SIRE
Not a member yet
655 research outputs found
Sort by
The Distribution Dynamics of Output Multipliers in Scotland 1998–2007
Get PDFIn an input-output context the impact of any particular industrial sector is commonly
measured in terms of the output multiplier for that industry. Although such measures are
routinely calculated and often used to guide regional industrial policy the behaviour of such measures over time is an area that has attracted little academic study. The output multipliers derived from any one table will have a distribution; for some
industries the multiplier will be relatively high, for some it will be relatively low. The recentpublication of consistent input-output tables for the Scottish economy makes it possible to examine trends in this mdistribution over the ten year period 1998-2007. This is done by comparing the means and other summary measures of the distributions, the histograms and the cumulative densities. The results indicate a tendency for the multipliers to increase over the period. A Markov chain modelling approach suggests that this drift is a slow but long term phenomenon which appears not to tend to an equilibrium state. The prime reason for the increase in the output multipliers is traced to a decline in the relative importance of imported (both from the rest of the UK and the rest of the
world) intermediate inputs used by Scottish industries. This suggests that models calibrated on the set of tables might have to be interpreted with caution
A two-sector growth model with institutional saving and investment
Get PDFThis paper develops a two-sector growth model in which institutional investors play a significant role. A necessary and sufficient condition is established under which these investors own the entire capital stock in the long run. The dependence of the long-run growth rate on the behaviour of such investors, and the effects of a productivity increase are analysed
Separating Myth from Probability: the Origins and Evolution of QWERTY
Get PDFWe use basic probability theory and simple replicable electronic search experiments to evaluate some reported “myths” surrounding the origins and evolution of the QWERTY standard. The resulting evidence is strongly supportive of arguments put forward by Paul A. David (1985) and W. Brian Arthur (1989) that QWERTY was path dependent with its course of development strongly influenced by specific historical circumstances. The results also include the unexpected finding that QWERTY was as close to an optimal solution to a serious but transient problem as could be expected with the resources at the
disposal of its designers in 1873
Horizontal Agreements and R&D Complementarities: Merger versus RJV
Get PDFWe study the decision of two rms within an oligopoly concerning
whether to enter into a horizontal agreement to exploit complementarities
between their R&D activities and, if so, whether to merge or
form a research joint venture (RJV). In contrast to horizontal merger,
there is a probability that an RJV contract will fail to enforce R&D
sharing. We nd that a horizontal agreement always arises. The insiders'
merger/RJV choice involves a trade-o : While merger o ers
certainty that R&D complementarities will be exploited, it leads to
a pro t-reducing reaction by outsiders on the product market, where
competition is Cournot. Greater brand similarity and contract enforceability
(\quality") both favour RJV, while greater R&D complementarity
favours merger. Interestingly, the insiders may choose to merge
even when RJV contracts are always enforceable, and they may opt
to form an RJV even when the likelihood of enforceability is negligible
Estimating the Impact on Efficiency of the Adoption of a Voluntary Environmental Standard: An Empirical Study of the Global Copper Mining Industry
Get PDFThis paper uses data on the world's copper mining industry to measure the impact on efficiency of the adoption of the ISO 14001 environmental standard. Anecdotal and case study literature suggests that firms are motivated to adopt this standard so as to achieve greater efficiency through changes in operating procedures and processes. Using plant level panel data from 1992-2007 on most of the world's industrial copper mines, the study uses stochastic frontier methods to investigate the effects of ISO adoption. The variety of models used in this study find that adoption either tends to improve efficiency or has no impact on efficiency, but no evidence is found that ISO adoption decreases efficiency
(Don’t) Make My Vote Count
Get PDFProponents of proportional electoral rules often argue that majority rule
depresses turnout and may lower welfare due to the 'tyranny of the majority'
problem. The present paper studies the impact of electoral rules on turnout
and social welfare. We analyze a model of instrumental voting where citizens
have private information over their individual cost of voting and over the alternative they prefer. The electoral rule used to select the winning alternative
is a combination of majority rule and proportional rule. Results show that
the above arguments against majority rule do not hold in this set up. Social
welfare and turnout increase with the weight that the electoral rule gives to
majority rule when the electorate is expected to be split, and they are independent of the electoral rule employed when the expected size of the minority
group tends to zero. However, more proportional rules can increase turnout
within the minority group. This effect is stronger the smaller the minority
group. We then conclude that majority rule fosters overall turnout and increases social welfare, whereas proportional rule fosters the participation of minorities
Uncertain Fiscal Consolidations
Get PDFThe paper explores the macroeconomic consequences of fiscal consolidations whose
timing and composition are uncertain. Drawing on the evidence in Alesina and Ardagna (2010), we emphasize whether or not the fiscal consolidation is driven by tax rises or expenditure cuts. We find that the composition of the fiscal consolidation, its
duration, the monetary policy stance, the level of government debt and expectations
over the likelihood and composition of fiscal consolidations all matter in determining the extent to which a given consolidation is expansionary and/or successful in stabilizing government debt
Prospective Decommissioning Activity and Infrastructure Availability in the UKCS
Get PDFNORTH SEA STUDY OCCASIONAL PAPER
No. 12
Some Implications Of Capping The Inflation Indexation Of USS Pensions
Get PDFOn 1 October 2011 the Universities Superannuation Scheme (USS)
substantially reduced the pension entitlements of its members. The most
onerous of the changes is the cap placed on the indexation of pensions where
in the event of high inflation the cap will quickly lower the real value of the
pension. This paper quantifies the impact of the inflation cap and high
inflation on the real value of the member’s pension and the concomitant
impact on the USS and universities
Fact And Fiction In FX Arbitrage Processes
Get PDFThe efficient markets hypothesis implies that arbitrage opportunities in markets such as those for foreign exchange (FX) would be, at most, short-lived. The present paper surveys the fragmented nature of FX markets, revealing that information in these markets is also likely to be fragmented. The “quant” workforce in the hedge fund featured in The Fear Index novel by Robert Harris would have little or no reason for their existence in an EMH world. The four currency combinatorial analysis of arbitrage sequences contained in Cross, Kozyakin, O’Callaghan, Pokrovskii and Pokrovskiy (2012) is then considered. Their results suggest that arbitrage processes, rather than
being self-extinguishing, tend to be periodic in nature. This helps explain the fact that arbitrage dealing tends to be endemic in FX markets