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A micro-founded comparison of fiscal policies between indirect and direct job creation 对间接和直接创造就业的财政政策进行微观比较
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-03-23 DOI: 10.1111/meca.12459
Kensuke Ohtake
{"title":"A micro-founded comparison of fiscal policies between indirect and direct job creation","authors":"Kensuke Ohtake","doi":"10.1111/meca.12459","DOIUrl":"10.1111/meca.12459","url":null,"abstract":"<p>The purpose of this paper is to provide a micro-economic foundation for an argument that the direct employment by the government is more desirable than the government purchase of private goods to eliminate unemployment. A general equilibrium model with monopolistic competition is devised, and the effects of policies (government purchase, tax rate operation, and government employment) on macroeconomic variables (consumption, price, and profit) are investigated. It is shown that (1) the government purchase is inflationary in the sense that additional effective demand by the government not only increases private employment but also raises prices; (2) the government employment can achieve full employment without causing a rise in prices.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"419-437"},"PeriodicalIF":1.0,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140204448","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
Searching for a Carbon Laffer Curve: Estimates from the European Union Emissions Trading System 寻找碳拉弗曲线：来自欧盟排放交易体系的估算
IF 1 3区 经济学
Metroeconomica Pub Date : 2024-03-15 DOI: 10.1111/meca.12458
Matteo Mazzarano, Simone Borghesi
{"title":"Searching for a Carbon Laffer Curve: Estimates from the European Union Emissions Trading System","authors":"Matteo Mazzarano,&nbsp;Simone Borghesi","doi":"10.1111/meca.12458","DOIUrl":"10.1111/meca.12458","url":null,"abstract":"<p>Carbon prices have grown remarkably in the European Union (EU) Emissions Trading System (ETS) in recent years, raising distributional concerns. Revenues are expected to grow with higher carbon prices, thus providing resources to address distributional issues. Beyond a certain point, however, higher prices can discourage the purchase of allowances and ultimately reduce revenues, describing a Carbon Laffer Curve (CLC). We empirically investigate the CLC in the EU ETS between 2012 and 2021 using auction revenues at the country level. Results indicate that ETS revenues follow an inverted-U relationship in both the volume and the price of auctioned allowances, with an estimated optimal price between 86 and 125 euros.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 4","pages":"398-418"},"PeriodicalIF":1.0,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140151080","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
Sraffian indeterminacy of steady-state equilibria in the Walrasian general equilibrium framework 瓦尔拉斯一般均衡框架中稳态均衡的斯拉夫不确定性
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2024-02-15 DOI: 10.1111/meca.12454
Naoki Yoshihara, Se Ho Kwak
{"title":"Sraffian indeterminacy of steady-state equilibria in the Walrasian general equilibrium framework","authors":"Naoki Yoshihara,&nbsp;Se Ho Kwak","doi":"10.1111/meca.12454","DOIUrl":"10.1111/meca.12454","url":null,"abstract":"<p>In contrast to Mandler's generic determinacy of steady-state equilibria, we first show that any non-trivial steady-state equilibrium is <i>indeterminate</i> under a general overlapping generation (OLG) economy with a fixed Leontief technique. We also check that this indeterminacy is <i>generic</i>. These results are obtained by explicitly introducing a general model of every generation's utility function and individual optimization program to the OLG economy, which also verifies that Mandler's claim on generic determinacy is invalid. We also argue the distinctiveness of our results in comparison with the standard literature of OLG indeterminacy.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 3","pages":"377-395"},"PeriodicalIF":1.3,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139835469","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-led industrialisation policy in a dual-sector small open economy 双轨制小型开放经济体中以需求为导向的工业化政策
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2024-01-05 DOI: 10.1111/meca.12457
Önder Nomaler, Danilo Spinola, Bart Verspagen
{"title":"Demand-led industrialisation policy in a dual-sector small open economy","authors":"Önder Nomaler,&nbsp;Danilo Spinola,&nbsp;Bart Verspagen","doi":"10.1111/meca.12457","DOIUrl":"10.1111/meca.12457","url":null,"abstract":"<p>This article models the process of structural transformation and catching-up in a demand-led Southern economy constrained by its balance of payments. Starting from the Sraffian Supermultiplier Model, we model a dual-sector small open economy with a traditional and a modern sector that interacts with a technologically advanced Northern economy. We propose two (alternative) autonomous elements that define the growth rate of this demand-led economy: government spending and exports. Drawing from the Structuralist literature, productivity in the technologically laggard Southern economy grows by absorbing technology from the Northern economy, by both embodied and disembodied spillovers, and potentially closing the technology gap. The gap affects the income elasticity of exports, bringing a supply-side mediation to the growth rates in line with the Balance of Payments Constrained Model. We observe that a demand-led government policy plays a central role in structural change, pushing the modern sector to a larger share of employment than what results under export-led growth. Such a demand policy is the only way in which partial catching up (in productivity and GDP per capita) can result, and this is facilitated by a global market place in which the balance of payments constraint is relatively soft.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 3","pages":"339-376"},"PeriodicalIF":1.3,"publicationDate":"2024-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12457","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376615","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
Corporate profit tax, managerial delegation and multinational firm's transfer pricing 公司利得税、管理授权和跨国公司的转让定价
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2023-12-15 DOI: 10.1111/meca.12456
Di Wu, Leonard F. S. Wang, Jie Ma
{"title":"Corporate profit tax, managerial delegation and multinational firm's transfer pricing","authors":"Di Wu,&nbsp;Leonard F. S. Wang,&nbsp;Jie Ma","doi":"10.1111/meca.12456","DOIUrl":"10.1111/meca.12456","url":null,"abstract":"<p>This paper analyzes the transfer pricing decision of the multinational firm. There are differences in profit tax rates between home-country and host-country. The multinational firm determines the transfer price to its overseas affiliate and delegates the responsibility of deciding on the final sales to its affiliate manager. We find that: (1) The multinational firm will set a higher transfer price if its affiliate hires a manager. If the host-country firm also hires a manager, the managerial delegation may lead to an asymmetry “prisoner's dilemma”. (2) When home-country's tax rate is higher than that in the host-country, multinational firm tends to set a lower transfer price relative to the marginal production cost. (3) When host-country's tax rate is higher than that in the home-country, an increase in the host-country corporate tax rate decreases multinational firm's profit and the consumer surplus, while its impact on the host-country firm's profit is non-monotone; an increase in the home-country tax rate decreases host-country firm's profit, increases consumer surplus, but has a non-monotone impact on multinational firm's profit.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 3","pages":"326-338"},"PeriodicalIF":1.3,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138686286","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
The Pasinetti theorem in a task-based model of automation 基于任务的自动化模型中的帕西内蒂定理
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2023-12-14 DOI: 10.1111/meca.12455
Arthur Jacobs
{"title":"The Pasinetti theorem in a task-based model of automation","authors":"Arthur Jacobs","doi":"10.1111/meca.12455","DOIUrl":"10.1111/meca.12455","url":null,"abstract":"<p>We integrate the notion of task-based automation into a two-class model and study the interaction between endogenous automation and the wealth distribution between capitalists and workers. We find that, as the economy becomes more automated, the possibility of a sustained capitalist class naturally arises. We show that capital-augmenting technical progress induces automation and that it can generate a historical path from the dual equilibrium (where workers own all wealth), over the Pasinetti equilibrium (where capitalists own some wealth) to the anti-dual outcome (where capitalists own all wealth). The model's implications are related to Piketty's account of rising wealth inequality.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 3","pages":"306-325"},"PeriodicalIF":1.3,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138686285","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 input trade model with Keynesian unemployment: Bridging a gap between trade theory and international Input–Output analysis 具有凯恩斯失业学说的投入贸易模型：弥合贸易理论与国际投入产出分析之间的差距
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2023-12-07 DOI: 10.1111/meca.12452
Hideo Sato
{"title":"An input trade model with Keynesian unemployment: Bridging a gap between trade theory and international Input–Output analysis","authors":"Hideo Sato","doi":"10.1111/meca.12452","DOIUrl":"10.1111/meca.12452","url":null,"abstract":"<p>This study presents a trade model with (1) intermediate inputs, (2) link commodities, and (3) Keynesian unemployment. The model has linear input coefficients, stable commodity prices, and short-run adjustment of the quantity supplied on the occasion of demand changes, making it compatible with international input–output tables and analysis. Given production techniques, labor endowments, upper limits of unemployment rates, markup rates, and final demand in each country, this model specifies feasible trade patterns and determines commodity prices, wage rates, gross outputs, employment/unemployment rates, national income, income distribution, and trade volumes/values for each pattern. Starting with a two-country, three-commodity case, this model expands to a multi-country, multi-commodity case.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 3","pages":"282-305"},"PeriodicalIF":1.3,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138579476","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
The Green Solow model and the threshold effect of human capital on CO2 emissions Green Solow模型与人力资本对CO2排放的阈值效应
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2023-11-23 DOI: 10.1111/meca.12453
Thomas Bassetti, Filippo Pavesi, Massimo Scotti
{"title":"The Green Solow model and the threshold effect of human capital on CO2 emissions","authors":"Thomas Bassetti,&nbsp;Filippo Pavesi,&nbsp;Massimo Scotti","doi":"10.1111/meca.12453","DOIUrl":"10.1111/meca.12453","url":null,"abstract":"<p>By promoting economic growth, human capital may contribute to the rise in CO2 emissions, but it may also stimulate emission-reducing technologies. Starting from a Green Solow model augmented with human capital, we show that the former effect dominates the latter when human capital is below a critical value, while the opposite is true when human capital becomes sufficiently high. We also find that this result may delay the observability of an EKC and that human capital is more important than savings and depreciation rates in predicting CO2 growth. This evidence has relevant policy implications regarding which factors should be considered to mitigate carbon emissions.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 2","pages":"249-279"},"PeriodicalIF":1.3,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509263","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
Social overhead public infrastructure in a Lewis development framework 刘易斯发展框架中的社会基础设施
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2023-11-09 DOI: 10.1111/meca.12451
Carlândia Brito Santos Fernandes, Guilherme de Oliveira
{"title":"Social overhead public infrastructure in a Lewis development framework","authors":"Carlândia Brito Santos Fernandes,&nbsp;Guilherme de Oliveira","doi":"10.1111/meca.12451","DOIUrl":"10.1111/meca.12451","url":null,"abstract":"<p>This study explores the interaction between private and public physical capital accumulation within a Lewis development framework, in which public infrastructure is subject to congestion. The model shows that when both levels of capital are relatively low, a crowding-out of private investment creates the necessary conditions for the emergence of a development trap, from which a surplus labor economy, if left to the free play of its structural forces, may never escape. Once caught in such a trap, the economy can potentially be released through a big push of public or private capital or a sufficiently balanced combination of both.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 2","pages":"233-248"},"PeriodicalIF":1.3,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135242131","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
The truncation of investment flows 投资流的截断
IF 1.3 3区 经济学
Metroeconomica Pub Date : 2023-10-09 DOI: 10.1111/meca.12447
Christian Bidard
{"title":"The truncation of investment flows","authors":"Christian Bidard","doi":"10.1111/meca.12447","DOIUrl":"10.1111/meca.12447","url":null,"abstract":"<p>In finance, the economic evaluation of an intertemporal flow of investments may lead to opposite conclusions according as the present value criterion or the internal rate of return (IRR) criterion is retained. However, when the lifetime of the project results from an economic choice, the criteria are reconciled for the competitive sequence. When the flows are expressed in physical terms, a generalization of the notion of IRR allows us to show that multisector fixed-capital models with a given real wage behave like single-product systems. The competitive rate of return has a maximality property. The paper revises the logical and chronological relationships between neo-Austrian and Sraffian fixed-capital models.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 2","pages":"218-232"},"PeriodicalIF":1.3,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135146509","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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