Showing 1 - 10 of 1,640
A new data set covers chief executive officers (CEOs) of large commercial banks over the period 1982-87. For newly hired CEOs, the elasticity of pay with respect to assets is about one-third. For continuing CEOs, the change in compensation depends on performance, as measured by stock and...
Persistent link: https://www.econbiz.de/10010859060
This paper applies previous theoretical and empirical results on inflation and demand for money to a study of inflationary finance and the welfare cost of inflation. The amount of revenue generated by a steady inflation is derived as a function of the inflation rate and some underlying...
Persistent link: https://www.econbiz.de/10010859066
Earlier analysis of unanticipated money growth is extended to output (GNP) and the price level (GNP deflator) for recent U.S. experience. Price level determination is more complicated than output determination, because both anticipated and unanticipated money movements are involved. Empirical...
Persistent link: https://www.econbiz.de/10010859079
No abstract provided.
Persistent link: https://www.econbiz.de/10010859102
No abstract provided.
Persistent link: https://www.econbiz.de/10010859142
A public debt theory is constructed in which the Ricardian invariance theorem is valid as a first-order proposition but where the dependence of excess burden on the timing of taxation implies an optimal time path of debt issue. A central proposition is that deficits are varied in order to...
Persistent link: https://www.econbiz.de/10010859207
A key economic issue is whether poor countries or regions tend to grow faster than rich ones: are there automatic forces that lead to convergence over time in the levels of per capita income and product? We use the neoclassical growth model as a framework to study convergence across the 48...
Persistent link: https://www.econbiz.de/10010859255
Persistent link: https://www.econbiz.de/10010549972
Persistent link: https://www.econbiz.de/10010550011
This paper contrasts consumer choice under uncertain lifetimes with the behavior that would arise if each individual's lifetime were announced at birth. In a model that includes life insurance and excludes investments in human capital, the expected utility under uncertain lifetimes exceeds that...
Persistent link: https://www.econbiz.de/10010550019