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Articles 1 - 23 of 23
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Donohue Senate Testimony On Job Corps 1994, John J. Donohue
Donohue Senate Testimony On Job Corps 1994, John J. Donohue
John Donohue
Testimony of John J. Donohue III, Class of 1967 James B. Haddad Professor of Law, North-western University and Research Fellow, American Bar Foundation, before the Senate Labor Committee.
'Once-Off' And Continuing Gains From Trade, M. Scott Taylor
'Once-Off' And Continuing Gains From Trade, M. Scott Taylor
M. Scott Taylor
Most Economists are familiar with the static or once-off welfare gains created by opening an economy to trade. Much less is known about how the resource reallocations necessitated by this move affect long-run growth, and hence whether they provide dynamic or continuing welfare gains in future periods. This paper employs a dynamic Ricardian trade model to provide a decomposition of the gains from trade into "once-off" and continuing categories. In one version of the model, trade is always welfare enhancing; in the other, "once-off" losses may occur alongside dynamic gains. In both versions the magnitude of the once-off and continuing …
North-South Trade And The Environment, M. Scott Taylor, Brian A. Copeland
North-South Trade And The Environment, M. Scott Taylor, Brian A. Copeland
M. Scott Taylor
A simple static model of North-South trade is developed to examine linkages between national income, pollution, and international trade. Two countries produce a continuum of goods, each differing in pollution intensity. We show that the higher income country chooses stronger environmental protection, and specializes in relatively clean goods. By isolating the scale, composition, and technique effects of international trade on pollution, we show that free trade increases world pollution; an increase in the Rich North's production possibilities increases pollution, while similar growth in the poor South lowers pollution; and unilateral transfers from North to South reduce worldwide pollution.
National Defense And The Public-Goods Problem, Jeffrey Rogers Hummel, Don Lavoie
National Defense And The Public-Goods Problem, Jeffrey Rogers Hummel, Don Lavoie
Jeffrey Rogers Hummel
No abstract provided.
Trips, Trade, And Growth, M. Scott Taylor
Trips, Trade, And Growth, M. Scott Taylor
M. Scott Taylor
A two country model of endogenous growth is employed to assess the importance of intellectual property rights to trade, growth and technology transfer. The paper provides theoretical results linking the intellectual property rights regime to trade patterns, aggregate R&D, worldwide growth, and aggregate welfare measures. Failure to provide patent protection for foreign made innovations forces innovators to employ less than the best practice research technologies, reduces aggregate R&D activities worldwide, effectively eliminates technology transfer across countries, and reduces worldwide growth.
Judicial Legitimacy: An Interpretation As A Repeated Game, Eric Bennett Rasmusen
Judicial Legitimacy: An Interpretation As A Repeated Game, Eric Bennett Rasmusen
Eric Bennett Rasmusen
If society wishes to maintain an independent judiciary, it faces the problem of how to restrain judges from indulging their personal whims. One restraint is the desire of judges to influence future judges. To do so, they may have to maintain their own or the system's legitimacy by restraining their own behavior. This situation is usefully viewed as an equilibrium of an infinitely repeated game.
Cheap Bribes And The Corruption Ban: A Coordination Game Among Rational Legislators, Eric Bennett Rasmusen, J. Mark Ramseyer
Cheap Bribes And The Corruption Ban: A Coordination Game Among Rational Legislators, Eric Bennett Rasmusen, J. Mark Ramseyer
Eric Bennett Rasmusen
Legislators in modern democracies (a) accept bribes that are small compared to value of the statutes they pass and (b) allow bans against bribery to be enforced. In our model of bribery, rational legislators accept bribes smaller not only than the benefit the briber receives but than the costs the legislators incur in accepting the bribes. Rather than risk this outcome, the legislators may be willing to suppress bribery altogether. The size of legislatures, the quality of voter information, the nature of party organization, and the structure of committees will all influence the frequency and size of bribes.
In Search Of A Monetary Anchor: A "New" Monetary Standard, Warren Coats
In Search Of A Monetary Anchor: A "New" Monetary Standard, Warren Coats
Warren Coats
This discussion of monetary rules generalizes "commodity" standard/currency board rules in a new way to target the CPI.
Wage Bargaining With Time-Varying Threats, Peter Cramton, Joseph Tracy
Wage Bargaining With Time-Varying Threats, Peter Cramton, Joseph Tracy
Peter Cramton
We study wage bargaining in which the union is uncertain about the firm's willingness to pay and threat payoffs vary over time. Strike payoffs change over time as replacement workers are hired, as strikers find temporary jobs, and as inventories or strike funds run out. We find that bargaining outcomes are substantially altered if threat payoffs vary. If dispute costs increase in the long-run, then dispute durations are longer, settlement rates are lower, and wages decline more slowly during the short-run (and may even increase). The settlement wage is largely determined from the long-run threat, rather than the short-run threat.
The Determinants Of U.S. Labor Disputes, Peter Cramton, Joseph Tracy
The Determinants Of U.S. Labor Disputes, Peter Cramton, Joseph Tracy
Peter Cramton
We present a bargaining model of union contract negotiations, in which the union decides between two threats: the union can strike or continue to work under the expired contract. The model makes predictions about the level of dispute activity and the form the disputes take. Strike incidence increases as the strike threat becomes more attractive, because of low unemployment or a real wage drop during the prior contract. We test these predictions by estimating logistic models of dispute incidence and dispute composition for U.S. labor contract negotiations from 1970 to 1989. We find empirical support for the model's key predictions, …
Relational Investing And Agency Theory, Peter Cramton, Ian Ayres
Relational Investing And Agency Theory, Peter Cramton, Ian Ayres
Peter Cramton
This Article analyzes how, and when, corporate governance could be improved by utilizing "relational investing." The term relational investing is just coming into vogue and there does not yet seem to be a consensus on what it means. Although the term has been trumpeted on the cover of Business Week, before the Conference on Relational Investing at Columbia University, relatively little legal writing had been published on the subject. For the purposes of this Article, we define relational investing to encompass commitments to buy and hold significant blocks of a corporation's stock. And it is particularly important that the relational …
Inventory, Business Cycles And Monetary Transmission (Ed.), Riccardo Fiorito
Inventory, Business Cycles And Monetary Transmission (Ed.), Riccardo Fiorito
riccardo fiorito
No abstract provided.
Stylized Facts Of Business Cycles In The G7 From A Real Business Cycles Perspective, Riccardo Fiorito, Tryphon Kollintzas
Stylized Facts Of Business Cycles In The G7 From A Real Business Cycles Perspective, Riccardo Fiorito, Tryphon Kollintzas
riccardo fiorito
This paper investigates the basic stylized facts of business cycles in the G-7 countries using quarterly data (1960-89). The methodology is based on Kydland-Prescott (1990). The evidence suggests that the RBC model can account for several major stylized facts for all seven countries. In particular, consumption is procylical and fluctuates more than output; net exports are countercyclical; prices are countercyclical; government consumption and money do not have a clear cut pattern.
Regional Unemployment In Italy: Sources And Cures, Maurizio Baussola, Riccardo Fiorito
Regional Unemployment In Italy: Sources And Cures, Maurizio Baussola, Riccardo Fiorito
riccardo fiorito
A regional model of Italy analyzes unemployment responses to supply and demand shocks in the market for labor and goods. Both supply and demand components of unemployment are endogenous. Employment has low elasticity to output in Southern Italy where labor force increases more because of demographic and participation changes. This also makes it difficult to close the gap between this region and the most developed areas of the country.
Alternative Fishery Management Policies: Monitoring Costs Versus Catch Limits, Philip E. Graves, Robert L. Sexton, Dwight R. Lee, Steve Jackstadt
Alternative Fishery Management Policies: Monitoring Costs Versus Catch Limits, Philip E. Graves, Robert L. Sexton, Dwight R. Lee, Steve Jackstadt
PHILIP E GRAVES
There was no abstract for this brief note.
Food Quality: Safety, Nutrition, And Labeling, Julie Caswell
Food Quality: Safety, Nutrition, And Labeling, Julie Caswell
Julie Caswell
This paper discussed food quality issues associated with both food safety and food nutritional content. Policy approaches to satisfying consumer demands for safe, nutritious food are described from administrative as well as economic perspectives. Current priority issues include instituting better ways of reducing risks from microbial pathogens, from agricultural chemical residues, and on the nutritional front enhancing the nutritional profile of consumers' diets. Nutrition labeling changes have been achieved. Thus, dietary change must be attained primarily through effective means of enhancing nutritional knowledge, changing attitudes and, ultimately, behavior. The paper concludes by considering the development of the next agricultural/food legislation …
Creating Successful Partnerships In Export Promotion, John R. Mullin, Zenia Kotval, Maureen Moriarty
Creating Successful Partnerships In Export Promotion, John R. Mullin, Zenia Kotval, Maureen Moriarty
John R. Mullin
Until recently, many small firms had little or no interest in exporting as the complexities of working within the international marketplace proved to be a deterrent for many of these companies. However, the steady erosion of the U.S. share of total world exports during the 1960's and 1970's has been important not only from a statistical point of view, but from its impact on the national economy. According to the Department of Commerce, it is estimated that an additional one billion dollars of the trade activity creates close to 40,000 jobs and generates 400 million dollars in State and Federal …
Employer Recruitment And The Integration Of Industrial Labor Markets, 1870-1914, Joshua L. Rosenbloom
Employer Recruitment And The Integration Of Industrial Labor Markets, 1870-1914, Joshua L. Rosenbloom
Joshua L. Rosenbloom
The substantial shifts in the sectoral and geographic location of economic activity that took place in the late nineteenth-century United States required the reallocation of large quantities of labor. This paper examines the response of labor market institutions to the challenges of unbalanced growth. Based on previously unexploited descriptive evidence from the reports of the Immigration Commission it argues that employer recruitment was crucial to the adjustment of labor markets to shifting patterns of supply and demand. Because individual employers could capture only a fraction of the benefits of recruitment, however, investment in this activity may have been less than …
Race, Poverty, And Enlistment: Some Evidence From The National Longitudinal Survey Of Youth, Michael C. Seeborg
Race, Poverty, And Enlistment: Some Evidence From The National Longitudinal Survey Of Youth, Michael C. Seeborg
Michael Seeborg
This paper explores the determinants of enlistment for a large sample of male youth drawn from the National Longitudinal Survey of Youth. Logit results indicate that the probability of enlistment is directly related to minority and poverty status while controlling for ability and a number of other socioeconomic background variables. In addition, an analysis of poverty transitions show that a very large percentage of enlistees in the early 1980s who were living in poverty at age 17 were successful in escaping poverty by 1990. An important conclusion is that the military can serve as a mechanism of upward economic mobility …
Economics And Rational Conservation Policy, Gilbert E. Metcalf
Economics And Rational Conservation Policy, Gilbert E. Metcalf
Gilbert E. Metcalf
Energy analysts have long been concerned with the apparently low level of energy-efficient investments and have suggested the presence of various market barriers and failures that hinder investment. The concept of a barrier as defined here is some force that is working against investment in energy-efficient technologies. Market failures, on the other hand, are failures of the competitive paradigm that lead to economically inefficient outcomes. Market barriers require no particular response on the part of government while market failures may call for some policy response.
Prometheus Born: The High Middle Ages And The Relationship Between Law And Economic Conduct, David J. Gerber
Prometheus Born: The High Middle Ages And The Relationship Between Law And Economic Conduct, David J. Gerber
David J. Gerber
No abstract provided.
Heterogeneous Demand And Order Of Resource Extraction, Ujjayant N. Chakravorty, Darrell Krulce
Heterogeneous Demand And Order Of Resource Extraction, Ujjayant N. Chakravorty, Darrell Krulce
Ujjayant Chakravorty
No abstract provided.
Aggregate Convergence And Sectoral Specialization In Innovation, Mario Pianta, Daniele Archibugi
Aggregate Convergence And Sectoral Specialization In Innovation, Mario Pianta, Daniele Archibugi
Mario Pianta
Over the last 20 years OECD countries have converged in terms of their innovation, in parallel to the process of economic convergence and catching-up in technology. However, this has not led to a similarity in the sectoral strenghts of the majority of countries. Applying a measure of "technological distance" between pairs of countries based on patents, it is shown that nations have increased their technological specialization (i.e their sectoral differences) over the 1980s. An apparent paradox is pointed out, as countries converge by becoming more different and grow by becoming more specialized.