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Social and Behavioral Sciences Commons™
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Articles 1 - 6 of 6
Full-Text Articles in Social and Behavioral Sciences
Review Of Speculative Bubbles, Speculative Attacks, And Policy Switching, Eric O'N. Fisher
Review Of Speculative Bubbles, Speculative Attacks, And Policy Switching, Eric O'N. Fisher
Economics
No abstract provided.
Growth, Trade, And International Transfers, Eric O'N. Fisher
Growth, Trade, And International Transfers, Eric O'N. Fisher
Economics
This paper analyzes the simplest neoclassical economy in which agents have finite lives and there is sustained per capita growth. The growth rate of the world economy depends upon countries’ savings propensities and common technology. Trade can reverse an economy’s autarkic growth trajectory, and a country with a high savings rate runs a current account surplus. If a surplus country expands aggregate demand while a deficit country contracts analogously, world growth increases. An appropriate international policy can change the path of the world economy from stagnation to growth.
A New Way Of Thinking About The Current Account, Eric O'N. Fisher
A New Way Of Thinking About The Current Account, Eric O'N. Fisher
Economics
Extending the theory of generational accounts, I show that the conventional current account is not related to the real effects of a country's fiscal policy. For any international array of fiscal policies, a country can implement its own policy so that the conventional government and current account deficits are zero in every period. I argue that economists should develop a new measure of the current account. This measure is forward looking and keeps track of expected transfers between countries.
The Influence Of Special District Government On Public Spending And Debt, Michael L. Marlow
The Influence Of Special District Government On Public Spending And Debt, Michael L. Marlow
Economics
Growth in special district governments is examined as a reason behind public sector expansion in the United States. A theoretical model is developed of the optimal mix of government suppliers which predicts how special district governments affect the overall provision of government policies. The hypothesis that expansion of special district governments leads to expansion of the public sector is expirically examined over two time periods.
Price Competition Between Two International Firms Facing Tariffs, Eric O'N. Fisher, Charles A. Wilson
Price Competition Between Two International Firms Facing Tariffs, Eric O'N. Fisher, Charles A. Wilson
Economics
This paper examines the effects of tariffs on price setting duopolists selling a homogeneous product. The producers cannot segment geographically distinct markets. It provides a complete characterization of the equilibrium (mixed) strategies and analyzes the pattern of competition for different tariffs. If a country raises its tariff, the profits of both producers increase, although the protected firm typically benefits more than its foreign counterpart. Growth in one market may reduce the profits of the firm located in the other market.
Contested Tender Offers: An Estimate Of The Hazard Function, Sanjiv Jaggia, Satish Thosar
Contested Tender Offers: An Estimate Of The Hazard Function, Sanjiv Jaggia, Satish Thosar
Economics
In this article we estimate the hazard function (takeover probabilities) for firms that are targets in unsolicited tender offers. The data support a Weibull-gamma specification and imply a hazard rate that increases sharply in the initial period following the bid announcement, after which it declines steadily. In explaining the hazard, we find that the initial bid premium has no explanatory power, but the onset of an auction and the proportion of institutional ownership In the target firm significantly enhance the hazard. Legal and financial restructuring actions by target management are effective in reducing the hazard, thereby prolonging the contest.