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Testing the theory of the firm under price and background risk 检验价格和背景风险下的公司理论
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-08-21 DOI: 10.1111/meca.12483
Claudio A. Bonilla, Jorge Sabat, Marcos Vergara
{"title":"Testing the theory of the firm under price and background risk","authors":"Claudio A. Bonilla,&nbsp;Jorge Sabat,&nbsp;Marcos Vergara","doi":"10.1111/meca.12483","DOIUrl":"10.1111/meca.12483","url":null,"abstract":"<p>A generalized version of the classical model of the firm under risk is proposed in order evaluate the effects of an increase in price risk on a firm's production choices where background risk is present. It is shown theoretically that in this setting, these effects are ambiguous. This purely analytical result is then tested empirically using survey data on manufacturing firms in Chile. The results indicate that an increase in price risk induces greater production levels across the entire sample, thus revealing the presence of a precautionary effect. When the sample is divided on the basis of firm size, however, evidence of significant heterogeneous effects is found. While larger firms exhibit a precautionary effect, smaller firms display a strong substitution effect that prompts them to reduce output levels.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"219-242"},"PeriodicalIF":1.0,"publicationDate":"2024-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142185477","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
Information and entropy in the labor market: Frictional and involuntary unemployment and the neutrality of money 劳动力市场中的信息与熵：摩擦性、非自愿失业与货币中性
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-08-20 DOI: 10.1111/meca.12480
Ellis Scharfenaker, Duncan K. Foley
{"title":"Information and entropy in the labor market: Frictional and involuntary unemployment and the neutrality of money","authors":"Ellis Scharfenaker,&nbsp;Duncan K. Foley","doi":"10.1111/meca.12480","DOIUrl":"https://doi.org/10.1111/meca.12480","url":null,"abstract":"<p>We re-examine the concept of involuntary and frictional unemployment and the neutrality of money in a statistical equilibrium model of the labor market in which boundedly rational workers' and employers' interactions have a non-zero impact on wages. From this perspective both the degree of involuntary unemployment and the neutrality of money depend on the adjustment of <i>both</i> expectations of the average level of wages and prices and the further adjustment of anticipations of the scale of fluctuations in prices and wage offers. Shocks to the economy can produce new long-run equilibrium levels of unemployment and short-run increases in involuntary unemployment arising from unevenness in the adjustment of expectations.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"192-218"},"PeriodicalIF":1.0,"publicationDate":"2024-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12480","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143117198","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
Glass ceiling, sticky floor, or both? Public and private sector differences in Türkiye 玻璃天花板、粘稠地板，还是两者兼而有之？土耳其公共部门和私营部门的差异
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-08-17 DOI: 10.1111/meca.12481
Fernando Rios-Avila, Ayça Özekin, Fulden Komuryakan
{"title":"Glass ceiling, sticky floor, or both? Public and private sector differences in Türkiye","authors":"Fernando Rios-Avila,&nbsp;Ayça Özekin,&nbsp;Fulden Komuryakan","doi":"10.1111/meca.12481","DOIUrl":"10.1111/meca.12481","url":null,"abstract":"<p>This study examines the glass ceiling and sticky floor phenomena within the contexts of both the public and private sectors in Türkiye, while exploring sector-specific differences. To do this, we use a recentered influence function-based decomposition method to analyze data from the Household Labor Force Statistics spanning from 2014 to 2021. Our findings suggest that the sticky floor effect emerges as more prominent in the private sector, contrasting with the public sector where the glass ceiling effect holds greater sway. Additionally, our analysis reveals that gender discrimination appears to be more prevalent in the private sector, although it exhibits an increasing trend in the public sector. The evidence suggests a need for further research on the gender wage gap in Türkiye, especially within the context of the glass ceiling and sticky floor effects. This study contributes to the existing literature by offering a comprehensive examination of these phenomena in both public and private sectors, leveraging the availability of recent data and advancements in methodologies.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"122-161"},"PeriodicalIF":1.0,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224339","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 simple comparative model of worker-managed and capital-managed digital platforms 工人管理和资本管理数字平台的简单比较模型
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-08-17 DOI: 10.1111/meca.12482
Filippo Belloc
{"title":"A simple comparative model of worker-managed and capital-managed digital platforms","authors":"Filippo Belloc","doi":"10.1111/meca.12482","DOIUrl":"10.1111/meca.12482","url":null,"abstract":"<p>We develop a simple model to study the comparative statics of worker-managed (WM) and capital-managed (CM) app-based labor platforms. The model assumes that algorithmic management makes free-riding and collective decision-making costs negligible and highlights different pay policies as the distinctive feature differentiating WM and CM platforms, in an environment where workers are financially constrained and capital markets are imperfect. With very simple algebra, we show that WM platforms may show greater cost efficiency and may be better able to benefit from network effects with respect to CM competitors. Yet, viability of WM firms may be critically impeded by the extra-cost of the external capital, which enables CM platforms to pay a wage premium. The optimal pay policy of CM platforms is shown to vary depending on the intensity of network effects. Reported anecdotal evidence is compatible with main model's results.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"162-191"},"PeriodicalIF":1.0,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12482","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224356","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
Bertrand-Edgeworth game under oligopoly. General results and comparisons with duopoly 寡头垄断下的伯特兰-爱德华兹博弈。一般结果及与二元垄断的比较
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-07-23 DOI: 10.1111/meca.12474
Massimo A. De Francesco, Neri Salvadori
{"title":"Bertrand-Edgeworth game under oligopoly. General results and comparisons with duopoly","authors":"Massimo A. De Francesco,&nbsp;Neri Salvadori","doi":"10.1111/meca.12474","DOIUrl":"10.1111/meca.12474","url":null,"abstract":"<p>This paper studies price competition among a given number of capacity-constrained producers of a homogeneous commodity under the efficient rationing rule and constant (and identical) marginal cost until full capacity, when demand is a continuous, non-increasing, and non-negative function defined on the set of non-negative prices and is positive, strictly decreasing, twice differentiable and (weakly) concave when positive. The focus is on general properties of equilibria in the region of the capacity space in which no pure strategy equilibria exist. We study how the properties that are known to hold for the duopoly are generalized to the oligopoly and we highlight the new properties that can arise in asymmetric oligopoly, which include the existence of an atom in the support of the equilibrium strategy of a firm smaller than the largest one, the properties that such an atom entails, the existence of gaps in the supports, and asymmetries in the equilibrium distributions of equally-sized firms smaller than the largest one. Further, we provide results about the boundaries of the supports. Although the characterization of equilibria is far from being complete, this paper provides substantial elements in this direction.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"94-121"},"PeriodicalIF":1.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141779022","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
An empirical assessment of two testable hypotheses of the Sraffian Supermultiplier for Argentina 对阿根廷 Sraffian 超级乘数两个可检验假设的实证评估
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-07-04 DOI: 10.1111/meca.12472
Ariel Dvoskin, Florencia Médici
{"title":"An empirical assessment of two testable hypotheses of the Sraffian Supermultiplier for Argentina","authors":"Ariel Dvoskin,&nbsp;Florencia Médici","doi":"10.1111/meca.12472","DOIUrl":"10.1111/meca.12472","url":null,"abstract":"<p>We conduct empirical analyses on Argentina from 1998 to 2023 to provide new evidence that GDP growth rate ultimately depends on the growth rate of autonomous demand, in line with the Sraffian Supermultiplier (SSM). Firstly, we estimate a Vector Equilibrium Correction Model (VECM) to establish the weak exogeneity of autonomous demand components, with output adjusting to long-run deviations between these autonomous components and GDP. Secondly, we test a mechanism adjusting productive capacity to demand based on the flexible accelerator principle. Employing a VAR analysis, we present evidence that investment share is Granger-caused by GDP, supporting the SSM framework.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"73-93"},"PeriodicalIF":1.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141569664","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
Inflation and how to deal with it in France. A policy perspective from an empirical stock-flow model 法国的通货膨胀及应对之策。从实证股票流动模型看政策视角
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-07-01 DOI: 10.1111/meca.12476
Jacques Mazier, Luis Reyes, Chin Yuan Chong
{"title":"Inflation and how to deal with it in France. A policy perspective from an empirical stock-flow model","authors":"Jacques Mazier,&nbsp;Luis Reyes,&nbsp;Chin Yuan Chong","doi":"10.1111/meca.12476","DOIUrl":"10.1111/meca.12476","url":null,"abstract":"<p>Using an empirical stock-flow consistent model, we simulate an imported inflationary shock to analyze the macroeconomic impacts on the French economy. Facing the risk of a profit-price-wage spiral; alternative economic policy responses are evaluated. Traditional restrictive monetary policy does not seem well-suited to fight imported inflation as the cost is significant with limited and delayed results. Increased social transfers can help workers support their loss of purchasing power. Reduced Value Added Tax can directly limit the inflation drift, but its concrete implementation may raise difficulties. These measures have a cost for public finances but are affordable if the inflation shock is temporary.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"40-72"},"PeriodicalIF":1.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12476","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141507776","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
Income distribution, normal utilisation, and (re)switching of growth regimes 收入分配、正常利用和增长制度的（再）转换
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-06-27 DOI: 10.1111/meca.12477
Biao Huang, Xiaokai Zhao
{"title":"Income distribution, normal utilisation, and (re)switching of growth regimes","authors":"Biao Huang,&nbsp;Xiaokai Zhao","doi":"10.1111/meca.12477","DOIUrl":"10.1111/meca.12477","url":null,"abstract":"<p>An important feature of the neo-Kaleckian growth theory is that it distinguishes different growth (and demand) regimes: a profit-led regime and a wage-led regime. Both empirical and theoretical research have shown that growth (demand) regimes are not stable. In this study, we show that a change in income distribution can affect the normal capital capacity ratio, which can further cause a (re)switching in growth (and demand) regimes.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"24-39"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141529618","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
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":"10.1111/meca.12475","url":null,"abstract":"<p>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 (<i>β</i> = <i>W</i>/<i>Y</i>) 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.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 1","pages":"2-23"},"PeriodicalIF":1.0,"publicationDate":"2024-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12475","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":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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