We consider an industry where firms produce goods that have different quality levels but firms cannot differentiate themselves from rivals. In this situation, producing low-quality generates a negative externality on the whole industry. This is particularly true when consumers cannot identify...

This paper examines whether the oversight provided by the SEC over commercial banks was appropriate in the period immediately preceding the end of the recent real-estate boom. The approach followed here is to first identify the variables that are of interest to those who invest in banks, and...

This paper examines whether the oversight provided by the SEC over commercial banks was appropriate in the period immediately preceding the end of the recent real-estate boom. The approach followed here is to first identify the variables that are of interest to those who invest in banks, and...

Recently, Park (2009, Economic Theory 39, 377--398) extended the Barro endogenous growth model (1990) by assuming that tax rate is optimally chosen by the government and labor supply is elastic. Park claimed to have proved the existence of multiple balanced growth paths that exhibit zero growth...

This paper examines how changes in different fiscal (tax-spending) policy instruments affect economic activity and social welfare in the Greek economy. The setup is a neoclassical growth model augmented with a public sector. The government's spending instruments include public consumption,...

This paper aims to analyze the nexus between disaggregated public spending and GDP in the Euro Area for the period 1990-2010 at a disaggregated level, using a time series approach. We estimated this nexus for ten items of public spending according to the COFOG functional classification. Taking...

We tested for the presence of IT capital externalities, based on a translog cost function framework applied to 10 Japanese manufacturing industries for the years 1974 to 1993. This framework allows us to test whether investment in IT capital in other industries reduces costs in a given industry....

We tested for the presence of IT capital externalities, based on a translog cost function framework applied to 10 Japanese manufacturing industries for the years 1974 to 1993. This framework allows us to test whether investment in IT capital in other industries reduces costs in a given industry....