Manchester School最新文献_第2页

Money growth pegging, Taylor rule, status-seeking behavior and the “spirit of capitalism” 货币增长挂钩、泰勒规则、追求地位的行为和 "资本主义精神

IF 1.1 4区经济学

Manchester School Pub Date : 2024-04-02 DOI: 10.1111/manc.12476

Antoine Le Riche, Antoine Parent

{"title":"Money growth pegging, Taylor rule, status-seeking behavior and the “spirit of capitalism”","authors":"Antoine Le Riche, Antoine Parent","doi":"10.1111/manc.12476","DOIUrl":"10.1111/manc.12476","url":null,"abstract":"This paper analyzes the impact of “spirit of capitalism” on stationary welfare and stability properties of a one-sector Ramsey economy, where the demand of money is motivated by a cash-in-advance constraint on consumption expenditures. Preferences are defined over consumption and capital stock. There is a monetary authority that follows either a money growth pegging rule or an interest rate pegging rule. When a money growth pegging rule is introduced, a unique steady state emerges. A slight desire for status is a sufficient condition for an increase in the money growth rate to exert a local stabilizing effect and to improve stationary welfare. When an interest rate pegging rule is introduced, two steady states may emerge: a “liquidity trap” and an “interior” steady state. Both steady states are locally determinate. Moreover, we show that a slight desire for status is also a sufficient condition to ensure that the stationary welfare at “interior” steady state is higher than the one of the “liquidity trap”. It follows that an increase in the policy rate is, then, an efficient way to exit the “liquidity trap” steady state. Under similar conditions, a higher policy rate increases the stationary welfare at the “interior” steady state.","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12476","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140561740","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

Trade, industrial, and privatization policies with endogenous market structure 具有内生市场结构的贸易、工业和私有化政策

IF 0.7 4区经济学

Manchester School Pub Date : 2024-03-21 DOI: 10.1111/manc.12477

Shih-Shen Chen, Po-Sheng Ko, Jen-Yao Lee, Chien-Shu Tsai

引用次数: 0

Patent protection, externalities, and income inequality 专利保护、外部因素和收入不平等

IF 0.7 4区经济学

Manchester School Pub Date : 2024-03-02 DOI: 10.1111/manc.12475

Heng-Chuan Kao, Hsiao-Wen Hung

{"title":"Patent protection, externalities, and income inequality","authors":"Heng-Chuan Kao, Hsiao-Wen Hung","doi":"10.1111/manc.12475","DOIUrl":"10.1111/manc.12475","url":null,"abstract":"This paper develops a Schumpeterian growth model with considering consumption and leisure externalities. The main purpose of this study is to investigate the effect of patent protection policy on growth and inequality, as well as the interaction between policy effect and externalities. According to the log form utility function specification, this means that the elasticity of intertemporal substitution is unity. The following are the key findings of this paper. Patent protection policy encourages innovation and increases employment in the R&D industry, which enhances economic growth while increasing income inequality. In regard to externalities, an increase in the degree of consumption (leisure) externalities results in a higher (lower) growth rate and more (smaller) income inequality. When consumption (leisure) externality is greater intensity, the growth effect of patent protection policy becomes stronger (weaker), while its influence on expanding income inequality lessens (enhances). Finally, both the Pareto optimal patent protection policy and the optimal patent policy under the maximization of social welfare positively correlate with consumption externalities, but negatively correlate with leisure externalities.","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2024-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140036784","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

Closing the productivity gap with the US: Causes and consequences of the productivity program in Western Europe 缩小与美国的生产力差距：西欧生产力计划的前因后果

IF 1.1 4区经济学

Manchester School Pub Date : 2024-02-27 DOI: 10.1111/manc.12473

Michela Giorcelli

引用次数: 0

Housing market, oil prices, and macroeconomic volatility in the G7 七国集团的住房市场、石油价格和宏观经济波动

IF 1.1 4区经济学

Manchester School Pub Date : 2024-02-23 DOI: 10.1111/manc.12474

Luccas Assis Attílio

{"title":"Housing market, oil prices, and macroeconomic volatility in the G7","authors":"Luccas Assis Attílio","doi":"10.1111/manc.12474","DOIUrl":"10.1111/manc.12474","url":null,"abstract":"In this paper, we investigate house price shocks on the macroeconomic variables (financial market, inflation, and real sector) of the G7 economies. We use the GVAR to capture the spillover effects from the U.S. housing market and oil prices on these economies from 1991M3–2022M10. We identify the U.S. house price shock using the Structural Generalized Impulse Response Function, house supply and demand variables, and regional divergence. We find that the domestic stock markets and industrial production are the most sensitive to house price shocks. We further compare the importance of house and oil prices on domestic fluctuations. The estimates reinforce the previous findings: U.S. house prices are responsible for a quarter of the domestic volatility of the stock markets and industrial production. In the other macroeconomic segments, the effects of house prices are present, but in lower values. Our results show that house prices provoke more domestic fluctuations than oil prices. Finally, we also found that short and long-term credit markets, as well as stock markets, transmit the house price shock to industrial production. Consequently, we provide potential channels to comprehend the spillover effect of U.S. house prices on international markets.","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139955569","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

Institutional factors influencing productivity in medieval England: A case study of tin, lead and silver mining 影响中世纪英格兰生产力的制度因素：锡、铅和银矿开采案例研究

IF 1.1 4区经济学

Manchester School Pub Date : 2024-02-08 DOI: 10.1111/manc.12472

Catherine Casson, Mark Casson

引用次数: 0

Bertrand-Cournot profit reversal under non-commitment process innovation 非承诺流程创新下的伯特兰-库诺利润逆转

IF 1.1 4区经济学

Manchester School Pub Date : 2024-02-07 DOI: 10.1111/manc.12471

Qidi Zhang, Leonard F. S. Wang, Arijit Mukherjee

引用次数: 0

Commercial policies, unilateral versus bilateral foreign ownership, and welfare 商业政策、单边与双边外国所有权以及福利

IF 1.1 4区经济学

Manchester School Pub Date : 2024-01-11 DOI: 10.1111/manc.12468

Yang-Ming Chang, Quan Dong

{"title":"Commercial policies, unilateral versus bilateral foreign ownership, and welfare","authors":"Yang-Ming Chang, Quan Dong","doi":"10.1111/manc.12468","DOIUrl":"10.1111/manc.12468","url":null,"abstract":"This paper examines how cross-border ownership and restrictions affect commercial policies optimally chosen by the government of an importing country. Focusing on import competition in an oligopoly market served by two local producers and a foreign firm, we study and compare two partial ownership arrangements without corporate control: unilateral ownership by the foreign firm over a local producer and bilateral ownership between the two entities. The main findings are as follows: (i) When foreign ownership is unilateral, the optimal trade and industrial policies are an import tariff and a production subsidy, respectively. (ii) When foreign ownership is bilateral, the trade policy can be an import subsidy, and the industrial policy is a production subsidy. These results differ from the benchmark equilibrium without ownership, under which the optimal policy mix consists of an import tariff and a production subsidy. (iii) Unilateral foreign ownership always reduces domestic welfare. However, bilateral foreign ownership can increase domestic welfare when local producers' cost disadvantages are substantially high. (iv) Considering the usual lump-sum transfer for a balanced budget, bilateral ownership entails a lower public burden than two other scenarios for the government to finance its strategic use of trade and industrial policies.","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":null,"pages":null},"PeriodicalIF":1.1,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139462687","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

Relative performance evaluation and wage inequality 相对绩效评估和工资不平等

IF 1.1 4区经济学

Manchester School Pub Date : 2024-01-06 DOI: 10.1111/manc.12469

Jiancai Pi, Zixin Li

引用次数: 0

Mixed duopoly in two-sided markets 双面市场中的混合双头垄断

IF 1.1 4区经济学

Manchester School Pub Date : 2024-01-04 DOI: 10.1111/manc.12467

Jeong-Yoo Kim

引用次数: 0