This paper provides a new insight into the linguistic element of lobbying concerning the historical transformation of business activities. For this purpose, the paper sheds light upon creation and dissemination of theorisation, simplified claims concerning the consequence of suggested policy...

Chinese households have experienced significant income growth, while their nutrition intake has not increased pari passu. This paper uses household data in both rural and urban China over the period 1989-2009 to explain the paradox of higher income but lower nutrition. In addition to traditional...

In recent years, a range of measures of "partial" or "degree of" stochastic dominance have been introduced. These measures attempt to determine the extent to which one distribution is dominated by another. In order to systematically assess these proposed measures and their relationship to...

We develop a small open economy model with capital, sticky prices, and a simple form of financial frictions. We compare welfare levels under three alternative rules: a domestic inflation-based Taylor rule, a CPI inflation-based Taylor rule, and an exchange rate peg. We show that the superiority...

In this paper we introduce a technique for perfect simulation from the stationary distribution of a standard model of industry dynamics. The method can be adapted to other, possibly non-monotone, regenerative processes found in industrial organization and other fields of economics. The algorithm...

In estimation and calibration studies the convergence of time series sample averages plays a central role. At the same time, a significant number of economic models do not satisfy the classical ergodicity conditions. Motivated by existing work on asymptotics of stochastic economic models, we...

This study empirically analyzes risk-sharing mechanisms in rural Mexico to examine the vulnerability of the rural households. The two most recent Mexican rural household panel data (2003 and 2007) are used in the study. This study defines "vulnerability" as the inability to smooth consumption...

If market economy are to work, they need institutions of economic governance. In traditional economics, there seems universal agreement that the framework of contract law provided by the government is a necessary condition for a market economy to work. Recently, the complementary relationship...

This paper studies the determinants of size differentials between fiscal multipliers in countries around the world, both advanced and developing economies. Besides domestic conditions and exchange rate regimes, we also introduce variables not before considered for explaining multiplier size...

To discipline managers, various governance measures are being developed. They include stock options, shareholder lawsuits, hostile takeovers, and outside directors. In the literature, some studies have found evidence supporting the introduction of these measures, but others have found evidence...