Showing 1 - 10 of 99
In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1) Marx's idea (and emphasized by Klein) of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, (2) Keynes' idea of...
Persistent link: https://www.econbiz.de/10005846603
The aim of this paper is to account for both the short-run uctuations and thevery-long run transformations induced by technological change in analysing long-rungrowth patterns. The paper investigates the possible imprint left by short-run uctuationson the long run dynamics by aecting the...
Persistent link: https://www.econbiz.de/10009138616
This paper extends and modifies the Keynesian critique of inflation targetingwith reference to stabilisation policy in emerging market economies. The IMF‘basic monetary programming framework’ for developing countries usesgovernment borrowing and the exchange rate as policy instruments in...
Persistent link: https://www.econbiz.de/10005870230
This paper extends Galí and Gertler’s (1999) new hybrid KeynesianPhillips curve to the open economy context. We hypothesise that pricing decisionsdepend on both labour costs and intermediate imported input prices. The results forHong Kong are consistent with the theory if import prices are...
Persistent link: https://www.econbiz.de/10005858316
This paper constructs a two-country stochastic growth model in which neutraland investment-specic technology shocks are nonstationary but cointegrated acrosseconomies. It uses this model to interpret data showing that while real investmenthas grown faster than real consumption in the United...
Persistent link: https://www.econbiz.de/10009302547
The paper shows how traditional organizational structures within the productionsector, such as quality circles, learning groups (“Lernstatt”) and projectteams reflect the constructivist and postmodern concepts of strategic managementwith their wide ignorance of purely plan deterministic...
Persistent link: https://www.econbiz.de/10005868402
This paper aims at identifying the labour share (wage-productivity gap) as a major factor inthe evolution of inequality … share to the trajectories of inequality and employmentduring specific time intervals in the post-1990 years. We find that … during the nineties the costof a one percent increase in employment was in the range of 0.7%-0.9% higher inequality inall …
Persistent link: https://www.econbiz.de/10009353906
This note demonstrates that it is easily possible to compute technological parameters out of national income accounting data in the presence of bargaining in the labor market. Applying the method to US data, we obtain that the output elasticity with respect to capital exceed 0.5.
Persistent link: https://www.econbiz.de/10005858016
While the allocative efficiency of mobility is typically considered to be positive but small in the long run, the induced changes in equality may be considerable in size. In practice, however, migrants typically improve their income position in comparison to those at home, stimulate the economic...
Persistent link: https://www.econbiz.de/10005860064
In order to understand inefficient institutions, one needs to understand what mightcause the breakdown of a political … powerand distribution where institutions (the \rules of the game") are set to maximize payoffsof those individuals in power …. Equilibrium institutions arethe fixed point of this constrained maximization problem. This model can be appliedto different …
Persistent link: https://www.econbiz.de/10008911501