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The Inefficiency Of Marginal Cost Pricing And The Apparent Rigidity Of Prices
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Book Synopsis The Inefficiency of Marginal-cost Pricing and the Apparent Rigidity of Prices by : Robert Ernest Hall
Download or read book The Inefficiency of Marginal-cost Pricing and the Apparent Rigidity of Prices written by Robert Ernest Hall and published by . This book was released on 1984 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under conditions of natural monopoly, private contracts or government regulation may attempt to avoid inefficiency by setting up a pricing formula. Once the capital stock is chosen, the right price to charge the buyer is marginal cost. But the point of this paper is that marginal-cost pricing provides the wrong incentives for the choice of the capital stock by the seller. If the seller can achieve a high price by deliberately under-investing and driving up marginal cost, there will be asystematic tendency toward too small a capital stock. One type of contract or regulatory policy that avoids this problem charges marginal cost to each buyer, but provides a revenue to the seller that is equal to long-run unit cost, not short-run marginal cost. Such a contract or policy will make the price, in the sense of the revenue of the seller per unit of output, appear to be unresponsive to market conditions
Book Synopsis Price Rigidity in Imperfectly Competitive Markets by : Steven Alan Sharpe
Download or read book Price Rigidity in Imperfectly Competitive Markets written by Steven Alan Sharpe and published by . This book was released on 1987 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis NBER Reporter by : National Bureau of Economic Research
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1984 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Special Studies Paper by : Board of Governors of the Federal Reserve System (U.S.)
Download or read book Special Studies Paper written by Board of Governors of the Federal Reserve System (U.S.) and published by . This book was released on 1987 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Experience Goods, Customer Loyalty, and Sticky Prices in a Dynamic Market by : Steven Alan Sharpe
Download or read book Experience Goods, Customer Loyalty, and Sticky Prices in a Dynamic Market written by Steven Alan Sharpe and published by . This book was released on 1986 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Publications by : National Bureau of Economic Research
Download or read book Publications written by National Bureau of Economic Research and published by . This book was released on 1921 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Degree of Fiscal Illusion in Interest Rates by : Joe Peek
Download or read book The Degree of Fiscal Illusion in Interest Rates written by Joe Peek and published by . This book was released on 1984 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article demonstrates why the procedures used in previous studies do not permit inference about the relationship between interestrates and taxes. We present a model that leads to direct estimates of the degree to which interest rates respond to changes in tax rates. The empirical results imply that the adjustment of taxable interest rates has been large enough to render after-tax yields impervious to tax rate changes. Further, tax-exempt yields are unaffected by changes in taxrates. Thus, there is no evidence of fiscal illusion in interest rates.
Book Synopsis The Cyclical Behavior of Industrial Labor Markets by : Ben Bernanke
Download or read book The Cyclical Behavior of Industrial Labor Markets written by Ben Bernanke and published by . This book was released on 1984 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the cyclical behavior of a number of industrial labor markets of the pre-war (1923-1939) and post-war (1954-1982) eras. In the spirit of Burns and Mitchell we do not test a specific structural model of the labor market but instead concentrate on describing the qualitative features of the (monthly, industry-level) data.The two principal questions we ask are: First, how is labor input (as measured by the number of workers, the hours of work, and the intensity of utilization) varied over the cycle ? Second, what is the cyclical behaviorof labor compensation (as measured by real wages, product wages, and real weekly earnings) ? We study these questions in both the frequency domain and the time domain. Many of our findings simply reinforce, or perhaps refine, existing perceptions of cyclical labor market behavior. However, we do find some interesting differences between the pre-war and the post-war periods in ther elative use of layoffs and short hours in downturns, and in the cyclical behavior of the real wage.
Book Synopsis Counterfactuals, Forecasts, and Choice-theoretic Modelling of Policy by : Herschel Ivan Grossman
Download or read book Counterfactuals, Forecasts, and Choice-theoretic Modelling of Policy written by Herschel Ivan Grossman and published by . This book was released on 1984 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the problem of formulating an analysis of economic policy that is consistent with rational expectations. Cooley, LeRoy, and Raymon show that the Lucas and Sargent strategy for econometric policy evaluation is itself vulnerable to the logic of the Lucas critique. The present discussion develops the distinction between counter factuals and forecasts to clarify the nature of the inconsistencies in the Lucas and Sargent strategy. The paper goes on to propose and to illustrate a strategy for positive economic analysis that incorporates choice-theoretical modelling of policy. Such modelling can allow better forecasting, but it also shifts attention away from policy actions and their effects and towards the more fundamental relation between the policymaker's constraints and targets and economic outcomes. The forecasting problem in a choice-theoretic model of policy concerns the effects of hypothetical realizations of variables that determine the policymaker's constraints and targets. The analysis of counter factuals in this context recognizes that the parameters of the policy process are not invariant with respect to the processes that generate these exogenous variables. A program of positive economics that includes choice-theoretic modelling of policy also preserves a distinct role for policy advice as part of the process being modelled.
Book Synopsis Major Changes in Cyclical Behavior by : Victor Zarnowitz
Download or read book Major Changes in Cyclical Behavior written by Victor Zarnowitz and published by . This book was released on 1984 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Various structural, institutional, and policy changes have contributed to the evolution of business cycles, since World War II business expansions have been much longer and contractions much shorter than before. Over nearly 200 years of U.S. history expansions have been long relative to contractions when prices had upward secular trends, and shorter when price trends were down. The rising price trend since the 1930's fits this pattern, although we find no association between the rate of inflation during each business cycle and the relative duration of the phases. Shifts in the industrial composition of employment, in labor-force participation, and in the distribution of personal income have all contributed to the post-1945 moderation of cyclical amplitudes. The variability of economic change was low by historical standards in both 1948-69 and 1969-81, although the inflation rate was much higher and real growth on the average lower after 1969. The recent long-term inflation is attributable mainly to the new persistence of upward price movements in business cycle contractions rather than to more rapid price increases during expansions. But prices have always been sensitive to the degree of severity of business contractions, and they still are. The same is true of short-terminterest rates, although they became more sensitive during 1949-82 than before. Despite the deep changes in the economy, many basic characteristics of the business cycle remain unchanged, notably the timing relationships among groups of leading and lagging indicators.
Book Synopsis Inventory Fluctuations in the United States Since 1929 by : Alan S. Blinder
Download or read book Inventory Fluctuations in the United States Since 1929 written by Alan S. Blinder and published by . This book was released on 1984 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been known for a long time that inventory fluctuations are of great importance in business cycles. But inventory fluctuations are fundamentally a short-period phenomenon. Consequently, annual data may shed relatively little light on the nature of inventory fluctuations; most of the "action" may be played out within the year. For this reason, economists know precious little about inventory behavior before World War II. This paper seeks to lift this veil of ignorance in two ways. First, we create -- from some admittedly incomplete and imperfect data -- monthly time series on inventory holdings in manufacturing, durable manufacturing, and nondurable manufacturing. To our knowledge, these are the first such series ever made available.(The data are available on request.) Second, we apply to the prewar data certain statistical procedures and models that are in common use with postwar data. In this way, we can address the central issue of the paper: Has inventory behavior changed? While we do not wish to overstate the case, we were struck more by the similarities in inventory behavior between the prewar and postwar periods than by the differences. But the relevant stylized facts and regressing are displayed below, and each reader can make up his or her own mind
Book Synopsis Optimal Taxation by the Monetary Authority by : Carl E. Walsh
Download or read book Optimal Taxation by the Monetary Authority written by Carl E. Walsh and published by . This book was released on 1984 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steady-state equilibrium needs to consider the simultaneous choice of all the tax instruments controlled by the monetary authority. Such an analysis is carried out in this paper. It is shown that when the tax system is not indexed, the optimal nominal interest rate on the monetary authority's liabilities is likely to be zero. More importantly, any discussion of the payment of interest on reserves and currency must take into account the nature of the tax system and the rate of inflation in a nonindexed economy.
Book Synopsis Business Cycle Analysis and Expectational Survey Data by : Victor Zarnowitz
Download or read book Business Cycle Analysis and Expectational Survey Data written by Victor Zarnowitz and published by . This book was released on 1984 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Marginal Cost in the New Economy: A Proposal for a Uniform Approach to Policy Evaluations by : Roger L. Conkling
Download or read book Marginal Cost in the New Economy: A Proposal for a Uniform Approach to Policy Evaluations written by Roger L. Conkling and published by Routledge. This book was released on 2015-04-29 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents an approach for resolving a variety of public policy debates. It proposes that a single standard - marginal cost methodology - be adopted to replace the haphazard arrays of methods and techniques currenly employed to measure the costs and benefits of disputed policy issues.
Book Synopsis Investment in Fixed and Working Capital During Early Industrialization by : Kenneth Lee Sokoloff
Download or read book Investment in Fixed and Working Capital During Early Industrialization written by Kenneth Lee Sokoloff and published by . This book was released on 1984 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper utilizes a survey of the US manufacturing firms from 1832 to investigate the structure of manufacturing investment during early industrialization. Although several manufacturing industries, such as cotton textiles, depart from the pattern, most appear to have devoted the hulk of their investments to working capitaL This variation across industries in the composition of capital investmentsis indicative of a more general variation in factor intensities, and bears on the issues of why industries became concentrated in the regions they did, and the degrees to which they were adversely affected by the limited availability of long-term loans. Evidence that most manufacturing industries had quite modest investments in machinery and tools per unit of labor is also presented, serving to undercut the notion that the early period of industrialization was based on a proliferation of new, machinery-intensive technologies.
Book Synopsis The Heights of Americans in Three Centuries by : Kenneth Lee Sokoloff
Download or read book The Heights of Americans in Three Centuries written by Kenneth Lee Sokoloff and published by . This book was released on 1984 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the potential usefulness of anthropometric measurements in exploring the contributions of nutrition to American economic growth and demographic change. It argues that although the value of height-by-age data to economic historians will ultimately be resolved in the context of investigating specific issues, the early results of the NBER Projecton Long-term Trends in Nutrition, Labor Productivity, and Labor Welfare have been encouraging. Among the most significant findings to date are: (1)that by the time of the Revolution, Americans had attained a mean final height (and net nutritional status) that was very high, one that European populations did not generally reach until the twentieth century; (2) that the variation in stature across occupational classes was much less in the U.S. than in Europe; (3) that natives of the South have been taller than those from other regions of the U.S. since the middle of the eighteenth century, and that their absolute height increased during the antebellum period while mortality was declining there; and (4) that natives of large antebellum cities were much shorter than their country men born in rural areas or in small cities. The paper also examines, in a preliminary fashion, how a newly available data set bears on the hypothesis that a cycle in U.S. final heights began during the antebellum period. The theory might continue to be sustained, but a sample of U.S. Army recruits from 1850 to1855 does not seem to provide much support for it.
Book Synopsis Corporate Financing and Investment Decisions when Firms Have Information the Investors Do Not Have by : Stewart C. Myers
Download or read book Corporate Financing and Investment Decisions when Firms Have Information the Investors Do Not Have written by Stewart C. Myers and published by . This book was released on 1984 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
