Journal of Economic Theory and Econometrics最新文献_第4页

PROFIT TRANSFER WITHIN A VERTICAL RELATIONSHIP 垂直关系内的利润转移

Journal of Economic Theory and Econometrics Pub Date : 2017-01-01 DOI: 10.22812/JETEM.2017.28.4.004

AhnIllTae

{"title":"PROFIT TRANSFER WITHIN A VERTICAL RELATIONSHIP","authors":"AhnIllTae","doi":"10.22812/JETEM.2017.28.4.004","DOIUrl":"https://doi.org/10.22812/JETEM.2017.28.4.004","url":null,"abstract":"We consider a vertical relationship between a single upstream firm and a single downstream firm and examine the economic effects of the profit transfer program, where the downstream firm transfers a predetermined share of its profit to the upstream firm. We analyze the effects under two scenarios, according as how the price is determined in the upstream market. One is where the upstream firm sets the price of the intermediate good and the downstream firm takes the price as given. The other is where the downstream firm acts as a monopsonist and sets the price of the intermediate good. In the former scenario, the profit transfer alleviates the problem of ‘double marginalization’ and enhances economic efficiency. The downstream firm will hire more intermediate good and will produce more output. And the upstream firm will increase the effort level to reduce the production cost. The consumer surplus and the social welfare will rise. On the other hand, in the latter scenario, the profit transfer has opposite effects. It induces the downstream firm to hire less intermediate good. The upstream firm’s effort level to reduce the production cost decreases. As a result, the output of the final good, the consumer surplus, and the social welfare decrease. We will also examine how the profit transfer affects the individual firms’ profits.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"28 1","pages":"61-99"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68342207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

How the capital utilization adjustment cost should be implemented in DSGE model 资本利用调整成本在DSGE模型中应该如何实现

Journal of Economic Theory and Econometrics Pub Date : 2016-09-30 DOI: 10.22812/JETEM.2016.27.3.003

K. Kim, Chang-kee Lee

引用次数: 1

The Effect of Banking Sector’s Business Conditions on the Transmission Mechanism of Monetary Policy 银行业经营状况对货币政策传导机制的影响

Journal of Economic Theory and Econometrics Pub Date : 2016-09-01 DOI: 10.22812/JETEM.2016.27.3.004

Jaeho Yun, Hoon-Tae Ryoo, Jin Mo Chung

引用次数: 1

The Rise and Fall of Miracles 奇迹的兴衰

Journal of Economic Theory and Econometrics Pub Date : 2016-06-01 DOI: 10.22812/JETEM.2016.27.2.001

Jang-Ok Cho, S. Kim

{"title":"The Rise and Fall of Miracles","authors":"Jang-Ok Cho, S. Kim","doi":"10.22812/JETEM.2016.27.2.001","DOIUrl":"https://doi.org/10.22812/JETEM.2016.27.2.001","url":null,"abstract":"It is shown that an economy can grow endogenously in early stage of development. However, the growth is not due to the factors emphasized in the literature but due to abundant labor. If labor is abundant enough to render real wage rate fixed as Lewis (1954) postulated, the marginal product of capital does not decrease with capital and hence endogenous growth emerges. However, the endogenous growth is temporary in the sense that once labor has been fully utilized, the growth enters neoclassical phase in which the economy converges along saddle path to its steady state of low growth. The model is proposed to explain the difference between West German and Japanese growth pattern after World War II. It is argued that West Germany was a highly industrialized Solow (1956) economy far below her steady state due to wartime destruction. As was predicted by Solow, West German growth rate was extremely high initially. However, her growth pace slowed down gradually from the beginning to a low growth steady state. By contrast, Japanese economy after the war was a largely agrarian and labor abundant Lewis economy. Japan's rapid economic growth which had been sustained temporarily for about twenty years before she took the path converging to the present steady state of low growth was endogenous. Almost all of the growth miracles since the latter half of the twentieth century have been of Japanese pattern.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"4 1","pages":"1-38"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68342553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Asymmetric Information about Rivals' Types: Existence of Equilibrium in First-Price Auction 竞争对手类型的信息不对称:首价拍卖中均衡的存在

Journal of Economic Theory and Econometrics Pub Date : 2016-01-01 DOI: 10.22812/JETEM.2016.27.1.001

Jinwoo Kim

引用次数: 0

Can Idiosyncratic Shocks to Firms Explain Macroeconomic Growth and Fluctuations in Korea 企业的特殊冲击能解释韩国的宏观经济增长和波动吗

Journal of Economic Theory and Econometrics Pub Date : 2015-09-01 DOI: 10.22812/JETEM.2015.26.3.004

Mihye Lee

引用次数: 2

Investigation into the compatibility of stationarity of short-term interest rate proxies with the dynamic term structure models of interest rates 短期利率代理的平稳性与利率动态期限结构模型的兼容性研究

Journal of Economic Theory and Econometrics Pub Date : 2015-01-01 DOI: 10.22812/JETEM.2015.26.1.003

Taehyung Kim, Jeong-gun Park

{"title":"Investigation into the compatibility of stationarity of short-term interest rate proxies with the dynamic term structure models of interest rates","authors":"Taehyung Kim, Jeong-gun Park","doi":"10.22812/JETEM.2015.26.1.003","DOIUrl":"https://doi.org/10.22812/JETEM.2015.26.1.003","url":null,"abstract":"By building on the work of Conley et al. (1997), we investigate the stationarity of riskless short-term interest rate processes, analyzing generalized stochastic volatility models with level effects and examine the compatibility of stationarity of short-term interest rates with the popular dynamic term structure of models of interest rates, such as ATSM and QTSM. We extend extant stochastic volatility models with level effects crucial in characterizing the stationarity of a continuous time stochastic process, estimate the extended models using an efficient simulation-based MCML(Monte Carlo Maximum Likelihood) estimation method using importance sampling and implement model diagnostics using the inverse of standard normal distribution of the dynamic probability integral transform obtained via an auxiliary particle filter. Empirical estimation results indicate that TB3M and Call1d exhibit drift-induced stationarity compatible with both ATSM and QTSM, and that ED1M, KTB3M, MMF7d, CD91d and CP91d are of volatility-induced stationarity. Consequently, the results imply that, without careful consideration for the nature of stationarity of a short-term interest rate, indiscriminate application of theoretical models assuming the drift-induced stationarity of short-term interest rates may cause serious failure in derivative pricing and risk management.","PeriodicalId":39995,"journal":{"name":"Journal of Economic Theory and Econometrics","volume":"26 1","pages":"70-126"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68342141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Understanding Currency Crises and Their Contagion 理解货币危机及其传染

Journal of Economic Theory and Econometrics Pub Date : 2014-01-01 DOI: 10.22812/JETEM.2014.25.3.002

Frederick Dongchuhl Oh, Hyunjoon Lim

引用次数: 0

Nonparametric Estimation of Periodicity of Power Volatility and Discontinuous Daily Jump and Intraday Jump 电力波动周期的非参数估计及不连续日跳和日内跳

Journal of Economic Theory and Econometrics Pub Date : 2014-01-01 DOI: 10.22812/JETEM.2014.25.1.003

Yi, Chaedeug

引用次数: 2

New evidence on determinants of income inequality 收入不平等决定因素的新证据

Journal of Economic Theory and Econometrics Pub Date : 2013-06-01 DOI: 10.22812/JETEM.2013.24.2.004

Kwanho Shin, Donggyun Shin

引用次数: 1