강의노트(Lecture Notes)

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Professor:
Econ
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논문, 페이퍼

APPLYING AUCTION THEORY TO ECONOMICS by Paul Klemperer (자료분류:B)
Abstract
This is a preliminary draft of an Invited Symposium paper for the World Congress of the Econometric Society to be held in Seattle in August 2000. We discuss the strong connections between auction theory and "standard" economic theory, and argue that auction-theoretic tools and intuitions can provide useful arguments and insights in a broad range of mainstream economic settings that do not, at first sight, look like auctions. We also discuss some more obvious applications, especially to industrial organization....... 번역의뢰하기

THE TIME INCONSISTENCY OF MONETARY POLICY WITH INFLATION PERSISTENCE by Richard Mash(자료분류:B)
Abstract
In a monetary policy model incorporating partial persistence in inflation it is shown that inflation bias is reduced and the response to shocks improved if the policy maker has a discount rate lower than its true social value. Thus a patient central banker is shown to be a third mechanism for offsetting time inconsistency problems in addition to Rogoff’s conservative central banker and the principal-agent approach of Walsh. The paper also analyses outcomes under the latter regimes and the optimal rule, finding important differences from the results of earlier literature that excludes inflation persistence....... 번역의뢰하기

THE MYTH OF WORKSHARING by Arie Kapteyn, Adriaan Kalwij, Asghar Zaidi(자료분류:B)
Abstract
Worksharing is considered by many as a promising public policy to reduce unemployment. In this paper we present a review of the most pertinent theoretical and empirical contributions to the literature on worksharing. In addition, we also provide new empirical evidence on this issue, by a cross country analysis exploiting aggregate data for 13 OECD countries. The conclusions of the literature survey are indecisive. Conclusions about the efficacy of worksharing as an employment enhancing policy tool depend heavily on the setting in which the analysis takes place. Our empirical analysis does not find any evidence for the proposition that worksharing would promote employment or reduce unemployment. In an appendix we present an overview of recent public policy experience of European Countries with respect to different forms of worksharing. Also here the evidence is mixed....... 번역의뢰하기

OPTIMAL INCOME SUPPORT TARGETING by Stefan De Wachter, Sebastian Galiani(자료분류:B)
Abstract
This paper considers the practical problem of distributing a fixed budget for poverty alleviation to a population whose poverty status is not directly observable. Some information on the relationship between poverty status and a number of observable and verifiable characteristics is assumed to be available in the form of a household survey. The solution we propose differs from other academic work in that it explicitly accounts for administrative constraints on the shape of the transfer function and is computationally more straightforward. It improves on the techniques that are commonly used in practice by taking both the concavity of the social welfare function and the entire conditional distribution of poverty status into account, and by endogenously determining the optimal transfer levels. Although the superiority of our allocation rule over other techniques is tautological, we explore the magnitude of the improvement in an artificial dataset. Finally, we provide an intuitive discussion of the defects of currently operational methods....... 번역의뢰하기

AN INTRODUCTION TO THE ECONOMY OF THE KNOWLEDGE SOCIETY by Paul A. David(자료분류:B)
Abstract
This introductory article reviews the main themes relating to the development of new knowledge-based economies. After placing their emergence in historical perspective and proposing a theoretical framework which distinguishes knowledge from information, the authors characterize the specific nature of such economies. They go on to deal with some of the major issues concerning the new skills and abilities required for integration into the knowledge-based economy; the new geography that is taking shape (where physical distance ceases to be such an influential constraint); the conditions governing access to both information and knowledge, not least for developing countries; the uneven development of scientific, technological (including organizational) knowledge across different sectors of activity; problems concerning intellectual property rights and the privatization of knowledge; and the issues of trust, memory and the fragmentation of knowledge....... 번역의뢰하기

UNBALANCED GROWTH by A.W. Beggs (자료분류:B)
Abstract
This paper considers a model of endogenous growth with two sectors. It shows that it may be desirable to concentrate research in one sector, and so have unbalanced growth, but that the pressure of competition in research may cause the private sector to spread research too widely, and so have growth that is too balanced. It is also shown that even if private agents concentrate research in one sector, they may do so in the wrong one....... 번역의뢰하기

NEW LABOUR'S ECONOMIC POLICY by Andrew Glyn(자료분류:B)
Abstract
To what extent does the policy of Tony Blair's government reflect the traditional aspirations of social democracy? In macroeconomic policy the emphasis has been on stability, an understandable response to recent UK economic history, but one which has left sterling dangerously overvalued for an extended period. The strongest policy emphasis has been on a battery of measures aimed at increasing the incentive to work. Paradoxically, for a government which has often treated redistribution as old-fashioned and inappropriate, the greatest impact of these measures has been to redistribute income towards low-income families which already have family members working. Effects on the labour supply appear to be modest, and a particular weakness has been the denial of a strong regional dimension to joblessness. The decision to stick with Conservative spending plans for the government's first two years brought a squeeze on the public services, and even the rapid growth in health and education spending planned for the next few years is predicated on very slow growth in social security spending rather than increased taxation. Labour's policies on training and on industrial relations imply greater responsibility for individuals and employers, rather than the state, and private sector solutions with regard to investment in and management of industry and services - even traditionally public services - are instinctively preferred....... 번역의뢰하기

DEPARTURES FROM SLUTSKY SYMMETRY IN NONCOOPERATIVE HOUSEHOLD DEMAND MODELS by Valérie Lechene(자료분류:B)
Abstract
Maximisation of utility by a single consumer subject to a linear budget constraint is well known to imply strong restrictions on the properties of demand functions. Empirical applications to data on households however frequently reject these restrictions. In particular such data frequently show a failure of Slutsky symmetry - the restriction of symmetry on the matrix of compensated price responses. Browning and Chiappori (1998) show that under assumptions of efficient within-household decision making, the counterpart to the Slutsky matrix for demands from a k member household will be the sum of a symmetric matrix and a matrix of rank k -1. We establish the rank of the departure from Slutsky symmetry for couples under the assumption of Nash equilibrium in individual demands with both partners contributing to all public goods. We show that the Slutsky matrix is the sum of a symmetric matrix and another of rank at most 2. This result implies not only that the Browning-Chiappori assumption of efficiency can be tested against other models within the class of those based on individual optimisation, but also that the hypothesis of Nash equilibrium in demands has testable content against a general alternative....... 번역의뢰하기

CURRENCY BOARDS AND CURRENCY CRISES by Gregor Irwin(자료분류:B)
Abstract
This paper demonstrates how a currency board can become vulnerable to a crises in which the policymaker is forced to devalue. The model is built from two blocks: first, incomplete information about the devaluation cost faced by the policymaker; and second, unemployment persistence. Incomplete information can result in multiple equilibria. In one class of equilibrium the policymaker has a credibility problem and maintaining the currency board is costly in terms of unemployment. If unemployment is persistent then pressure to devalue can build up over time until it becomes unbearable and the policymaker is forced to devalue....... 번역의뢰하기

ECONOMIC FORECASTING: SOME LESSONS FROM RECENT RESEARCH by David F. Hendry(자료분류:B)
Abstract
This paper describes some recent advances and contributions to our understanding of economic forecasting. The framework we develop helps explain the findings of forecasting competitions and the prevalence of forecast failure. It constitutes a general theoretical background against which recent results can be judged. We compare this framework to a previous formulation, which was silent on the very issues of most concern to the forecaster. We describe a number of aspects which it illuminates, and draw out the implications for model selection. Finally, we discuss the areas where research remains needed to clarify empirical findings which lack theoretical explanations....... 번역의뢰하기