We derive a measure of firm speed of price adjustment that is directly inversely related to market power and compare this to the measure derived by Martin (1993). However, both measures are incorrect when firms have non-zero price conjectural variations and treat competing price levels as exogenous. This is because Taylor series expansions of the demand function implicitly assume that firms inf...

A vertically integrated monopoly is compared to a decentralised market arrangement where production is segmented between a Labour Managed Firm producing an input used by a pro...t maximiser manufacturer of a ...nal good. Surprisingly, in some circumstances the decentralised vertical arrangement is superior to the integrated one. JEL Classi...cation: L12, L13, L 32, P13

This paper presents a procedure for studying industrial performance and related issues such as changes in the wage structure. This procedure combines cluster analysis and discriminant analysis as a package, and applies this package to time series data. This enables us to organize industrial data into groups with similar wage or performance histories and then to extract summary time-series showi...

In this paper we demonstrate that the menu-cost model implies asymmetric price adjustment to nominal demand shocks and that the asymmetry is linked to the elasticity of demand and menu costs. These are tested using manufacturing and retailing panel data for the OECD countries. The empirical results give strong support to the menu-cost model. JEL Classification: E3, L16 * Comments from Fhahad Kh...

We analyze fundamental characteristics of the inter-firm transaction network through the data of 800,000 Japanese firms. We find that there exists a hierarchical structure and a negative degree correlation in this transaction network. We also find that this undirected network is a scale-free network. We bring to light these characteristics of the network and discuss why there is an important ne...

We study structural change in the historical consumption expenditure of United States, Kingdom, Canada, and Australia over more than a century. characterize most general class preferences time-additive setting that admits aggregation saving decision allows us to identify preference parameters from aggregate data. parameterize estimate such intertemporally aggregable (IA) discuss their propertie...

This study presents credible estimates for the causal eff ect of a variation in obesity on employment. By exploring random assignment of a weight loss intervention based on monetary rewards, I provide convincing evidence that weight loss positively aff ects the employment prospects of obese women but not of obese men. Consistent with this, signifi cant eff ects of weight loss on proxy variables...

We document that nearly half of the global decline in agricultural employment was driven by new cohorts entering labor market. A dataset policy reforms supports an interpretation these cohort effects as human capital. Using a model frictional reallocation, we conclude capital growth led to sharp supply, accounting, at fixed prices, for 40 percent decrease employment. This aggregate effect is ha...