Atlantic Economic Journal articles from December 1997

Atlantic Economic Journal archives from December 1997

Macroeconomic stability in a free banking system.
December 1, 1997... Introduction Could a laissez-faire banking system function smoothly and without destabilizing effects on the economy? Would social welfare be improved if banks were able to issue their own notes without governmental restrictions? Much of the...

Partial credibility and policy announcements: the problem of time inconsistency in macroeconomics revisited.
December 1, 1997... Introduction Credibility problems are of concern in many areas of macroeconomic policymaking. Common to all applications is a two-period sequential move structure. In the first period, market participants must make irreversible economic...

Option volume and stock price behavior: some evidence from the Chicago Board Options Exchange.
December 1, 1997... Introduction Since stock options began trading on the Chicago Board Options Exchange (CBOE) in 1973, a number of studies have investigated whether information reaches and is acted upon by option and stock market participants simultaneously or...

The economics of conditional heteroskedasticity: evidence from Canadian and U.S. stock and futures markets.
December 1, 1997... Introduction This paper investigates time variation and persistence in volatility for three index futures price series and each associated stock price index series. Time variation and persistence in the volatility of financial time series has...

Frontier estimation of changes in workers' labor market information.
December 1, 1997... Introduction The role of information in the labor market is the subject of much research. Information in the labor market is not perfect or without cost. Search theory has been introduced and applied as a way of motivating the acquisition of...

Noncooperative foundations for the Kalai-Smorodinsky and equal sacrifice solutions via prominence structures.
December 1, 1997... Introduction Albers and Albers [1983, p. 274] noted that bargaining proposals "frequently have a prominence about 10 percent of the [pie] and the range is between 5 percent and 25 percent." That is, as van Damme et al. [1990, p. 200] put it,...

An empirical investigation of forces influencing productivity and the rate of convergence among states.
December 1, 1997... Introduction The hypothesis that poor countries or regions tend to grow faster than rich countries over time and thereby tend to converge to the productivity levels of the leading nations has received enormous attention in the literature on...

The Antitrust Laws: A Primer.
December 1, 1997... Introduction John H. Shenefield and Irwin M. Stelzer are two of the world's foremost authorities in the field of antitrust. Their book, The Antitrust Laws: A Primer [1993], is remarkable for its comprehensive but concise coverage. The book's...

Teaching loads and the production of economic research publications.
December 1, 1997... The importance of research in the development of academic economists' careers is evident in the widely accepted literature that ranks university departments by the quantity and quality of research articles published. The literature focuses on...

Enhancing analytical methods of collective decision making.
December 1, 1997... A common method of analysis when decisions have to be made by multiple stakeholders using multiple criteria is value tree analysis. Variations of this, such as the Public Value Forum (PVF), have been used especially in complex choices involving...

A note on risk aversion and labor supply.
December 1, 1997... The labor supply of males is often backward-bending. The substitution effect of a wage change predominates when earnings are low and the income effect becomes dominant with higher earnings. Females generally exhibit monotonically increasing labor...

On economic instability in African economies.
December 1, 1997... How do the characteristics of developing economies affect their relative economic stability? Unfortunately, lack of reliable inflation data makes answers hard to come by. In this context, this note offers a new nominal definition of economic...