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Solow's attempt to revive the concept of ‘social rate of return’ and Pasinetti's critique 索洛复兴 "社会收益率 "概念的尝试和帕西内蒂的批评
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2024-06-26 DOI: 10.1111/meca.12473
Heinz D. Kurz, Neri Salvadori
{"title":"Solow's attempt to revive the concept of ‘social rate of return’ and Pasinetti's critique","authors":"Heinz D. Kurz, Neri Salvadori","doi":"10.1111/meca.12473","DOIUrl":"https://doi.org/10.1111/meca.12473","url":null,"abstract":"The paper deals with Robert Solow's attempt to revive the concept of the ‘social rate of return’ and Luigi Pasinetti's critique of it. By means of this concept Solow thought to be able to circumnavigate the capital theoretical attack on the marginalist theory by claiming that the rate of interest is an accurate measure of, and can be seen as being determined by, the ‘social rate of return’. His analysis focused on a switch‐point between two techniques, in which, alas, the rate of interest is already fixed. Pasinetti objected that, by construction, Solow established the opposite of what he thought he had done. Since in a switch‐point also the prices of capital goods are known, the ‘quantity of capital’ employed is fixed: it depends on the rate of interest and therefore cannot be taken as given independently of it and the corresponding system of prices.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"27 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141507777","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
Economic growth and Indian wealth‐income ratios in the long run: 1860–2018 经济增长与印度财富收入比的长期关系：1860-2018
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2024-06-22 DOI: 10.1111/meca.12475
Rishabh Kumar
{"title":"Economic growth and Indian wealth‐income ratios in the long run: 1860–2018","authors":"Rishabh Kumar","doi":"10.1111/meca.12475","DOIUrl":"https://doi.org/10.1111/meca.12475","url":null,"abstract":"This paper presents new series on the evolution of wealth‐income ratios in India. I construct a new macro‐history dataset, covering the period 1860–2018 and containing historical series on the composition and level of national wealth, national income, savings, investment and prices. These data show a gradual rise in India's national wealth‐to‐national income ratio (<jats:italic>β</jats:italic> = <jats:italic>W</jats:italic>/<jats:italic>Y</jats:italic>) since the mid‐twentieth century, with the main takeoff occurring around the end of the twentieth century. I ascribe this pattern to the steady increase in saving rates since independence which were themselves the consequence of income shifts in favor of higher saving sectors under India's mixed economy era. Prior to 1950, wealth‐income ratios fluctuated a lot on account of land prices and low economic growth. These series offer an alternative timeline of wealth concentration in the absence of long‐run distributional data. In colonial India, land was dominant in national wealth, and its ownership was concentrated. In recent decades the importance of capital and urban land—both also concentrated in ownership—has increased.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"28 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141507778","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
Fiscal and macroprudential policy coordination for stabilization purposes 为稳定目的协调财政和宏观审慎政策
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-06-11 DOI: 10.1111/meca.12471
María Malmierca-Ordoqui
{"title":"Fiscal and macroprudential policy coordination for stabilization purposes","authors":"María Malmierca-Ordoqui","doi":"10.1111/meca.12471","DOIUrl":"10.1111/meca.12471","url":null,"abstract":"<p>The COVID-19 pandemic has highlighted the need of maintaining financial and economic stabilization to mitigate the negative effects of the health crisis. In the context of a currency area, national governments count on national fiscal and macroprudential instruments to stabilize their own economy. Through a DSGE model for a monetary union I assess the welfare implications of different macroprudential-fiscal policy combinations, that are set with stabilization purposes. The findings confirm that for a supply and a demand shock, as the ones responsible for the economic crisis of 2020, the stabilizing policy mix might deteriorate welfare. By contrast, after a financial shock, similar to that of the Great Recession, the stabilizing policy combination strategies always achieve welfare gains.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"641-669"},"PeriodicalIF":1.0,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141355461","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
Full household equilibrium 完全家庭均衡
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-05-24 DOI: 10.1111/meca.12463
Arrigo Opocher, Ian Steedman
{"title":"Full household equilibrium","authors":"Arrigo Opocher,&nbsp;Ian Steedman","doi":"10.1111/meca.12463","DOIUrl":"10.1111/meca.12463","url":null,"abstract":"<p>Developing ideas suggested by James Meade, Harry Johnson and Neil Laing, we argue that when one compares alternative long-period positions, as in the work-horse two commodity, two primary input model, the household's expenditure and the prices of the commodities purchased cannot be treated as independent variables. We call such a full adaptation of households to consistent price configurations ‘full household equilibrium’. It is found that, at both the household and the aggregate levels, the purchased quantity of a ‘normal’ commodity can increase when its relative price rises. This basic result is readily applied both to aspects of welfare theory and to international trade theory.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"593-608"},"PeriodicalIF":1.0,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141100642","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
Assessing the regional impacts of a multi-hosting mega sport event: The case of EURO 2020 in Rome 评估多次举办大型体育赛事对地区的影响：2020 年罗马欧洲杯案例
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-05-24 DOI: 10.1111/meca.12465
Stefano Deriu, Claudio Socci, Giovanni Di Bartolomeo, Giuseppe Ciccarone, Ludovica Almonti
{"title":"Assessing the regional impacts of a multi-hosting mega sport event: The case of EURO 2020 in Rome","authors":"Stefano Deriu,&nbsp;Claudio Socci,&nbsp;Giovanni Di Bartolomeo,&nbsp;Giuseppe Ciccarone,&nbsp;Ludovica Almonti","doi":"10.1111/meca.12465","DOIUrl":"10.1111/meca.12465","url":null,"abstract":"<p>UEFA EURO 2020 is the first multi-hosting mega-event developed on the entire continent. Often, mega-events concentrated in one place have turned out to have a modest, or adverse, economic impact due to high costs. Therefore, the ex-post assessment of the local impact of the four matches played in Rome as a mega-event is an interesting case study. To this end, we use a Computable General Equilibrium model based on the Lazio regional Social Accounting Matrix. We estimate a significant Gross Domestic Product multiplier at around 1.45. Furthermore, in terms of employment, the event generates an additional net volume equivalent to 9762 full-time jobs per year.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"609-640"},"PeriodicalIF":1.0,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141102491","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
Is the supermultiplier stable? 超乘法器稳定吗？
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-05-17 DOI: 10.1111/meca.12464
Stephen Thompson
{"title":"Is the supermultiplier stable?","authors":"Stephen Thompson","doi":"10.1111/meca.12464","DOIUrl":"10.1111/meca.12464","url":null,"abstract":"<p>Supermultiplier models, which show how autonomous demand can drive both business cycles and long-run GDP growth, are based on a stability assumption. In this paper I look at recent efforts to justify this assumption, and argue that they are not convincing. The supermultiplier literature generally assumes that business investment reacts very slowly to changes in the state of the economy, but faster adjustment speeds are consistent with US data and can generate instability.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"568-592"},"PeriodicalIF":1.0,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140964841","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
Schumpeter and the post-Keynesian monetary theory 熊彼特与后凯恩斯主义货币理论
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-05-16 DOI: 10.1111/meca.12466
Giancarlo Bertocco, Andrea Kalajzić
{"title":"Schumpeter and the post-Keynesian monetary theory","authors":"Giancarlo Bertocco,&nbsp;Andrea Kalajzić","doi":"10.1111/meca.12466","DOIUrl":"10.1111/meca.12466","url":null,"abstract":"<p>The name of Schumpeter is not among those of the precursors of post-Keynesian monetary theory. This seems understandable when considering Schumpeter's ferocious criticism of <i>The General Theory</i>. However, in recent years various authors have highlighted significant points of contact between Schumpeter's monetary theory and that of Keynes and of post-Keynesians. The objective of this work is not only to indicate the similarities between Schumpeter's monetary theory and that of the post-Keynesians, but rather to show that Schumpeter's approach to money and credit allows making post-Keynesian monetary theory more solid. In particular, we will show that Schumpeter's monetary theory enables to develop an explanation of the principle of effective demand sounder than that based on the simple presence of endogenous money and on the liquidity preference theory.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"546-567"},"PeriodicalIF":1.0,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140968630","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 fuels inflation but the tinder lies elsewhere: Eclectic structuralist thoughts in a developing economy context 冲突助长通胀，但火药却在别处：发展中经济体背景下的折衷结构主义思想
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-05-15 DOI: 10.1111/meca.12462
Arslan Razmi
{"title":"Conflict fuels inflation but the tinder lies elsewhere: Eclectic structuralist thoughts in a developing economy context","authors":"Arslan Razmi","doi":"10.1111/meca.12462","DOIUrl":"10.1111/meca.12462","url":null,"abstract":"<p>Developing country inflation is in the headlines again. Mainstream macroeconomics typically ignores the role of conflict while non-mainstream work tends to ignore macroeconomic constraints. This paper revisits the issue employing a dependent economy framework with eclectic characteristics. Specifically, I explore the mechanisms that propagate both real and monetary sources of inflation in the presence of real wage resistance and distributional conflict. The analysis shows that the inability to pay for subsidies with taxes or bond issuance in a stylized developing economy could create a situation where a relatively small shock leads to sustained and accelerating inflation and a wage-price spiral, thanks to conflicting claims on income. Subsidies to protect consumers from external price shocks could, similarly, leave a country vulnerable to accelerating wage-price spirals as the stabilizing relative price effects of a declining foreign asset position are dampened. Distributional conflict thus plays the role of sustainer rather than the primum mobile. Price controls could, in theory, better enable inflation management if these do not result in redistribution toward spenders. Such controls, however, create other trade-offs for countries facing balance-of-payments fragility.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"520-545"},"PeriodicalIF":1.0,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140975715","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
Demand and distribution in a dynamic spatial panel model for the United States: Evidence from state-level data 美国动态空间面板模型中的需求与分布：来自州一级数据的证据
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-04-16 DOI: 10.1111/meca.12461
Gilberto Tadeu Lima, André M. Marques
{"title":"Demand and distribution in a dynamic spatial panel model for the United States: Evidence from state-level data","authors":"Gilberto Tadeu Lima,&nbsp;André M. Marques","doi":"10.1111/meca.12461","DOIUrl":"10.1111/meca.12461","url":null,"abstract":"<p>We estimate a modified demand-and-distribution system for the 48 contiguous US states and the District of Columbia (DC) employing dynamic spatial panel data for 1980–2019. We allow for endogenous regressors, test for the presence, significance, and magnitude of spatial spillovers, and estimate immediate and cumulative effects on our endogenous variables of interest. Without testing for spatial dependence and spillovers, we estimate that output growth and capacity utilization in the sample US states and DC rise in response to an increase in their own wage share. When we test for spatial dependence and spillovers as required by the state-level nature of the data, and consider that the functional distribution of income and the level of economic activity are jointly determined, we estimate that a higher state wage share raises output growth in the own state and the neighboring states. Yet the effect of a change in the state wage share on capacity utilization in the own state and the neighboring states is not statistically significant. Meanwhile, a higher state output growth raises the wage share in the own state, but its impact on the wage share in the neighboring states is not statistically significant. A higher state capacity utilization raises the wage share in the own state, yet it reduces the wage share in the neighboring states.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"475-519"},"PeriodicalIF":1.0,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140574633","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
Green quality choice in a duopoly 双头垄断中的绿色质量选择
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-04-02 DOI: 10.1111/meca.12460
Luca Gori, Francesco Purificato, Mauro Sodini
{"title":"Green quality choice in a duopoly","authors":"Luca Gori,&nbsp;Francesco Purificato,&nbsp;Mauro Sodini","doi":"10.1111/meca.12460","DOIUrl":"10.1111/meca.12460","url":null,"abstract":"<p>This article considers a quantity-setting duopoly (Cournot rivalry) in which firms adopt an abatement technology as a device to improve the quality of products. Consumer preferences capture vertical product differentiation (quality) towards “green” products. This introduces a trade-off on the production side, as firms that do not abate, in turn, do not sustain any abatement cost but the demand for their product is low. On the contrary, firms that choose to abate incur abatement costs, but the demand for their product is high. The article aims to study and understand whether this kind of preference may lead firms to strategically invest in green technology and introduces a new, private-based (that contrasts the well-known public-based) mechanism through which pollution abatement can emerge as a sub-game perfect Nash equilibrium (SPNE) of a non-cooperative abatement decision game with product quality and complete information. The model is developed in a parsimonious way to pinpoint the main determinants of the endogenous market outcomes ranging from an anti-prisoner's dilemma in which self-interest and mutual benefit of non-abatement do not conflict to an anti-prisoner's dilemma in which self-interest and mutual benefit of abatement do not conflict, passing through to an anti-coordination scenario. Additionally, the welfare analysis reveals the existence of a win-win solution from a societal perspective. The article shows that the results obtained in the Cournot setting also hold considering a Bertrand duopoly.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"438-474"},"PeriodicalIF":1.0,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140574629","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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