, we show that, for non-supervisory men, profit sharing increases cooperation, but that for those who highly value success on the job, it has no influence on cooperation, and for supervisors it reduces cooperation. Moreover, the findings show striking gender differences in the effect of profit sharing. We contend these patterns fit with underlying theoretical expectations.
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    Notes: The ‘market discipline’ approach to subnational finance requires that moral hazard derived from the possibility of a central government bailout be made insignificantly small. Therefore, governments interested in following this approach and willing to abide by its rules should start by creating the conditions for a default and its resolution to be possible. This article discusses the use of lending ceilings as an instrument to allow the default, without dragging in the central government.
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    Notes: There is a growing interest in the academic and policy making communities in understanding the effects of sectoral specialisation on labour market performance. The existing empirical evidence, mainly based on US data, generally finds a positive correlation between sectoral specialisation and labour market indicators such as wages and unemployment. The policy implication one can draw from these results is that fostering sectoral diversification may reduce unemployment. However, this lesson may not hold for all countries. In particular, in the case of Europe, the diversity of labour market institutions may play a distinct role in shaping the relationship between sectoral specialisation and labour market performance.In this paper, we investigate the relationship between regional sectoral specialisation and regional unemployment rate in the context of different collective bargaining institutions in the EU countries. We find that collective bargaining institutions do play a role in shaping the unemployment rate differentials across regions belonging to the same country. Furthermore, the relationship between regional specialisation and the regional unemployment rate is stronger in countries with intermediate and decentralised collective bargaining institutions in comparison to countries with centralised collective bargaining institutions.Our results suggest that labour market institutions are likely to influence the outcome of policies aiming at fostering regional diversification. While such policies may result in reducing regional unemployment in countries with decentralised and intermediate levels of collective bargaining, they may not make a big difference in countries with centralised collective bargaining institutions.
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    Notes: A meta-analysis of thirty-four restriction tests from nine studies of the natural rate of unemployment hypothesis (NRU) finds the statistical trace of a false empirical hypothesis. A theme of bias and misspecification among those studies that tend to be more supportive of NRU emerges. When combined with a separate meta-analysis of NRU's falsifying hypothesis, unemployment ‘hysteresis’ (Stanley 2004a), the natural rate hypothesis may be regarded as empirically ‘falsified’ (Popper 1959). Monte Carlo simulations validate the meta-regression methods used here to integrate different restriction tests and to identify their limitations.
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    Notes: This paper distinguishes four types of ‘Prisoners’ Dilemma games – provision, the commons, selfishness, and altruism – based on the public character of benefits and costs. Although each of these four games has the same 2 × 2 ordinal game form, each differs in terms of strategic, dynamic, and policy implications. Similar differences characterize the n-person representations of the four games. When paired in 3 × 3 representations, the least-desirable Nash equilibrium of the two embedded 2 × 2 games results. The four types of PD games also have different evolutionary and informational requirements for cooperation. Applications include the environment, biology, counterterrorism, and international relations.
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    Notes: ‘Policymakers’ efforts to boost trend output growth may be hampered by the presence of a trade-off between productivity gains and job creation. This paper presents empirical evidence that the negative relationship between productivity growth and employment growth that prevailed in the 1960s and 1970s has disappeared since then. This finding is robust to using alternative measures and including other explanatory variables. The improved trade-off may be good news for policymakers who aim at raising the ‘speed limit’ of the economy.
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    Notes: The importance of aesthetic considerations is widely acknowledged in mathematics and the natural sciences. Beauty motivates mathematical and scientific discoveries and serves as a criterion for their acceptance by the scientific community. In contrast, there is little attention to beauty in the models, theorems and other objects of economic theory. This holds even though mathematics is an important tool of economic analysis. The pure theory of international trade provides useful examples to discuss the role of aesthetics in economic theory. The central feature of the discipline of economics which distinguishes it from the natural sciences and appears to explain the paucity of beauty in economics is that economic models lack generality.
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    Notes: Both the economic theory of federalism and international environmental economics are interested in finding conditions under which countries or groups of countries would like to start cooperation with other countries. In the framework of the standard public-good model this paper presents a criterion for individually rational and thus voluntary international cooperation aiming at the provision of an international public good. This basic criterion can be traced back to Wicksell and Rawls and reflects the idea of reciprocity. In a further step, it is used to specify determinants that affect the decision of a group of countries to enter a coalition. It turns out that in this context the adjustment behavior of the original coalition members as well as that of the remaining outsiders is of particular importance. Finally the theoretical considerations are confronted with actual behavior of countries and groups of countries (as the EU, US and the developing countries) in the Kyoto process leading to a discussion of further prospects for global climate-change policy.
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    Notes: We explore the economic implications of the possible Turkish accession to the European Union. We focus on three main changes associated with Turkish membership: (i) accession to the internal European Market; (ii) institutional reforms in Turkey triggered by EU-membership; and (iii) migration in response to the free movement of workers. Overall, the macroeconomic implications for EU countries are small but positive. European exports increase by around 20%. Turkey experiences larger economic gains than the EU: consumption per capita is estimated to rise by about 4% as a result of accession to the internal market and free movement of labour. If Turkey would succeed in reforming its domestic institutions in response to EU-membership, consumption per capita in Turkey could raise by an additional 9%. These benefits would spill over to the EU.
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    Notes: This article shows that therapeutic advice for behavior within the family is to create a functioning property-rights system and to emulate voluntary transactions within a competitive economic market. The optimal organization of the family requires that relations are structured so that non-cooperative game playing is minimized and transaction costs are reduced. The article employs economic analysis to explain why ‘setting limits’ is preferred to punishment (Pigouvian taxes). It also explains why there is conflict between children and their parents even when the parent's utility is the present discounted value of the child's utility function.
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
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    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 57 (2004), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: The idea of a single-owner who owns the opposing interests of a dispute has been suggested in the literature to make the Coase Theorem operational in resolving dispute. This paper points out that the idea implicitly assumes the existence of an overriding authority, e.g., the Courts, to implement the solution. When such an overriding authority does not exist, a different rationale must be employed to make the single-owner apparatus work. This insight is explored and then applied to help resolve the Taiwan Strait Conflict. Specifically, a ‘One China, Two Republics’ policy is proposed and its implications illustrated.
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    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 57 (2004), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: Why did peacetime government shares of total spending double in a number of Western economies between 1910 and 1938? The widely separated dates for the introduction of universal manhood suffrage and the evidence of a rise in protection during the inter-war period indicate that neither democracy nor globalization can explain this development. This paper reexamines two other explanations, namely, (1) a shift in the demand for public goods and (2) a war-induced willingness to share with one's fellow citizens. By introducing into Schelling's (1978) Multi-Person Dilemma a learning game whose payoffs change endogenously, we provide theoretical explanations for this transformation. We then test the resulting propositions with data on public spending as a share of GNP for the U.S., Canada, the U.K., Germany and Denmark, from the 1870s to the 1930s. In each case, we find no unit root but a break in trend, a result shown to favor explanation (2) over (1).
    Type of Medium: Electronic Resource
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    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 57 (2004), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: The empirical literature on border effects suggests that national borders substantially reduce the level of economic transactions. This paper adds another piece of evidence to the significance of border effects by applying a new data set which is completely independent of the data sets of previous studies. Our data refer to domestic and international passenger departures from German airports. The econometric results indicate that the German border reduces passenger air traffic by a factor of four to five. This magnitude is in line with the results of previous studies for trade and investment flows.
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  • 81
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Kyklos 57 (2004), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Notes: This paper examines the relationship between intra-firm wage dispersion and firm performance in large Belgian firms using a unique matched employer-employee data set. On the basis of the Winter-Ebmer and Zweimüller's (1999) methodology, we find a positive and significant relationship between intra-firm wage dispersion and profits per capita, even when controlling for individual and firm characteristics and addressing potential simultaneity problems. Results also suggest that the intensity of this relationship is stronger for blue-collar workers and within firms with a high degree of monitoring. These findings are more in line with the ‘tournament’ models than with the ‘fairness, morale and cohesiveness’ models.
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