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Consumer Environmental Awareness in a Green Managerial Delegation Contract Under Common Ownership 共同所有权下绿色管理委托合同中的消费者环境意识
IF 1 3区 经济学
Metroeconomica Pub Date : 2025-01-08 DOI: 10.1111/meca.12492
Mingqing Xing, Sang-Ho Lee
{"title":"Consumer Environmental Awareness in a Green Managerial Delegation Contract Under Common Ownership","authors":"Mingqing Xing,&nbsp;Sang-Ho Lee","doi":"10.1111/meca.12492","DOIUrl":"https://doi.org/10.1111/meca.12492","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines consumers' environmental awareness (CEA) in a green managerial delegation contract with environmental incentives under common ownership. We find that higher CEA increases environmental incentives, while an increase of common ownership may reduce environmental incentives if CEA is high enough. We also demonstrate that an increase of common ownership is profitable to the industry through environmental incentives only when both CEA and common ownership are small enough, but a higher CEA can reduce the industry-wide profitable level of common ownership. Our analysis reveals that the government should monitor the higher level of common ownership and induce higher environmental incentives as CEA increases.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 3","pages":"439-452"},"PeriodicalIF":1.0,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Conflict Inflation: Keynesian Path Dependency or Marxian Cumulation? 冲突型通货膨胀：凯恩斯路径依赖还是马克思累积？
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-12-19 DOI: 10.1111/meca.12490
Peter Skott
{"title":"Conflict Inflation: Keynesian Path Dependency or Marxian Cumulation?","authors":"Peter Skott","doi":"10.1111/meca.12490","DOIUrl":"https://doi.org/10.1111/meca.12490","url":null,"abstract":"<div>\u0000 \u0000 <p>Notions of conflict inflation have been central to neo-Marxian and post-Keynesian economics. There are tensions, however, within the Marxian/post-Keynesian camp. Post-Keynesians emphasize weak feedback effects between price and wage inflation, thereby preserving the importance of aggregate demand in the determination of output and employment in the medium and long run. Like Kalecki in his famous analysis of “Political aspects of full employment”, Marxists typically suggest, on the contrary, that if unemployment is kept low, cumulative increases in workers' power and militancy imply severe limitations of aggregate demand policy in the long run. The paper discusses these rival perspectives and their implications, suggesting that (i) valid Marxian concerns are likely to derail ambitious reform programs that rely on fiscal expansion, (ii) Kalecki's analysis failed to recognize the centrality of inflation for aggregate demand policy and the multidimensional character of class conflict, and (iii) rather than focus on the wage struggle, labor movements may benefit from prioritizing political and institutional change.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 3","pages":"421-438"},"PeriodicalIF":1.0,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bank Credit, Portfolio Selection, and Macrodynamics in a Small Open Economy 小型开放经济中的银行信贷、投资组合选择和宏观动力学
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-12-12 DOI: 10.1111/meca.12491
Toshio Watanabe
{"title":"Bank Credit, Portfolio Selection, and Macrodynamics in a Small Open Economy","authors":"Toshio Watanabe","doi":"10.1111/meca.12491","DOIUrl":"https://doi.org/10.1111/meca.12491","url":null,"abstract":"<div>\u0000 \u0000 <p>We propose an open macroeconomic model based on Bernanke and Blinder's credit perspective. We assume a small open economy with imperfect capital movement and substitutes for financial assets under a floating exchange rate system. We represent credit creation mechanisms and investigate the impact of financial factors on the home economy. We find that the difference in relative responses of banks and firms to the profit rate is associated with short-term economic fluctuations and long-term economic stability. Finally, we examine the effects of an inflation targeting policy, signifying that the central bank must gain credibility for its monetary policy to achieve stability.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 3","pages":"405-420"},"PeriodicalIF":1.0,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Classical Marxian Two-Sector Endogenous Cycle Model 经典马克思二部门内生周期模型
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-11-20 DOI: 10.1111/meca.12487
John Cajas-Guijarro
{"title":"A Classical Marxian Two-Sector Endogenous Cycle Model","authors":"John Cajas-Guijarro","doi":"10.1111/meca.12487","DOIUrl":"https://doi.org/10.1111/meca.12487","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper presents a Classical Marxian Two-Sector Endogenous Cycle (CMTSEC) model, merging Dutt's two-sector Classical convergence model with labor dynamics drawn from the Goodwin model and an endogenous labor supply inspired by Harris's interpretation of capitalist dynamics. Empirical support reinforces these assumptions. Utilizing the Hopf bifurcation theorem and numerical simulations, we demonstrate the emergence of persistent and stable limit cycles involving the wage share, employment rate, and sectoral capital distribution, all without relying on specific capital intensity discrepancies between sectors. This result challenges existing two-sector models, particularly Sato's extension of the Goodwin model, in which endogenous cycles either do not exist or vanish over time, even when endogenous labor supply is incorporated. Notably, sectoral profit rates exhibit cyclical fluctuations in the CMTSEC model, suggesting a reevaluation of long-run equilibrium. The findings highlight the role of investment sensitivity to sectoral profit rate disparities in determining cycle stability.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 3","pages":"384-404"},"PeriodicalIF":1.0,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Making Decisions When Outcomes are Irreducible: Shackle's Imagination and Virtual Reality 当结果不可简化时做出决定：枷锁的想象力和虚拟现实
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-11-12 DOI: 10.1111/meca.12488
Samer Adra
{"title":"Making Decisions When Outcomes are Irreducible: Shackle's Imagination and Virtual Reality","authors":"Samer Adra","doi":"10.1111/meca.12488","DOIUrl":"https://doi.org/10.1111/meca.12488","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper addresses the challenge of navigating irreducible outcomes, where predicting future patterns proves futile despite understanding the underlying rules. It advocates for G.L.S. Shackle's imagination-focused decision approach as a partial solution. Integrating the concept of the extended mind, I argue that modern technological advances such as Virtual Reality (VR) further enhance Shackle's approach, rather than compromising its subjective nature. In light of the challenges in applying reductivist tools to the outcomes of VR, I propose Shackle's framework as a promising framework for integrating such outcomes into decision-making processes. Via this framework, decision-makers capitalize on large` gains and hedge against large losses, despite not fully overcoming irreducibility.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 2","pages":"372-381"},"PeriodicalIF":1.0,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143770264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Kaleckian growth model of secular stagnation with induced innovation 长期停滞与诱导创新的卡列奇增长模型
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-11-01 DOI: 10.1111/meca.12486
Marco Stamegna
{"title":"A Kaleckian growth model of secular stagnation with induced innovation","authors":"Marco Stamegna","doi":"10.1111/meca.12486","DOIUrl":"https://doi.org/10.1111/meca.12486","url":null,"abstract":"<p>This paper works out a demand-led growth model that draws on the Kaleckian-Steindlian tradition to examine the relationships between income distribution, capacity utilization, and capital accumulation; on Goodwin-type growth cycle models to investigate the dynamic interaction between labour market and distributive conflict; and on the induced innovation literature to link labour productivity growth to income distribution. We find that: (i) an increase in the labour share driven by stronger workers' bargaining power leads to faster capital accumulation and labour productivity growth in the long run, irrespective of the short-run growth regime of the economy; (ii) a positive institutional shock to the labour share can either increase or decrease the long-run employment rate, depending on the short-run growth regime; and (iii) an increase in the labour share driven by negative technology shocks leads to faster capital accumulation and labour productivity growth in the long run only if the economy exhibits a short-run wage-led regime. This model then unifies classical/neo-Goodwinian and Kaleckian views on the long-run relationships between the labour share, employment, and growth within a more general Kaleckian framework of a labour-constrained economy with induced technical change.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 2","pages":"340-371"},"PeriodicalIF":1.0,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143770397","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Kaleckian growth model with public capital and debt accumulation 考虑公共资本和债务积累的卡列克增长模型
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-09-23 DOI: 10.1111/meca.12485
Hiroshi Nishi, Kazuhiro Okuma
{"title":"A Kaleckian growth model with public capital and debt accumulation","authors":"Hiroshi Nishi,&nbsp;Kazuhiro Okuma","doi":"10.1111/meca.12485","DOIUrl":"https://doi.org/10.1111/meca.12485","url":null,"abstract":"<p>We develop a three-dimensional Kaleckian growth model that incorporates public capital, labour productivity growth, and government debt accumulation, and present three main findings. First, a positive labour productivity growth rate and the Domar condition are essential for a stable, steady state. Second, a proactive fiscal stance promotes economic growth and capital composition. Finally, in the wage-led growth regime, a pro-labour income distribution boosts economic growth and capital composition while reducing the government debt ratio, whereas in the profit-led growth regime, a pro-capital income distribution increases economic growth, capital composition, and the government debt ratio.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 2","pages":"311-339"},"PeriodicalIF":1.0,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143770597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Partially funded social security and growth 为社会保障和增长提供部分资金
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-09-03 DOI: 10.1111/meca.12484
Carlos Bethencourt, Lars Kunze, Fernando Perera-Tallo
{"title":"Partially funded social security and growth","authors":"Carlos Bethencourt,&nbsp;Lars Kunze,&nbsp;Fernando Perera-Tallo","doi":"10.1111/meca.12484","DOIUrl":"10.1111/meca.12484","url":null,"abstract":"<p>This paper investigates the relationship between economic growth and the degree of fundedness of a social security system in an overlapping generations model with family altruism. It is shown that the relationship between the degree of fundedness and economic growth is inverted U-shaped so that a gradual increase in funding may harm growth if bequests are not operative within the family. Our findings put some caution on the conventional view that a higher degree of funded social security is beneficial for growth.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 2","pages":"297-310"},"PeriodicalIF":1.0,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12484","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Using input-output data to model the structure of export linkages in global value chains: A Brazil case study 利用投入产出数据为全球价值链中的出口联系结构建模：巴西案例研究
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-08-22 DOI: 10.1111/meca.12478
Andrew B. Trigg, Davide Villani, Fabrício Pitombo Leite, Jonathan R. Perraton
{"title":"Using input-output data to model the structure of export linkages in global value chains: A Brazil case study","authors":"Andrew B. Trigg,&nbsp;Davide Villani,&nbsp;Fabrício Pitombo Leite,&nbsp;Jonathan R. Perraton","doi":"10.1111/meca.12478","DOIUrl":"10.1111/meca.12478","url":null,"abstract":"<p>This paper considers Global Value Chains by developing an open Leontief input-output model for which household consumption is endogenously determined—the Type II framework. Three specific contributions are: an extension of the Type II input-output model to a multi-country setting; its empirical modelling using trade-linked input-output tables; and a Brazil case study for exploring how the industrial structure of export linkages impact on employment. Policy dilemmas that emerge for Brazil's industrial strategy focus on its heavy reliance on primary-based industries, and how it might diversify its trading partners.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 2","pages":"272-296"},"PeriodicalIF":1.0,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12478","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monetary policy, income distribution and semi-autonomous demand in the US 美国的货币政策、收入分配和半自主需求
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-08-21 DOI: 10.1111/meca.12479
Joana David Avritzer, Maria Cristina Barbieri Goes
{"title":"Monetary policy, income distribution and semi-autonomous demand in the US","authors":"Joana David Avritzer,&nbsp;Maria Cristina Barbieri Goes","doi":"10.1111/meca.12479","DOIUrl":"10.1111/meca.12479","url":null,"abstract":"<p>We empirically explore the role of monetary and distribution shocks on semi-autonomous demand under a supermultiplier framework. We use quarterly data for the United States from 1968 to 2022 and apply a SVAR model to investigate the effect of changes in financial and distributive variables on autonomous expenditure. We find that: (i) the federal funds rate has a negative and statistically significant effect on autonomous expenditure; (ii) a positive shock in the wage share (WS) has a negative effect on non-revolving consumer credit (CC) and a transitory positive effect on induced consumption; (iii) a positive shock in aggregated autonomous demand has a positive, persistent, and significant effect on induced consumption and, output, as well as on the adjusted WS; (iv) a positive shock in private residential investment has a positive, persistent and statistically significant effect on other autonomous components of demand and output; (v) while residential investment positively influences CC and durable consumption, the inverse does not hold.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"243-270"},"PeriodicalIF":1.0,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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