This article introduces a social planner version of a model central to the New Economic Geography for explicitly answering whether the symmetric equilibrium outcome of the decentralized market economy is socially desirable. We find that savings incentives are too weak, resulting in an inefficiently low capital stock and therefore an inadequate number of product varieties. The optimal subsidy an...

Article history: Received 24 January 2011 Received in revised form 3 August 2011 Accepted 3 August 2011 Available online 10 August 2011 This paper analyzes tax competition for foreign direct investment with country risk using a two-country model with different market sizes. We show that the trade-off between country size as a locational advantage and country risk as a locational disadvantage af...

Coupling phenomena between artificial left-handed ~LH! transmission lines are explored on the basis of a transmission line approach of LH materials. A LH forward coupler in the form of an ideal lumped-element ladder network is presented and is shown to exhibit strong forward coupling that increases with decreasing of frequency. A quasi-lumped element microstrip implementation of a LH coupler is...

0 1 5 Frequency [GHz] 6 2 3 4 Abstract The validity of lumped element microwave class-F amplifier circuit design has been demonstrated experimentally. By means of the proposed class-F amplifier design method, more than 4th-order higher harmonic frequencies can be taken into account in class-F microwave amplifier design using only lumped element components. In this approach, miniaturization of c...

⎯An analysis of a 3 dB lumped-element directional coupler (LEDC) based on arbitrary terminal impedance is described numerically. To solve the conflicted requirement for broad bandwidth and small size in LEDC, a new structure of coupler is introduced, which can significantly improve bandwidth and whose size is only 3 cm×4 cm on the conditions of the frequency domain of 410 MHz to 490 MHz. The me...

The paper analyzes the government budget cost of credit guarantees and subsidies. The analysis is done both in a general qualitative manner and quantitatively for the case of Czech Supporting and Guarantee Agricultural and Forestry Fund (SGAFF). In the quantitative part of the paper we show that the portfolio of the SGAFF has a sufficient value to cover expected costs of credit guarantees and s...

We study the optimal anticipated policy in a pure-currency economy with flexible prices and a nondegenerate distribution of money holdings. The economy features a business cycle and lump-sum monetary injections have distributional effects that depend on the state of the cycle. We parsimoniously characterize the dynamics of the economy and study the optimal regulation of the money supply as a fu...

We study a business cycle model in which a benevolent fiscal authority must determine the optimal provision of government services, while lacking credibility, lump-sum taxes, and the ability to bond finance deficits. Households and the fiscal authority have risk sensitive preferences. We find that outcomes are affected importantly by the household’s risk sensitivity, but not by the fiscal autho...

Over the past decade or so, many private and publicly held companies have moved away from providing employees with company-funded pensions upon retirement to a retirement system that requires both employee and company contributions to fund an individual’s retirement. These so-called 401(k) retirement plans usually require the employee to choose among different investment vehicles, including mut...

Co-location is compatible with the doctrine of microphysical supervenience. Microphysical supervenience involves intrinsic qualitative properties that supervene on microphysical structures. Two different objects, such as Socrates and the lump of tissue of which he is constituted, can be co-located objects that supervene on different sets of properties. Some of the properties are shared, but oth...