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Marshall's Economies
Henderson, Vernon - 1999
This paper estimates the nature and magnitude of the local externalities from own industry scale, as envisioned by Marshall. Census panel data on individual plants in high-tech and machinery industries across up to 487 countries are utilized, to quantify the direct effects of local external...
Persistent link: https://www.econbiz.de/10012471426
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Can Capital Mobility be Destabilizing?
Meng, Qinglai - 1999
In a standard two-sector neoclassical model with distortions, capital mobility can render the steady state indeterminate, in the sense that there exist infinitely many convergent paths. In the closed economy with no international capital mobility, the utility function must be linear or close to...
Persistent link: https://www.econbiz.de/10012471527
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A Rent-Protection Theory of Corporate Ownership and Control
Bebchuk, Lucian Arye - 1999
This paper develops a rent-protection theory of corporate ownership structure - and in particular, of the choice …
Persistent link: https://www.econbiz.de/10012471585
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Is Optimism Good in a Keynesian Economy?
Persson, Torsten - 1983
Assume that an economy is in a state of Keynesian unemployment. Since production is demand-determined there are bootstraps (multiple) equilibria. Then, the more optimist agents are about the future the higher will be theur demand today and hence current production. In that limited sense optimism...
Persistent link: https://www.econbiz.de/10012478032
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The Theory of Local Public Goods Twenty-Five Years After Tiebout : A Perspective
Stiglitz, Joseph E. - 1982
This paper asks, under what conditions can the Fundamental Theorem of Welfare Economics be extended to economies with … redistributions) . Just as the Fundamental Theorem of Welfare Economics does not adequately reflect the vices and virtues of …
Persistent link: https://www.econbiz.de/10012478151
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On Money as a Medium of Exchange in Near-Cashless Credit Economies
Lagos, Ricardo - 2019
that--in contrast to current conventional wisdom in policy-oriented research in monetary economics--the role of money in …
Persistent link: https://www.econbiz.de/10012479753
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What Can Economics Say About Alzheimer's Disease?
Chandra, Amitabh - 2020
States. We describe the central economic questions raised by AD. While there is overlap with the economics of aging, the … defining features of the 'economics of Alzheimer's Disease' is an emphasis on cognitive decline, choice by cognitively impaired … public programs for AD. These topics overlap with many areas of economics -- labor economics, health economics, public …
Persistent link: https://www.econbiz.de/10012481308
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Understanding Booms and Busts in Housing Markets
Burnside, Craig - 2011
Some booms in housing prices are followed by busts. Others are not. It is generally difficult to find observable fundamentals that are useful for predicting whether a boom will turn into a bust or not. We develop a model consistent with these observations. Agents have heterogeneous expectations...
Persistent link: https://www.econbiz.de/10012461924
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Economics, History, and Causation
Morck, Randall - 2011
Economics and history both strive to understand causation: economics using instrumental variables econometrics and …
Persistent link: https://www.econbiz.de/10012461979
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The Macroeconomist as Scientist and Engineer
Mankiw, N. Gregory - 2006
This essay offers a brief history of macroeconomics, together with an evaluation of what has been learned over the past several decades. It is based on the premise that the field has evolved through the efforts of two types of macroeconomist-- those who understand the field as a type of...
Persistent link: https://www.econbiz.de/10012466316