Canadian Journal of Economics
Опубликовано на портале: 11-01-2003Jim Dolmas, Gregory W. Huffman, Mark A. Wynne Canadian Journal of Economics. 2000. Vol. 33 . No. 1 . P. 271-287 .
What can account for the different contemporaneous inflation experiences of various countries, and of the same country over time? We present an analysis of the determination of inflation from a political economy perspective. We document a positive correlation between income inequality and inflation and then present a theory of the determination of inflation outcomes in democratic societies that illustrates how greater inequality leads to greater inflation, owing to a desire by voters for wealth redistribution. We conclude by showing that democracies with more independent central banks tend to have better inflation outcomes for a given degree of inequality.
Опубликовано на портале: 11-01-2003David R.F. Love, Jean-Francois Wen Canadian Journal of Economics. 1999. Vol. 32 . No. 1. P. 171-194 .
The costs of inflation are assessed using an endogenous growth macroeconomic model in which money reduces the time-costs of transacting. Inflation reduces growth in the model, which supports recent empirical evidence. Although simulations show time-costs to be small, inflation raises these costs and affects consumption, employment, and growth margins, implying greater welfare losses than generally found in the literature. The authors estimate welfare gains of 2 percent of GNP for reductions in inflation rates from 5 percent to zero when seignorage revenues are replaced with distortional taxes. Optimal inflation rates are negative.
Опубликовано на портале: 06-02-2003Michael Bradfield Canadian Journal of Economics. 1990. Vol. 23. No. 3. P. 700-704.
This note extends the conventional short-run comparison of perfectly competitive and monopsony markets to show that the long-run monopsony equilibrium implies a greater divergence from the competitive results than is true in the short run. The conditions necessary to have a 'pure' monopsony, with power in only the labour market, are developed and generate a constant marginal revenue product of labour equal to the competitive wage. This leads the monopsonist to cut wages and labour inputs further in the long run and also forms the upper bound on the bargaining range for a union negotiating with a pure monopsonist. [Авторский текст]
Опубликовано на портале: 31-03-2003William E. Schworm Canadian Journal of Economics. 1983. Vol. 16. No. 2. P. 275-287.
In this paper the Crutchfield and Pontecorvo conjecture that a monopsonistic processing sector would induce efficient use of a common property resource is analysed. It is shown that if the harvesting sector consists of a large number of firms with identical convex technologies, then the conjecture is correct. In addition, sufficient conditions are found under which the stationary resource stock with a monopsonistic processing sector is greater than the efficient size.[Авторский текст]
Опубликовано на портале: 11-10-2004Warren B. Bailey Canadian Journal of Economics. 1989. Vol. 22. No. 3. P. 607-618.
This paper documents associations between weekly U.S. money supply releases and four price series from Canada's financial markets. Two significant results emerge. First, the Toronto stock index, Government of Canada bond prices, and Canadian short-term interest rates change with surprises in the announced level of U.S. M1 since the U.S. began targeting money growth in October 1979. These effects do not appear to be transmitted through Canadian monetary variables. Second, the Canada/U.S. exchange rate is uncorrelated with U.S. M1 surprises. This suggests that the Bank of Canada prefers to stabilize the exchange rate rather than the interest rate.