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Wage bargaining and product innovation: The role of market expansion effect 工资议价与产品创新:市场扩张效应的作用
IF 1.1 4区 经济学
Manchester School Pub Date : 2022-02-11 DOI: 10.1111/manc.12398
Debasmita Basak, Andreas Hoefele, Arijit Mukherjee
{"title":"Wage bargaining and product innovation: The role of market expansion effect","authors":"Debasmita Basak,&nbsp;Andreas Hoefele,&nbsp;Arijit Mukherjee","doi":"10.1111/manc.12398","DOIUrl":"10.1111/manc.12398","url":null,"abstract":"<p>Using the right-to-manage model of union-firm bargaining, we show that a higher union power increases product innovation if the bargaining is decentralised, the market expansion effect is weak, and the cost of innovation is relatively low. Otherwise, the relationship between union power and innovation is negative. Hence, we contribute to the literature in two ways. Unlike the extant theoretical literature, we consider the effects on product innovation, which is empirically relevant but has been ignored in the theoretical literature and explain a positive relationship between union power and innovation.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 3","pages":"319-340"},"PeriodicalIF":1.1,"publicationDate":"2022-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88799362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Revisiting the determinants of house prices in China’s megacities: Cross-sectional heterogeneity, interdependencies and spillovers 重新审视中国大城市房价的决定因素:横断面异质性、相互依赖性和溢出效应
IF 1.1 4区 经济学
Manchester School Pub Date : 2022-01-30 DOI: 10.1111/manc.12397
Chunping Liu, Zhirong Ou
{"title":"Revisiting the determinants of house prices in China’s megacities: Cross-sectional heterogeneity, interdependencies and spillovers","authors":"Chunping Liu,&nbsp;Zhirong Ou","doi":"10.1111/manc.12397","DOIUrl":"10.1111/manc.12397","url":null,"abstract":"<p>We revisit the determinants of house prices in China’s megacities. Previous work on similar topics fails to account for the widespread cross-sectional heterogeneity and interdependencies, despite the importance of them. Using a PVAR estimated by the Bayesian method allowing for these features, we find each city is rather unique, especially on the extent to which local house prices are disturbed by external house price shocks. The spillovers may be partly related to the demand side before 2010, but seems more related to supply factors thereafter, due to the imposition of property purchase restrictions. The new evidence we establish therefore suggests that city-level stabilisation of house prices should fully respect local features, including how local markets respond to external disturbances.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 3","pages":"255-277"},"PeriodicalIF":1.1,"publicationDate":"2022-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12397","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75294839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
Is the ECB’s conventional monetary policy state-dependent? An event study approach 欧洲央行的传统货币政策是否依赖于国家?事件研究法
IF 1.1 4区 经济学
Manchester School Pub Date : 2022-01-23 DOI: 10.1111/manc.12393
Salvatore Perdichizzi, Matteo Cotugno, Giuseppe Torluccio
{"title":"Is the ECB’s conventional monetary policy state-dependent? An event study approach","authors":"Salvatore Perdichizzi,&nbsp;Matteo Cotugno,&nbsp;Giuseppe Torluccio","doi":"10.1111/manc.12393","DOIUrl":"10.1111/manc.12393","url":null,"abstract":"<p>We investigate the impact of ECB conventional (CMP) on national banking indices of 10 Eurozone countries and a Eurozone-wide banking index using the event study technique. We find that announcements of unexpected increases in interest rates benefit French, German, Greek and Italian banks when interest rates are low, while in other periods, the effect is muted. A plausible explanation is that bank profits are squeezed when interest rates are low because banks are reluctant to push deposit rates to zero. Our results are robust to potentially confounding events related to unconventional monetary policy announcements, volatility clustering and volatility expectations.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 2","pages":"213-236"},"PeriodicalIF":1.1,"publicationDate":"2022-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12393","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72637189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
A reappraisal of Katona’s adaptive theory of consumer behaviour using U.K. data 用英国数据重新评价卡托纳的消费者行为适应性理论
IF 1.1 4区 经济学
Manchester School Pub Date : 2022-01-14 DOI: 10.1111/manc.12395
Robert Gausden, Mohammad Hasan
{"title":"A reappraisal of Katona’s adaptive theory of consumer behaviour using U.K. data","authors":"Robert Gausden,&nbsp;Mohammad Hasan","doi":"10.1111/manc.12395","DOIUrl":"10.1111/manc.12395","url":null,"abstract":"<p>The objective of this paper is to conduct a reappraisal of Katona's (1968) adaptive theory of consumer behaviour, which maintains that discretionary consumption is partly determined by attitudes and expectations of households. Initially, using UK data, we follow Katona by empirically examining whether changes in personal expenditure on durable goods are connected to earlier movements in consumer confidence. Evidence of a lack of a stable relationship between these two variables encourages us to perform a disaggregated analysis involving 111 components of four different forms of consumption, which enables construction of an aggregate measure of discretionary spending. We find that sufficient criteria are satisfied for the sentiment index to be accepted as a reliable predictor of the growth of gratuitous expenditure. In conclusion, then, it would seem that the validity of Katona's theory can be revived if we are prepared to discard the assumption that durable goods’ consumption is synonymous with discretionary spending.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 2","pages":"122-143"},"PeriodicalIF":1.1,"publicationDate":"2022-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12395","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89714136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
Green firm, brown environment 绿色企业，棕色环境
IF 1.1 4区 经济学
Manchester School Pub Date : 2022-01-14 DOI: 10.1111/manc.12394
Rupayan Pal, Prasenjit Banerjee, Pratik Thakkar, A. M. Tanvir Hussain
{"title":"Green firm, brown environment","authors":"Rupayan Pal,&nbsp;Prasenjit Banerjee,&nbsp;Pratik Thakkar,&nbsp;A. M. Tanvir Hussain","doi":"10.1111/manc.12394","DOIUrl":"10.1111/manc.12394","url":null,"abstract":"<p>We develop a theoretical model to examine the implication of a monopolist’s environmental consciousness, which induces it to adopt cleaner technology or to internalize negative environmental externalities of production or both, for the environment. Results show that greater environmental concern of the monopolist may damage the environment more, despite leading to lower emission intensity. This is true regardless of whether consumers value green production or not. This paper also draws implications of technology standard and emission tax as instruments for environmental regulation. This paper provides a theoretical underpinning of the <i>rebound effect</i> in production by showing that the voluntary pro-environmental compliance behavior may not always mitigate the rebound effect. This suggests that a regulator should be cautious while designing regulatory mechanisms.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 2","pages":"107-121"},"PeriodicalIF":1.1,"publicationDate":"2022-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85415313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
Corporate governance, firm dynamics, and wage inequality 公司治理、公司动态和工资不平等
IF 1.1 4区 经济学
Manchester School Pub Date : 2022-01-09 DOI: 10.1111/manc.12396
Chi-Chur Chao, Leonard F. S. Wang
{"title":"Corporate governance, firm dynamics, and wage inequality","authors":"Chi-Chur Chao,&nbsp;Leonard F. S. Wang","doi":"10.1111/manc.12396","DOIUrl":"10.1111/manc.12396","url":null,"abstract":"<p>This paper investigates the distributive and welfare effects of corporate governance with firm competition. In the short run, where the number of manufacturing firms is given, a better corporate governance can raise both of the skilled and unskilled wage rates, but the skilled-unskilled wage gap will be widened in the economy. Nonetheless, in the long run, a better corporate governance causes manufacturing firms to exit, which in turn reallocates some capital to the agricultural sector. This benefits unskilled workers and raises their wages, while reducing the skilled wage rate via the firm-exit effect. The exit of manufacturing firms mitigates the issue of excessive entry of firms, which can improve social efficiency in the long run. As a result, the optimal level of corporate governance is higher in the long run.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 3","pages":"341-353"},"PeriodicalIF":1.1,"publicationDate":"2022-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75709851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
Patent policy and economic growth: A survey 专利政策与经济增长:一项调查
IF 1.1 4区 经济学
Manchester School Pub Date : 2021-12-14 DOI: 10.1111/manc.12392
Angus C. Chu
{"title":"Patent policy and economic growth: A survey","authors":"Angus C. Chu","doi":"10.1111/manc.12392","DOIUrl":"10.1111/manc.12392","url":null,"abstract":"<p>This survey provides a selective review of the literature on patent policy, innovation and economic growth. The patent system is a useful policy tool for stimulating innovation given its importance on technological progress and economic growth. However, the patent system is a multidimensional system, which features multiple patent policy instruments. In this survey, we review some of the commonly discussed patent policy instruments, such as patent length, patent breadth and blocking patents, and also use a canonical Schumpeterian growth model to demonstrate their different effects on innovation and the macroeconomy.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 2","pages":"237-254"},"PeriodicalIF":1.1,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80167023","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 7
Monetary policy objectives and economic outcomes: What can we learn from a wavelet-based optimal control approach? 货币政策目标和经济结果:我们能从基于小波的最优控制方法中学到什么?
IF 1.1 4区 经济学
Manchester School Pub Date : 2021-11-29 DOI: 10.1111/manc.12391
Patrick M. Crowley, David Hudgins
{"title":"Monetary policy objectives and economic outcomes: What can we learn from a wavelet-based optimal control approach?","authors":"Patrick M. Crowley,&nbsp;David Hudgins","doi":"10.1111/manc.12391","DOIUrl":"10.1111/manc.12391","url":null,"abstract":"<p>It has recently been widely recognized that monetary policy objectives change through time as our understanding of monetary policy and its impact on the macroeconomy evolves. In recent years there has been an extensive review of the framework for monetary policy at major central banks around the world, given the practical problems that have been encountered with inflation targets. This paper is a contribution to this debate, in that the aim of this paper is to evaluate the consequences of adopting different monetary policy objectives in the U.S. macroeconomic policy setting. To accomplish this, we first decompose U.S. macroeconomic data using a time-frequency domain technique, namely discrete wavelet analysis. We then model the behavior of the U.S. economy over each wavelet frequency range and use our estimated parameters to construct a tracking model. To illustrate the usefulness of this approach, we simulate jointly optimal fiscal and monetary policy with different short-term monetary targets: an inflation target, a money growth target, an interest rate target, and a real economic growth target. The results show that the most effective monetary policy targets to achieve economic growth are either inflation targets or economic growth targets.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 2","pages":"144-170"},"PeriodicalIF":1.1,"publicationDate":"2021-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80204064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Competition and the negative expected social value of cost-reducing innovation 竞争与降低成本创新的负预期社会价值
IF 1.1 4区 经济学
Manchester School Pub Date : 2021-11-18 DOI: 10.1111/manc.12388
Anzhou Zhang
{"title":"Competition and the negative expected social value of cost-reducing innovation","authors":"Anzhou Zhang","doi":"10.1111/manc.12388","DOIUrl":"10.1111/manc.12388","url":null,"abstract":"<p>I study an R&amp;D race among outside entities to a cost-reducing innovation of a certain magnitude and the subsequent patent licensing by the winner. The target is to study whether the expected social value of the innovation is positive or not. Sufficient conditions under which it is negative or positive are provided. I also find non-monotonic effects of the innovation's magnitude and the number of incumbent firms on the expected social value.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 1","pages":"59-76"},"PeriodicalIF":1.1,"publicationDate":"2021-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12388","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76733501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Incentives to exclusive and non-exclusive technology licensing under partial vertical integration 在部分垂直整合下对独家和非独家技术许可的激励
IF 1.1 4区 经济学
Manchester School Pub Date : 2021-11-16 DOI: 10.1111/manc.12387
Mariola Sánchez, José Antonio Belso-Martínez, María José López-Sánchez, Adrián Nerja
{"title":"Incentives to exclusive and non-exclusive technology licensing under partial vertical integration","authors":"Mariola Sánchez,&nbsp;José Antonio Belso-Martínez,&nbsp;María José López-Sánchez,&nbsp;Adrián Nerja","doi":"10.1111/manc.12387","DOIUrl":"10.1111/manc.12387","url":null,"abstract":"<p>In this paper, we compare the scenarios of exclusive licenses and cross-licenses under the existence of partial vertical integration. To do this, a successive duopoly model is proposed, with two technology owners and two firms competing in a differentiated product market. Each technology owner has a share in one of the competing firms, so that competition is also extended to the upstream R&amp;D sector. Thus, this model represents a mixed case to what is normally analyzed in the literature. We explore the implications of the size of innovation and the degree of vertical integration in technology diffusion. In equilibrium, patent holders’ decisions might not be aligned.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"90 2","pages":"171-189"},"PeriodicalIF":1.1,"publicationDate":"2021-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74083185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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