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2011, Issue 9. Abstracts


 

V.M. Marakulin, Sobolev Institute of Mathematics, Russian Academy of Sciences, Novosibirsk, Russia

 

Contracts and Domination in Competitive Economies

 

A new concept of contract-based domination by coalitions for competitive economies is proposed and studied in the paper. This concept is based on the notion of (barter) contract (an elementary exchange of commodities). Here classical coalitions domination is transferred onto systems (webs) of contracts and this way implemented contractual allocations which stability properties are investigated. It is shown that suggested approach is efficiently modeling perfect competition conditions and allows to describe various known classical concepts for a perfect economy - equilibria, core, fuzzy core etc. - in pure game-theoretical terms. For non-perfect economies, in which not every contract is permissible, it may serve as one of the model primitives to refine and to solve various theoretical problems.

 

Key words: exchange economy, contract, contractual allocation, competi­tive equilibrium, core

JEL classification: C62, D51

 

 


 

Gaetano Lisi, Department of Economics, University of Cassino, Italy

 

Entrepreneurship, On-the-job Search and Informal Jobs

 

This paper develops a search and matching model of equilibrium unemployment, with on-the-job search, extended to both the informal sector and entrepreneurship. Three are the key features of this model: the entrepreneurial ability affects job productivity, all unemployed start their job search in the official sector, and workers employed in the informal sector try to move into the official one. Two key results emerge from the analysis. First: firms become heterogeneous in productivity, thus providing a new solution to the problem of finding an interior equilibrium where vacant jobs are allocated to both the regular and the hidden sector (the so-called 'shadow puzzle'). Second: if the informal sector is sufficiently large, an increase in labour market tightness increases the unemployment rate and then the 'vacancies-unemployment' relationship (the so-called 'Beveridge Curve') switches from negative to positive.

 

Key words: entrepreneurship, on-the-job search, unemployment, match­ing models, shadow/hidden/underground/informal economy

JEL classification: E26, J23, J24, J63, J64, L26

 

 


 

I.A. Boldyrev, National Research University Higher School of Economics, Moscow, Russia

 

Economic Methodology Today: a Review of Major Contributions

 

This review article considers the state of the art in the modern economic methodology. The structure of this branch of knowledge is briefly described, as well as its institutional organization. We also carry out a substantial classification of various problems and fields of research. We propose to distinguish two basic perspectives which will determine the situation in the field in future: logical-cognitivist and social-constructivist. It is shown, why we consider the latter perspective to be more interesting and promising one. We also examine in detail advantages and shortcomings of normative methodology which is supposed to set standards for a scientific research in economic theory.

 

Key words: normative and positive economic methodology, philosophy of economics, models, rationality, interdisciplinarity

JEL classification: A11, A12, A14, B4

 

 


 

M. Karev, HSE, Moscow, Russia

 

Revealed Preferences of the Bank of Russia. Simulation Approach

 

The paper aims at reconstructing the regulator's loss function both qualitatively and quantitatively. The main idea is to deduct from the observed behavior of the monetary policy instrument the underlying preferences that explain such behavior. In order to obtain quantitative results we use the simulation model of the Russian economy. The method consists in embeding in this model the Central Bank's preferences modeled by different types of loss functions and choose the one that does the job best, i.e. one for which the implied preference parameter behaves most smoothly. One of the main findings is that the Bank of Russia acts as if it had two conflicting targets: inflation stabilization and low real exchange rate, or, alternatively, high foreign reserve growth. It is shown that the revealed preferences together with the simulation model can be used for forecasting the medium run dynamics of inflation and nominal exchange rate. It is also shown that commonly used quadratic loss function that models inflation and real sector stabilization is not relevant in depicting the Bank's behavior.

 

Key words: monetary policy, inflation, real exchange rate, simulation mode

JEL classification: E31, E37, E52

 

 


 

A.A. Yakovlev, A.V. Govorun, Institute for Industrial and Market Studies, National Research University - Higher School of Economics , Moscow, Russia

 

Business Associations as a Business-Government Liaison: An Empirical Analysis

 

Relying on the survey data of 957 manufacturing firms, conducted in 2009 by the Institute for Industrial and Market Studies we found that business associations are more frequently joined by larger companies; firms located in regional capital cities; and firms active in investment and innovations. By contrast, business associations tend to be less frequently joined by business groups' subsidiaries and firms non-responding about their ownership structure. Business associations are a link in the framework of government-business exchanges, primarily at the regional and local level. Indeed, business association members are more active in assisting regional and local authorities in the social development of their regions and simultaneously they get government support more frequently. However, this effect proved insignificant for federal support. In general, our results allow us to believe that at present, business associations consolidate the most active, advanced companies and act as collective representatives of their interests. For this reason, business associations can be regarded as interface units between the authorities and business and as a possible instrument for promotion of modernization.

 

Key words: business associations, economic development, collective actions, public-private partnership

JEL classification: D71, L31, O17

 

 


 

Alexander Libman, Frankfurt School of Finance & Management and Institute of Economics of the Russian Academy of Sciences, Frankfurt/Main, Moscow

 

German Economics: Mechanisms of Transformation

 

The paper provides an overview of the key transformation mechanisms for the community of German economists during its internationalization and integration in the global economic community. It points out three main features of the German economics, which made this transformation possible, and considers both pros and cons of the German way of transformation.

 

Key words: community of economists, internationalization, Germany

JEL classification: A14

 

 


 

E.V. Balatsky, CEMI RAS, Moscow, Russia

N.A. Ekimova, The State University of Management, Moscow, Russia


The International Rankings of Universities: Practice of drawing up and using

 

This article provides an overview of the history of global rankings of Universities. Their influence on politics in higher education is shown; methodological features and limitations of rating systems are considered. Ways of using global rankings in applied research are discusses.

 

Key words: rankings of Universities, ranking criteria, education, economic policy

JEL classification: I21, I23




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