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Economies
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  This is an Open Access Journal Open Access journal
     ISSN (Online) 2227-7099
     Published by MDPI Homepage  [124 journals]
  • Economies, Vol. 2, Pages 95-108: Union Bargaining in an Oligopoly Market
           with Cournot-Bertrand Competition: Welfare and Policy Implications

    • Authors: Elizabeth Schroeder, Victor Tremblay
      Pages: 95 - 108
      Abstract: We investigate the welfare effect of union activity in a relatively new oligopoly model, the Cournot-Bertrand model, where one firm competes in output (a la Cournot) and the other firm competes in price (a la Bertrand). The Nash equilibrium prices, outputs, and profits are quite diverse in this model, with the competitive advantage going to the Cournot-type competitor. A comparison of the results from the Cournot-Bertrand model with those found in the traditional Cournot and Bertrand models reveals that firms and the union have a different preference ordering over labor market bargaining. These differences help explain why the empirical evidence does not support any one model of union bargaining. We also examine the welfare and policy implications of union activity in a Cournot-Bertrand setting.
      PubDate: 2014-03-25
      DOI: 10.3390/economies2020095
      Issue No: Vol. 2, No. 2 (2014)
       
  • Economies, Vol. 2, Pages 20-44: A Game-Theoretic History of the Cuban
           Missile Crisis

    • Authors: Frank Zagare
      Pages: 20 - 44
      Abstract: This study surveys and evaluates previous attempts to use game theory to explain the strategic dynamic of the Cuban missile crisis, including, but not limited to, explanations developed in the style of Thomas Schelling, Nigel Howard and Steven Brams. All of the explanations were judged to be either incomplete or deficient in some way. Schelling’s explanation is both empirically and theoretically inconsistent with the consensus interpretation of the crisis; Howard’s with the contemporary understanding of rational strategic behavior; and Brams’ with the full sweep of the events that define the crisis. The broad outlines of a more general explanation that addresses all of the foundational questions associated with the crisis within the confines of a single, integrated, game-theoretic model with incomplete information are laid out.
      PubDate: 2014-01-22
      DOI: 10.3390/economies2010020
      Issue No: Vol. 2, No. 1 (2014)
       
  • Economies, Vol. 2, Pages 45-77: Measuring Voting Power in Convex Policy
           Spaces

    • Authors: Sascha Kurz
      Pages: 45 - 77
      Abstract: Classical power index analysis considers the individual’s ability to influence the aggregated group decision by changing its own vote, where all decisions and votes are assumed to be binary. In many practical applications we have more options than either “yes” or “no”. Here we generalize three important power indices to continuous convex policy spaces. This allows the analysis of a collection of economic problems like, e.g., tax rates or spending that otherwise would not be covered in binary models.
      PubDate: 2014-03-06
      DOI: 10.3390/economies2010045
      Issue No: Vol. 2, No. 1 (2014)
       
  • Economies, Vol. 2, Pages 78-94: Internet Education and Economic Growth:
           Evidence from Cross-Country Regressions

    • Authors: Lawrence Jin, Jang Jin
      Pages: 78 - 94
      Abstract: The effects of Internet education on economic growth are examined using a cross-section of 36 high-income countries. Internet usage rates are employed as a proxy for Internet education across countries. Regression results show that the frequent usage of the Internet has a positive and significant effect on economic growth. The estimated growth effect of Internet skills is also found to be greater than the growth effect of math and science skills. The results are, in general, robust across model specifications.
      PubDate: 2014-03-20
      DOI: 10.3390/economies2010078
      Issue No: Vol. 2, No. 1 (2014)
       
  • Economies, Vol. 2, Pages 1-19: Financial Markets, Banking and the Design
           of Monetary Policy: A Stable Baseline Scenario

    • Authors: Florian Hartmann, Peter Flaschel
      Pages: 1 - 19
      Abstract: A baseline integration of commercial banks into the disequilibrium framework with behavioral traders of Charpe et al. (2011, 2012) is presented. At the core of the analysis is the impact the banking sector exerts on the interaction of real and financial markets. Potentially destabilizing feedback channels in the presence of imperfect macroeconomic portfolio adjustment and heterogeneous expectations are investigated. Given the possible financial market instability, various policy instruments have to be applied in order to guarantee viable dynamics in the highly interconnected macroeconomy. Among those are open market operations reacting to the state-of-confidence in the economy and Tobin-type capital gain taxes. The need for policy intervention is even more striking, as the banking sector is modeled in a rather stability enhancing way, fulfilling its fundamental tasks of term transformation of savings and credit granting without engaging in investment activities itself.
      PubDate: 2013-12-30
      DOI: 10.3390/economies2010001
      Issue No: Vol. 2, No. 1 (2013)
       
  • Economies, Vol. 1, Pages 19-25: Effects of Fiscal Policy and Monetary
           Policy on the Stock Market in Poland

    • Authors: Yu Hsing
      Pages: 19 - 25
      Abstract: The focus of this paper is to examine potential impacts of fiscal and monetary policies on stock market performance in Poland. Applying the GARCH model and based on a sample during 1999.Q2 to 2012.Q4, this paper finds that Poland’s stock market index is not affected by the ratio of government deficits or debt to GDP and is negatively influenced by the money market rate. The stock index and the ratio of M3 to GDP show a quadratic relationship with a critical value of 46.03%, suggesting that they have a positive relationship if the M3/GDP ratio is less than 46.03% and a negative relationship if the M3/GDP ratio is greater than 46.03%. Furthermore, Poland’s stock index is positively associated with industrial production and stock market performance in Germany and the U.S. and negatively affected by the nominal effective exchange rate and the inflation rate.
      PubDate: 2013-10-11
      DOI: 10.3390/economies1030019
      Issue No: Vol. 1, No. 3 (2013)
       
  • Economies, Vol. 1, Pages 26-48: Monetary Transfers in the U.S.: How
           Efficient Are Tax Rebates?

    • Authors: Diego Vacaflores
      Pages: 26 - 48
      Abstract: Recent debate on the effectiveness of tax rebates has concentrated on the degree to which they can affect economic activity, which depends on the methodology, the state of the economy, and the underlying assumptions. A better approach to assess the effectiveness of these monetary transfers is by comparing this method to alternative policies—like the traditional monetary injections through the financial intermediaries. A limited participation model calibrated to the U.S. economy is used to show that the higher the proportion of the monetary injection channeled through the consumers—instead of banks—leads to a less vigorous recovery of output but softens the detrimental effect on the utility of the representative household from the inherent inflationary pressure. This result is robust to the relative importance of the injection (utilization of resources) and alternative utility functions.
      PubDate: 2013-11-01
      DOI: 10.3390/economies1030026
      Issue No: Vol. 1, No. 3 (2013)
       
  • Economies, Vol. 1, Pages 49-64: The Changing Effectiveness of Monetary
           Policy

    • Authors: Jonathan Leightner
      Pages: 49 - 64
      Abstract: In the wake of the 2008 financial crisis, many countries are hoping that massive increases in their money supplies will revive their economies. Evaluating the effectiveness of this strategy using traditional statistical methods would require the construction of an extremely complex economic model of the world that showed how each country’s situation affected all other countries. No matter how complex that model was, it would always be subject to the criticism that it had omitted important variables. Omitting important variables from traditional statistical methods ruins all estimates and statistics. This paper uses a relatively new statistical method that solves the omitted variables problem. This technique produces a separate slope estimate for each observation which makes it possible to see how the estimated relationship has changed over time due to omitted variables. I find that the effectiveness of monetary policy has fallen between the first quarter of 2003 and the fourth quarter of 2012 by 14%, 36%, 38%, 32%, 29% and 69% for Japan, the UK, the USA, the Euro area, Brazil, and the Russian Federation respectively. I hypothesize that monetary policy is suffering from diminishing returns because it cannot address the fundamental problem with the world’s economy today; that problem is a global glut of savings that is either sitting idle or funding speculative bubbles.
      PubDate: 2013-11-13
      DOI: 10.3390/economies1030049
      Issue No: Vol. 1, No. 3 (2013)
       
  • Economies, Vol. 1, Pages 14: Forthcoming Issue on Game Theory and
           Political Economy

    • Authors: William Ferguson
      Pages: 14 - 14
      Abstract: Game theory offers a rigorous set of concepts, relationships, and models that invite myriad applications to problems of political economy. Indeed, game theory can serve as a fundamental modeling technique that can bridge microfoundations of political and economic exchanges, with developmental processes and macro implications related to growth and distribution. Applications can range from localized interactions within workplaces, firms, political organizations, and community groups; to intermediate-level market, industry, community, or inter-organizational transactions; to encompassing national, regional, population, or global interactions. At any of these levels, game models can illustrate strategic responses of economic or political actors (individuals or organizations) to specifiable conditions concerning any or all of the following: prevailing social context—notably informal institutions (such as social norms) and formal institutions (such as mutually understood laws and regulations); available information (complete or not; accessible or strategically manipulated); agents’ motivations (material and/or social); and even levels of rationality—substantive (full cognition) or bounded (limited cognition). Applicable models may operate on the basis of given institutional context and preference orientations or may explore associated developmental processes, including adaptive social learning. Of particular interest are representations of one or more of the myriad social dilemmas (or collective-action problems) that inhabit political economy, associated exercises or distributions of power, and/or representations of potential resolutions to such dilemmas—perhaps with policy implications. Accordingly, this forthcoming issue of Economies seeks game-theoretic models based on classical, evolutionary, behavioral, or epistemic game theory that can be applied to one or more problems in political economy.
      PubDate: 2013-09-17
      DOI: 10.3390/economies1020014
      Issue No: Vol. 1, No. 2 (2013)
       
  • Economies, Vol. 1, Pages 15-18: Effects of Fiscal and Monetary Policy in
           the Great Recession

    • Authors: Gonzalo Caballero
      Pages: 15 - 18
      Abstract: World economy is living a time of change, and the complexity of change has implied a new research agenda on the role of economic policy in society. The role, types and effects of economic policy have been major issues in economic science since its origins. Jean Tinbergen (1956) [1] established the basis for the traditional theory of economic policy in economics and he tried to show how economic knowledge could be organized to regulate and guide economic systems. Nevertheless, this traditional approach has been improved through several contributions, for example when Eggertsson (1997) [2] incorporated the existence of incomplete knowledge, endogenous politics and institutional change in the theory of economic policy.
      PubDate: 2013-09-24
      DOI: 10.3390/economies1020015
      Issue No: Vol. 1, No. 2 (2013)
       
  • Economies, Vol. 1, Pages 1-2: Economies and Sustainability

    • Authors: Shu-Kun Lin
      Pages: 1 - 2
      Abstract: The motivation for launching the journal Economies (ISSN 2227-7099) is my concern regarding human sustainability [1,2]. There are two major categories of economic systems: capitalism, or free market economy and socialism, or planned economy. The last 30 years have witnessed great social change in China, for example, indicating that the free market economy has prevailed and now dominates around the World.
      PubDate: 2013-01-15
      DOI: 10.3390/economies1010001
      Issue No: Vol. 1, No. 1 (2013)
       
  • Economies, Vol. 1, Pages 3-5: Economies: An Open Access Journal for the
           Field of Development Macroeconomics

    • Authors: Ralf Fendel
      Pages: 3 - 5
      Abstract: Economies (ISSN 2227-7099) is a new international, peer-reviewed open access journal for the academic fields of development economics and macroeconomics. While the latter seems to be clearly defined, development economics is not, because it is related to nearly all traditional economic sub-disciplines such as macroeconomics, international trade and finance, as well as microeconomics and public finance. Typically, academic field journals of development economics cover all those economic sub-disciplines. Economies instead focuses mainly on the macroeconomic perspective of economic development and it intends to publish academic research that is of strong macroeconomic policy relevance. In general, contributions in Economies should foster understanding of the macroeconomic process of economic development, with the process of development not exclusively being reserved to what we typically call developing countries. Also, the group of developed economies is still developing in the sense of improving their living standards further.
      PubDate: 2013-01-17
      DOI: 10.3390/economies1010003
      Issue No: Vol. 1, No. 1 (2013)
       
  • Economies, Vol. 1, Pages 6-13: A Note on Forecasting the Rate of Change of
           the Price of Oil: Asymmetric Loss and Forecast Rationality

    • Authors: Christian Pierdzioch, Jan-Christoph Rülke
      Pages: 6 - 13
      Abstract: We study whether forecasts of the rate of change of the price of oil are rational. To this end, we consider a model that allows the shape of forecasters’ loss function to be studied. The shape of forecasters’ loss function may be consistent with a symmetric or an asymmetric loss function. We find that an asymmetric loss function often (but not always) makes forecasts look rational, and we also report that forecast rationality may have changed over time.
      PubDate: 2013-03-27
      DOI: 10.3390/economies1010006
      Issue No: Vol. 1, No. 1 (2013)
       
 
 
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