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Review of Economics and Statistics articles from May 2000
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Review of Economics and Statistics archives from May 2000
WHAT DRIVES PRIVATE SAVING ACROSS THE WORLD?(Statistical Data Included)
May 1, 2000... I. Introduction
OVER THE LAST three decades saving rates have experienced a marked divergence which has been particularly dramatic within the developing world: Saving rates have risen steadily in East Asia, stagnated in Latin America,...
SAVING, GROWTH, AND INVESTMENT: A MACROECONOMIC ANALYSIS USING A PANEL OF COUNTRIES.(Statistical Data Included)
May 1, 2000... I. Introduction and Motivation
THE MAIN AIM of this paper is to provide an exhaustive and careful descriptive analysis of the correlations among saving, investment, and growth rates. We want to establish what are the main (aggregate)...
GROWTH AND SAVING AMONG INDIVIDUALS AND HOUSEHOLDS.(Statistical Data Included)
May 1, 2000... I. Introduction
THE LIFECYCLE THEORY of saving and consumption predicts that changes in an economy's rate of economic growth will affect its aggregate saving rate. In the simplest version of the model--in which young people save for...
HOW EFFECTIVE IS FISCAL POLICY IN RAISING NATIONAL SAVING?(Statistical Data Included)
May 1, 2000... I. Introduction
IN RECENT YEARS, the world has followed a generalized trend towards fiscal orthodoxy. In industrial countries, the steady rise in fiscal deficits since the 1980s (IMF, 1995) has been recently reversed both in the U.S....
DOES FINANCIAL REFORM RAISE OR REDUCE SAVING?
May 1, 2000... I. Introduction
A WAVE OF liberalization of financial markets has swept over much of the developing world, especially since the mid-1980s. This liberalization has been characterized by greater scope being granted to market forces in...
IS PENSION REFORM CONDUCIVE TO HIGHER SAVING?(Statistical Data Included)
May 1, 2000... I. Introduction
AS THE LONG-TERM consequences of population aging have become known and more widely discussed, the financing of entitlement programs in public social insurance systems has received considerable attention. Most developed...
TIME-TO-BUILD AND INVESTMENT.(Statistical Data Included)
May 1, 2000... I. Introduction
IT IS WELL KNOWN that investments at both the micro and macro levels are serially correlated. Two main formalizations may explain this correlation: the cost-of-adjustment model and the time-to-build model.(1) The...
Mergers, Cartels, Set-Asides, and Bidding Preferences in Asymmetric Oral Auctions.(Statistical Data Included)
May 1, 2000... I. Introduction
Competition policy typically requires answers to questions like "will this merger raise price?" or "how much does a set-aside program cost?" These questions implicitly compare two states of the world, for example, pre-...
MARKET STRUCTURE, COMPETITION, AND PRICING IN UNITED STATES INTERNATIONAL TELEPHONE SERVICE MARKETS.(Statistical Data Included)
May 1, 2000... I. Introduction
IN THE IMMEDIATE postwar period, the accounting-rate system provided a reasonable basis for international telecommunications carrier pricing and settlements.(1) National monopoly carriers were primarily concerned with...
QUEUING FOR SURGERY: IS THE U.S. OR CANADA WORSE OFF?(Statistical Data Included)
May 1, 2000... I. Introduction
POLICYMAKERS and researchers have long been debating the relative merits of the U.S. and Canadian health care systems. Proponents of the Canadian system of universal health insurance often point to disparities in hospital...
THE STRUCTURE OF UNEMPLOYMENT.(Statistical Data Included)
May 1, 2000... I. Introduction
THE HIGH and persistent levels of unemployment experienced by European countries since the mid-1970s hawled to a major reconsideration of the natural rate paradigm of Phelps (1967, 1968) and Friedman (1968). Theories that...
COST PASS-THROUGH IN THE U.S. AUTOMOBILE MARKET.(Statistical Data Included)
May 1, 2000... I. Introduction
DOES INTERNATIONAL production influence cost pass-through? This paper examines the degree of cost pass-through in the U.S. market for automobiles in a framework that incorporates the effect of cost changes on input...
EFFICIENCY IN NEW ZEALAND SHEEP AND BEEF FARMING: THE IMPACTS OF REGULATORY REFORM.(Critical Essay)
May 1, 2000... I. Introduction and Overview
AN ABRUPT POLICY shift toward open markets in response to the "new" realities of world market competition stimulated dramatic changes in the New Zealand economy beginning in 1984. The pastoral sector--the...
THE DIFFERENTIAL IMPACT OF UNCERTAINTY ON INVESTMENT IN SMALL AND LARGE BUSINESSES.(Critical Essay)
May 1, 2000... I. Introduction
THEORY IDENTIFIES several channels through which uncertainty may affect firms' investment outlays. These include the irreversibility of capital expenditures due to sunk costs (Dixit and Pindyck (1994)), financing...
CREDIT AND ECONOMIC ACTIVITY: CREDIT REGIMES AND NONLINEAR PROPAGATION OF SHOCKS.(Critical Essay)
May 1, 2000... I. Introduction
In much of the recent literature on financial market frictions, credit acts as a nonlinear propagator of shocks. For example, Bernanke and Gertler (1989) construct a model in which the balance-sheet conditions of firms...
