Now showing items 358-377 of 652

  • Macroeconomics: Science or Faith Based Discipline? 

    Russell, Bill (University of Dundee, 2013)
    Whether or not macroeconomics is a science depends on the scientific nature of macroeconomic theories and how the discipline responds when the empirical evidence fails to match the underlying assumptions and predictions of ...
  • Mafia in the ballot box 

    De Feo, Giuseppe; De Luca, Giacomo (University of StrathclydeUniversity of York, 2013)
    We study the impact of organized crime on electoral competition. Assuming that the mafia is able to bring votes to the supported party in exchange of money, we show that (i) the strongest party is willing to pay the highest ...
  • The Marginal Productivity Theory Of The Price Of Capital: An Historical Perspective On The Origins Of The Codswallop 

    Grieve, Roy H (University of Strathclyde, 2012)
    Although it might have been expected that, by this point in time, the unacceptability of the marginal productivity theory of the return on capital would be universally agreed, that is evidently not the case. Popular textbooks ...
  • The marginal utility of money: A modern Marshallian approach to consumer choice 

    Friedman, Daniel; Sákovics, József (University of EdinburghUniversity of California, 2012)
    We reformulate neoclassical consumer choice by focusing on lambda, the marginal utility of money. As the opportunity cost of current expenditure, lambda is approximated by the slope of the indirect utility function of ...
  • Market Familiarity and the Location of South and North MNEs 

    Azémar, Céline; Darby, Julia; Desbordes, Rodolphe; Wooton, Ian (University of GlasgowUniversity of Strathclyde, 2012)
    We use a systematic empirical analysis of the determinants of South-South (SS) and North-South (NS) foreign direct investment (FDI) as a canvas to explore how multinational enterprises’ (MNEs) location decisions are shaped ...
  • The Market for "Rough Diamonds": Information, Finance and Wage Inequality 

    Koutmeridis, Theodore (University of St Andrews, 2013)
    During the past four decades both between and within group wage inequality increased significantly in the US. I provide a microfounded justification for this pattern, by introducing private employer learning in a model ...
  • Marriage as a Rat Race: Noisy Pre-Marital Investments with Assortative Matching 

    Bhaskar, V.; Hopkins, Ed (University of EdinburghUniversity College London, 2011)
    We study the incentive to invest to improve marriage prospects, in a frictionless marriage market with non-transferable utility. Stochastic returns to investment eliminate the multiplicity of equilibria in models with ...
  • Marx: From Hegel and Feuerbach to Adam Smith 

    Rahim, Eric (University of Strathclyde, 2012)
    This paper discusses the development of Marx’s thought over a period of something like fifteen months, between the spring of 1843 and the autumn of 1844. The focus of the paper is Marx’s first encounter with classical ...
  • Marx: From Hegel and Feuerbach to Adam Smith 

    Rahim, Eric (University of Strathclyde, 2012)
    This paper discusses the development of Marx’s thought over a period of something like fifteen months, between the spring of 1843 and the autumn of 1844. The focus of the paper is Marx’s first encounter with classical ...
  • Matching and Sorting in a Global Economy 

    Grossman, Gene M.; Helpman, Elhanan; Kircher, Philipp (University of EdinburghPrinceton UniversityHarvard University, 2013)
    We develop a neoclassical trade model with heterogeneous factors of production. We consider a world with two factors, labor and .managers., each with a distribution of ability levels. Production combines a manager of ...
  • Measuring Avoidable Health Inequality with Realization of Conditional Potential Life Years (RCPLY) 

    Petrie, Dennis; Tang, Kam Ki; Prasada Rao, D. S. (University of DundeeUniversity of Queensland, 2009)
    In a series of papers (Tang, Chin and Rao, 2008; and Tang, Petrie and Rao 2006 & 2007), we have tried to improve on a mortality-based health status indicator, namely age-at-death (AAD), and its associated health inequality ...
  • Measuring Tax Complexity 

    Ulph, David (University of St Andrews, 2014-12)
    This paper critically examines a number of issues relating to the measurement of tax complexity. It starts with an analysis of the concept of tax complexity, distinguishing tax design complexity and operational complexity. ...
  • Measuring the Economic Significance of Structural Exchange Rate Models 

    Cerrato, Mario; Crosby, John; Kaleem, Muhammad (University of Glasgow, 2011)
    This paper examines both the in-sample and out-of-sample performance of three monetary fundamental models of exchange rates and compares their out-of-sample performance to that of a simple Random Walk model. Using a ...
  • Measuring the Euro-Dollar Permanent Equilibrium Exchange Rate using the Unobserved Components Model 

    Chen, Xiaoshan; MacDonald, Ronald (University of Stirling, 2014-11)
    This paper employs an unobserved component model that incorporates a set of economic fundamentals to obtain the Euro-Dollar permanent equilibrium exchange rates (PEER) for the period 1975Q1 to 2008Q4. The results show that ...
  • Median Independent Inequality Orderings 

    Naga, Ramses H. Abul; Yalcin, Tarik (University of Aberdeen, 2010)
    To date, inequality orderings for ordered response data are only suitable for comparing distributions that share a common median state. In this paper we propose a methodology for comparing distributions irrespective of ...
  • Meeting technologies and optimal trading mechanisms in competitive search markets 

    Lester, Benjamin; Visschers, Ludo; Wolthoff, Ronald (University of Edinburgh, 2014-08)
    In a market in which sellers compete by posting mechanisms, we study how the properties of the meeting technology affect the mechanism that sellers select. In general, sellers have incentive to use mechanisms that are ...
  • Memory of Recessions 

    Cross, Rod; McNamara, H.; Pokrovskii, A.V. (University of StrathclydeUniversity College Cork, 2010)
    This paper reviews the evidence on the effects of recessions on potential output. In contrast to the assumption in mainstream macroeconomic models that economic fluctuations do not change potential output paths, the ...
  • Microstructure Order Flow: Statistical and Economic Evaluation of Nonlinear Forecasts 

    Cerrato, Mario; Kim, Hyunsok; MacDonald, Ronald (University of Glasgow, 2010)
    In this paper we propose a novel empirical extension of the standard market microstructure order flow model. The main idea is that heterogeneity of beliefs in the foreign exchange market can cause model instability and ...
  • Minu, Startu and all that:- Pitfalls in estimating the sensitivity of a worker’s wage to aggregate unemployment 

    Martins, Pedro; Snell, Andy; Thomas, Jonathan (University of EdinburghUniversity of London, 2010)
    In this paper we show that the inclusion of unemployment-tenure interaction variates in Mincer wage equations is subject to serious pitfalls. These variates were designed to test whether or not the sensitivity to the ...
  • A Model of Near-Rational Exuberance 

    Evans, George W.; Bullard, James; Honkapohja, Seppo (University of St AndrewsFederal Reserve Bank of St. LouisUniversity of Cambridge, 2009)
    We study how the use of judgement or “add-factors” in forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call ...

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