Всего публикаций в данном разделе: 22213
Опубликовано на портале: 15-12-2002Marco Cagetti American Economic Review. 2001. Vol. 91. No. 2. P. 418-421.
This paper examines the question of whether households adjust savings in response to interest rates in a life-cycle model with precautionary savings, where both motives for saving (retirement and precautionary) are present. While uncertainty may be the most important motive for younger households, eventually, households will start saving for retirement as well. By how much the wealth of the median household at retirement changes after an exogenous permanent increase in the after-tax interest rate is computed. In an estimated life-cycle model with precautionary savings, the elasticity of savings is also very low. However, the results are sensitive to the utility parameters.
Опубликовано на портале: 15-12-2002Joseph Henrich, Robert Boyd, Samuel Bowles American Economic Review. 2001. Vol. 91. No. 2. P. 73-78.
Twelve experienced field researchers, working in 12 countries on five continents, recruited subjects from 15 small-scale societies exhibiting a wide variety of economic and cultural conditions. While the results do not imply that economists should abandon the rational-actor framework, they do suggest 2 major revisions. First, the canonical model of the self-interested material payoff-maximizing actor is systematically violated. Second, preferences over economic choices are not exogenous as the canonical model would have it, but rather are shaped by the economic and social interactions of everyday life. Finally, the connection between experimental behavior and the structure of everyday economic life should provide an important clue in revising the canonical model of individual choice behavior.
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: 15-12-2002Marianne Bertrand, Sendhil Mullainathan American Economic Review. 2001. Vol. 91. No. 2. P. 67-72.
Four main messages emerge from the study of subjective survey data. First, a large experimental literature by and large supports economists' skepticism of subjective questions. Second, put in an econometric framework, these findings cast serious doubts on attempts to use subjective data as dependent variables, because the measurement error appears to correlate with a large set of characteristics in behaviors. Third, these data may be useful as explanatory variables. Finally, the empirical work suggests that subjective variables are useful in practice for explaining differences in behavior across individuals. Changes in answers to these questions, however, do not appear useful in explaining changes in behavior.
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.
A theory of buyer-seller networks [статья]
Опубликовано на портале: 15-12-2002Rachel E. Kranton, Deborah F. Minehart American Economic Review. 2001. Vol. 91. No. 3. P. 485-508.
A new model of exchange is introduced: networks, rather than markets, of buyers and sellers. It begins with the empirically motivated premise that a buyer and seller must have a relationship to exchange goods. Networks - buyers, sellers, and the pattern of links connecting them - are common exchange environments. This paper develops a methodology to study network structures and explains why agents may form networks. In a model that captures characteristics of a variety of industries, the paper shows that buyers and sellers, acting strategically in their own self-interests, can form the network structures that maximize overall welfare.
Опубликовано на портале: 15-12-2002Hanming Fang American Economic Review. 2001. Vol. 91. No. 4. P. 924-937.
The connection between obtaining higher paying jobs and undertaking some seemingly irrelevant activity is interpreted as social culture. In the context of a society trying to adopt a new technology, it is shown that by allowing the firms to give preferential treatment to workers based on some cultural activity, the society can partially overcome an informational free-riding problem. Therefore, social culture may affect the economic performance by altering the effective production technology of the 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.
Does money illusion matter? [статья]
Опубликовано на портале: 15-12-2002Ernst Fehr, Jean-Robert Tyran American Economic Review. 2001. Vol. 91. No. 5. P. 1239-1262.
This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, the results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small after a positive shock.
Опубликовано на портале: 15-12-2002Brian L. Goff, Robert E. McCormick, Robert D. Tollison American Economic Review. 2002. Vol. 92. No. 1. P. 16-26.
This paper treats racial integration as an innovation in economic process in which economic entities find it advantageous to utilize potentially more productive inputs previously unavailable due to law, custom, or managerial discretion. Data on the racial integration of Major League Baseball and Atlantic Coast Conference basketball are employed to address this issue. The central question examined is which type of team integrated first - losers or winners. The results strongly support the idea that entrepreneurship trumps competitive rivalry; that is, winning teams led the process of racial integration.
Markets and Diversity [статья]
Опубликовано на портале: 15-12-2002Sherwin Rosen American Economic Review. 2002. Vol. 92. No. 1. P. 1-15.
Despite the importance of diversity in economic life, only a small part of economic theory is devoted to analyzing differences. Competitive markets value diversity and sort out complex patterns of tastes and technologies that translate into supply of and demand for an enormous variety of products and factors of production. The theory of diversity applies universally and is manifest in many economic problems. This paper explores 3 themes: Markets value diversity, markets sort buyers and sellers appropriately to take advantage of heterogeneous talents and tastes, and sorting and choice create income inequality.
Опубликовано на портале: 15-12-2002Laura Chadwick, Gary Solon American Economic Review. 2002. Vol. 92. No. 1. P. 335-344.
New evidence on daughters' intergenerational mobility in a framework that encompasses women not in the labor force, using broader measures of economic status than just the women's own earnings, is presented, and the role of husbands' earnings is highlighted. A parallel analysis of sons' mobility is performed. Intergenerational transmission of income status may be weaker for daughters than for sons, but is still quite substantial. Assortative mating is an important element in the intergenerational transmission process.
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: 15-12-2002Jere R. Behrman, Mark R. Rosenzweig American Economic Review. 2002. Vol. 92. No. 1. P. 323-334.
The positive cross-sectional relationship between the schooling of mothers and their children is substantially biased upward due to correlations between schooling and heritable ability as well as assortative mating. An increase in the schooling of women would not have beneficial effects in terms of the schooling of children. Increased maternal schooling leads to reduced home time for mothers. Anticipating the consequences of investing in women's schooling requires attention to the role that schooling plays in the marriage market as well as to opportunities in the labor market for women.
Опубликовано на портале: 15-12-2002Christos Kotsogiannis, Michael J. Keen American Economic Review. 2002. Vol. 92. No. 1. P. 363-370.
The relative strengths of vertical and horizontal tax externalities turn on the balance between the interest responsiveness of the supply of savings and demand for capital, the extent to which immobile factors are taxed by the states, and the strength of preferences between federal and state expenditures. The vertical externality will dominate if the aggregate tax base of the federation is responsible to the state tax instrument. Tax interactions in federations are more complex than has often been supposed.
Опубликовано на портале: 15-12-2002Gerald E. Auten, Holger Sieg, Charles Clotfelter American Economic Review. 2002. Vol. 92. No. 1. P. 371-382.
This study implies that taxes affect the level of contributions by way of a price effect and an income effect, each of which has two components, a transitory one and a persistent one. The findings suggest that persistent shocks in incomes have a larger impact on charitable donations than do their transitory counterparts. The most important behavioral aspect for considerations of tax policy is the persistent price effect, since transitory effects are passing. Through this effect tax reforms can have a long-lasting influence on charitable giving.
Опубликовано на портале: 15-12-2002Jan-Peter Olters American Journal of Economics and Sociology. 2002. Vol. 61. No. 1. P. 79-102.
Elections, often to a considerable degree, influence the fiscal policies of governments installed on the basis of their results. Yet, economists have tended to view politicians' behavior either as being determined exogenously or as the result of a social planner's maximization of a well-defined social-welfare function (subject to some appropriate technology and resource constraints). On the basis of explicit microeconomic foundations and a democratically coordinated decision-making mechanism over the optimal provision of public goods and the corresponding taxes required to finance them, this paper will introduce a simple economic model of politics that subjects individuals to a two-tiered political decision-making process over party membership and electoral participation, thereby endogenizing the evolution of the competing parties' ideologies, households' electoral behavior, and the key factors explaining the design of fiscal policies. Having the majority party's median delegate determine on the optimal degree of income redistribution suggests that a country's wealth distribution is a crucial explanatory variable explaining its politico-economic development path.
Toward capitalism or away from Russia? Early stage of post-Soviet economic reforms in Belarus and the Baltics [статья]
Опубликовано на портале: 15-12-2002Andrew Savchenko American Journal of Economics and Sociology. 2002. Vol. 61. No. 1. P. 233-257.
While at the start of systemic economic transformations in Eastern Europe, both indigenous reformers and Western observers tended to interpret the events as a rationally conceived and executed replacement of an economic system of inferior performance by another one whose superiority was proven, the developments that followed the disintegration of the Soviet polity did not support this view. Shortly after the former Soviet republics gained independence, they exhibited marked variations in speed and sometimes direction of market transformation that could not be satisfactorily explained within the framework of economic theories used by promoters of reforms. This paper compares the early stages of economic transformation in Belarus, where reforms were eventually abandoned, with the three Baltic states (Latvia, Lithuania, Estonia), which are the most successful emerging market economies among the former Soviet republics. Non-economic factors that might have contributed to this difference are highlighted.
Опубликовано на портале: 15-12-2002Vladimir Kollontai American Journal of Economics and Sociology. 2002. Vol. 61. No. 1. P. 217-232.
This paper analyzes some of the problems created by a rapidly changing interaction between the political and the economic spheres in society. In periods of condensed social change this interaction is profoundly different from customary evolutionary developments. In Russia, various political economic concepts during the last century have led to profound shifts in economic mechanisms and structures (first toward a planned economy, later toward a market one). A knowledge of this experience (and the new problems that surface) might be useful if globalization, environmental issues and the transition to a post-industrial society should lead to periods of condensed socioeconomic change in the West.
Опубликовано на портале: 15-12-2002Shuntian Yao American Journal of Economics and Sociology. 2002. Vol. 61. No. 1. P. 279-299.
This paper examines China's corruption problem with the help of several simple economic models. The concepts of implicit corruption and explicit corruption are proposed. The granting of privileges has directly created implicit corruption in China's socialist market economy. The long-term existence of the same privileged group in Chinese society has led to widespread collusion among its members, and as a result, these privileged group members, by utilizing their monopoly power, are able to seize almost all the wealth created by the ordinary Chinese people. This seizure is accomplished by means of a two-part tariff in pricing their administrative service, which is the essence of the explicit corruption. Because both implicit corruption and explicit corruption are generated by China's political system, which grants and protects privileges, unless a political reform is initiated and privileges are eliminated, China's problem of corruption will never be solved.