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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of economic surveys 12 (1998), S. 0 
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Since many policies affect specific parts of economies differently, it is useful to decompose GDP per capita differences across countries into differences across smaller and smaller parts of economies. In this paper, we summarize recent contributions in this area and fit them together into a decomposition procedure for GDP per capita differences. The overall finding is that the U.S. is the productivity leader for the most of the economy. Moreover, international productivity differences at the aggregate level of the economies are in most cases translated into differences in the productivity of industries, at least compared to the productivity leader U.S. The variability of productivity differences at the industry level is, however, substantially higher than any differences at the aggregate or sector level. For the manufacturing sector alone the U.S. and Japan share the leadership on the industry level. In contrast, France, U.K., and Germany exhibit almost no leadership in productivity at the industry level. Hence, nation-specific factors appear to be dominant in the comparison of European countries with the U.S. Finally, mix differences do not play a very large role for big countries. For Germany, however, the mix effect can help to reconcile relative high productivity for the market economy and lower productivity at disaggregated levels.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Springer
    Economic theory 14 (1999), S. 729-740 
    ISSN: 1432-0479
    Keywords: Keywords and Phrases: Monetary policy design, Inflation, Anticipated policies, Overlapping generation model, Indeterminacy, Feedback rules. ; JEL Classification Numbers: E31, E50, E52, E58.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. This paper analyzes how monetary policy in an overlapping generations model can be designed to avoid inflationary consequences of anticipated changes of monetary policies. Avoiding these inflationary consequences will require a once and for all increase (decrease) in monetary growth immediately before the policy switch takes place if the relative risk aversion is greater (less) than unity. If the relative risk aversion is greater than unity, the avoidance of inflationary consequences is also time-consistent. Moreover, a general monetary feedback rule ensures that the economy picks the steady state with the lowest inflation rate. Our results suggest that the difference between unanticipated and anticipated policy switches may not be as important as generally assumed, because the consequences of the latter can be neutralized.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Springer
    Review of economic design 3 (1998), S. 149-157 
    ISSN: 1434-4750
    Keywords: JEL classification: D23, L2 Key words: Organizational design, hierarchies and polyarchies, decision rules, organizational performance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. In this paper we point out that the presence of the budget constraint substantially affects the relative performance of organizational decision rules. For instance, if there are only two types of projects to decide upon, the hierarchy always performs better than the polyarchy. The same result holds for any distribution of the quality of projects. We also illustrate that optimal mechanisms for variable evaluation costs involve stopping rules which look hierarchical, but avoid costly duplication as in hierarchies or polyarchies.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Springer
    Social choice and welfare 17 (2000), S. 25-31 
    ISSN: 1432-217X
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract. We examine the value of public information when a society uses a social choice rule to decide among a set of outcomes. We require that a social choice function satisfies unrestricted domain, non-decisiveness and the Pareto principle. We show that there exist payoff structures for every social choice function, such that an arbitrary subset of voters is worse off by public information. We apply the proposition to collective information acquisition and to irreversible investments.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Springer
    Social choice and welfare 12 (1995), S. 363-370 
    ISSN: 1432-217X
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract The analysis is concerned with the characterization of equilibria of a two-stage voting game involving private information acquisition. Rational ignorance and information efficiency are identified. It turns out that information efficiency is not always desirable. By restricting the payoff domain, we are able to characterize completely the set of equilibria. In this case, information acquisition by few voters benefits a majority, or even the whole community. Economic Literature Classification Number D70, D71, D80.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    The @world economy 25 (2002), S. 0 
    ISSN: 1467-9701
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Law , Economics
    Notes: In this paper we develop a concept of globalisation at the micro level defined as the exposure of a productivity follower industry in one country to the productivity leader in another country. Globalisation is measured by the intensity of contacts through trade and foreign direct investment. In a simple model and empirically we show that the exposure of a productivity follower to competition with the leader is highly correlated with the productivity gap of this industry. Competition restricted to one region such as Europe, or North America, or the Far East, is not sufficient to achieve highest productivity levels. Moreover, it turns out that foreign direct investment (FDI) has a weight in the globalisation index at least equal to trade. FDI can contribute directly to higher levels of domestic productivity by transferring the best production practices, and put pressure on other domestic producers to improve. The impact of trade on globalisation can be weakened by tariffs and non-tariffs.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Basel, Switzerland : Helbing & Lichtenhahn Verlag AG
    Kyklos 53 (2000), S. 0 
    ISSN: 1467-6435
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Sociology , Economics
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We develop a new approach to endogenizing technological spillovers. We analyze a game in which firms can first invest in cost-reducing R&D, then compete on the human-capital market for their knowledge-bearing employees, and finally enter the product market. If R&D employees change firms, spillovers arise. We show that technological spillovers are most likely when they increase total industry profits. We use this result to show that innovation incentives are usually stronger for endogenous than for exogenous spillovers and that endogenous spillovers may reverse the result that innovation incentives are stronger under quantity competition than under price competition. Finally, we explore the robustness of our results with respect to contractual incompleteness and the number of R&D workers.
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing
    Economics & politics 16 (2004), S. 0 
    ISSN: 1468-0343
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science
    Notes: We examine whether the publication of the individual voting records of central-bank council members is socially desirable when the preferences of the central bankers differ. We identify two positive effects of transparency. First, central bankers whose preferences differ from those of society may act in the interest of society in order to increase their re-appointment chances. Second, transparency enhances the efficiency of the appointment process since the government can align the preferences of the central-bank council with those of the public over time. In a monetary union, our findings about the desirability of transparency may be reversed.
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishing Ltd
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We examine how the correlations of bank loan defaults depend on the correlations of asset returns and how correlations and diversification are affected by macroeconomic risks. We highlight the main properties of the relationship between asset returns and default correlations, illustrating how adverse macroeconomic shocks raise not only the likelihood of defaults, but also the correlation of defaults. The latter effect, called correlation effect, may account for more than 50% of the increase in the credit risk.
    Type of Medium: Electronic Resource
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