American Economic Review
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Опубликовано на портале: 06-02-2003Martin N. Baily American Economic Review. 1975. Vol. 65. No. 3. P. 338-349.
Examines at the microeconomic level the assumption that the rate of change of the labor supply to a firm depends on the wage paid by the firm. Concept of dynamic monopsony; Response in terms of the optimal wage path to different product prices; Properties of the optimal path. (From Ebsco)
Опубликовано на портале: 03-12-2003Simon Kuznets American Economic Review. 1955. Vol. 45. No. 1. P. 1-28.
The process of industrialization engenders increasing income inequality as the labor force shifts from low-income agriculture to the high income sectors. On more advanced levels of development inequality starts decreasing and industrialized countries are again characterized by low inequality due to the smaller weight of agriculture in production (and income generation).
Опубликовано на портале: 15-12-2002John Duffy American Economic Review. 1999. Vol. 89. No. 4. P. 847-877.
Findings are reported from an experiment that implements a search-theoretic model of money as a medium of exchange. The question is whether subjects learn to adopt the same commodities as media of exchange that the model predicts will be used in equilibrium. It is reported that subjects have a strong tendency to play fundamental rather than speculative strategies even in environments where speculative strategies yield higher payoffs. Some possible motivations for subjects' behavior are examined, and it is concluded that subjects are mainly motivated by past payoff experience as opposed to the marketability considerations that the theory emphasizes.
Опубликовано на портале: 15-12-2002George Loewenstein American Economic Review. 2000. Vol. 90. No. 2. P. 426-432.
Economists have not explicitly denied the existence and significance of visceral factors but have traditionally left them out of their analyses, whether because their influence is perceived as transient and hence unimportant, or because they are seen as too unpredictable and complex to be amenable to formal modeling. An attempt is made to show that both of these assumptions are false. Visceral factors have important, but often underappreciated, consequences for behavior. Moreover, both the determinants of visceral factors and their impact on behavior are not only systematic, but amenable to formal modeling.
Опубликовано на портале: 22-07-2003Peter Howitt American Economic Review. 2000. Vol. 90. No. 4. P. 829-846.
In this study, a multicountry Schumpeterian growth model is constructed. Because of technology transfer, R&D-performing countries converge to parallel growth paths; other countries stagnate. A parameter change that would have raised a country's growth rate in standard Schumpeterian theory will permanently raise its productivity and per capita income relative to other countries and raise the world growth rate. Transitional dynamics are analyzed for each country and for the world economy.
Estimating the effect of unearned income on labor earnings, savings, and consumption: Evidence from a survey of lottery players [статья]
Опубликовано на портале: 15-12-2002Guido W. Imbens, Donald B. Rubin American Economic Review. 2001. Vol. 91. No. 4. P. 778-794.
This paper provides empirical evidence about the effect of unearned income on earnings. consumption, and savings. Using an original survey of people playing the lottery in Massachusetts in the mid-1980's, the effects of the magnitude of lottery prizes on economic behavior are analyzed. The critical assumption is that among lottery winners the magnitude of the prize is randomly assigned. It is found that unearned income reduces labor earnings, with a marginal propensity to consume leisure of approximately 11 percent, with larger effects for individuals between 55 and 65 years old. After receiving about half their prize, individuals saved about 16 percent.
Опубликовано на портале: 15-12-2002David L. Carr, James R. Markusen, Keith E. Maskus American Economic Review. 2001. Vol. 91. No. 3. P. 693-708.
The knowledge-capital approach to the multinational enterprise as outlined in this paper is operational and yields clear, testable hypotheses. It is more useful than some other theories of FDI, such as the transactions cost approach to multinational enterprises. Hypotheses are tested regarding the importance of multinational activity between countries as a function of certain characteristics of those countries, particularly size, size differences, relative endowment differences, trade and investment costs, and certain interactions among these variables as predicted by theory. Data fit the model well, lending considerable support to the theory. Outward investment from a source country to affiliates in a host country is increasing the sum of their economic sizes, their similarity in size, the relative skilled-labor abundance of the parent nation, and the interaction between size and relative endowment differences.
Fiscal Policy and Monetary Union: Is There a Tradeoff between Federalism and Budgetary Restrictions? [статья]
Опубликовано на портале: 30-09-2003Barry Eichengreen, Jurgen von Hagen American Economic Review. 1996.
The Maastricht Treaty on Europe Union features an Excessive Deficit Procedure limiting the freedom to borrow of governments participating in the European monetary union. One justification is to prevent states from over- borrowing and demanding a bailout which could divert the European Central Bank from its pursuit of price stability. We challenge this rationale. Using data for a cross section of federal states, we find no association between monetary union and restraints on borrowing by subcentral governments. There is, however, an association between fiscal restraints and the share of the tax base under the control of sub-national authorities. Restraints are prevalent where subcentral governments finance a relatively small share of spending with their own taxes. Lacking control of the tax base, such governments cannot be expected to resort to increased taxation to deal with debt crises. Prohibiting borrowing by subcentral governments will not eliminate the demand for tax smoothing and public investment. Governments whose ability to provide such services is limited may therefore pressure the central government to borrow for them. We report evidence that the financial position of central governments is more fragile where subcentral jurisdictions are prevented from borrowing. The implications for the EU are direct. That EU member states control their own taxes should strengthen the hand of authorities seeking to resist pressure for a bailout. But in the longer run, borrowing restraints may weaken the financial position of Brussels, transferring bailout risk from the member states to the EU itself.
Опубликовано на портале: 15-12-2002Rachel Croson, Nancy Buchan American Economic Review. 1999. Vol. 89. No. 2. P. 386-39.
Gender is rarely included as a factor in economic models. However, recent work in experimental economics, as well as in psychology and political science, suggests that gender is an important determinant of economic and strategic behavior. Gender differences in bargaining are examined using the trust game introduced by Joyce Berg et al. (1995). In this two-person game, the proposer is given a choice of sending some, all, or none of his or her $10 experimental payment to an anonymous partner, the responder. For US subjects, Berg et al. found that 30 of 32 proposers deviated from economic equilibrium and sent some money to their partners. In sending money, proposers are trusting that their partners will return some money to them. In addition, 24 out of 32 of responders who received money returned some. Gender differences in this game are discussed.
Опубликовано на портале: 15-12-2002Donna K. Ginther, Kathy J. Hayes American Economic Review. 1999. Vol. 89. No. 2. P. 397-402.
In their annual review of academic salaries, the American Association of University Professors observes large gender-related salary differentials. At doctoral-level institutions, male professors at the rank of full professor earn 11.4% more than women full professors. Data on academic labor markets from the Survey of Doctorate Recipients to evaluate gender differences in salaries and promotion probabilities. Differences in employment outcomes by gender are found using two methods: the Oaxaca decomposition is used to examine salary differentials, and duration analysis is used to estimate promotion to tenure. While gender salary differences can largely be explained by academic rank, substantial gender differences in promotion to tenure exist after controlling for productivity, demographic characteristics, and primary work activity.
Опубликовано на портале: 15-12-2002Linda Goldberg, Joseph Tracy American Economic Review. 2001. Vol. 91. No. 2. P. 400-405.
A study finds that women, like men, experience most of the expected wage response to dollar fluctuations at times of job transitions, rather than when they remain with the same employer. In this context, dollar-depreciation periods, which are generally viewed as providing positive labor demand shocks, reduce the penalties that often are associated with a job change. Since women have higher job-changing rates than their male counterparts, these findings suggest that the average female worker has more sensitive wages than her male counterpart. Within the population there is diversity in these effects, with the least-educated women having both the highest job-transition rates and the largest response to exchange rates at these transitions.
Опубликовано на портале: 15-12-2002Finis Welch American Economic Review. 2000. Vol. 90. No. 2. P. 444-449.
Although increased wage inequality among men during the past three decades has received more attention, the growth in women's wages has been equally remarkable. In fact, by one measure of inequality, the ninth-decile/median ratio, the proportional growth in inequality has moved in exact proportion with the female/male wage ratio. It is suggested that both result from expansion in the value of brains relative to brawn. There is no way of knowing the full story of growth in women's relative wages, and it is important not to dismiss the import of changing career patterns. As is evident in the panel data, increasing labor market participation must be important. So, too, are the implications that follow the movement of women from the home to the job.
Опубликовано на портале: 15-12-2002Karen E. Dynan American Economic Review. 2000. Vol. 90. No. 3. P. 391-406.
This paper tests for the presence of habit formation using household data. A simple model of habit formation implies a condition relating the strength of habits to the evolution of consumption over time. When the condition is estimated with food consumption data from the Panel Study on Income Dynamics, the results yield no evidence of habit formation at the annual frequency. This finding is robust to a number of changes in the specification. It also holds for several proxies for nondurables and services consumption created by combining PSID variables with weights estimated from Consumer Expenditure Survey data.
Опубликовано на портале: 15-12-2002Lutz Hendricks American Economic Review. 2002. Vol. 92. No. 1. P. 198-219.
This paper offers new evidence on the sources of cross-country income differences. It exploits the idea that observing immigrant workers from different countries in the same labor market provides an opportunity to estimate their human-capital endowments. These estimates suggest that human and physical capital account for only a fraction of cross-country income differences. For countries below 40% of the US output per worker, less than half of the output gap relative to the US is attributed to human and physical capital.
Опубликовано на портале: 15-12-2002Wei-Yin Hu American Economic Review. 2000. Vol. 90. No. 2. P. 368-372.
Analysis of longitudinal data for immigrants presents a more pessimistic portrait of immigrants' economic success. First, the rate of growth of immigrant earnings was overstated in census-based studies. Second, the worsening of immigrant earnings for more recent arrival cohorts is deeper than previously suggested. Against these two negative findings, one must keep in mind an important caveat. The steeper cohort decline in earnings may be a sign of greater human-capital investment by more recent immigrants. Longitudinal data suggest a strong degree of earnings convergence: immigrants who start at lower earnings quickly make up a large part of the deficit relative to their immigrant counterparts.