'Assessing market dominance': a comment and an extension

Melnik et al. [Melnik, A., Shy, Oz, Stenbacka, R. Assessing market dominance. Journal of Economic Behavior and Organization 68, 63-72] have proposed a new statistic to assess market dominance. In this comment we expand their discussion of certain mathematical properties in their analysis and link their methodology to some previous approaches.Firm's dominance, dominant position, measure of dominance

“Assessing market dominance”: a comment and an extension

Melnik et al. [Melnik, A., Shy, Oz, Stenbacka, R., 2008. Assessing market dominance. Journal of Economic Behavior and Organization 68, 63-72] have proposed a new statistic to assess market dominance. In this comment we expand their discussion of certain mathematical properties in their analysis and link their methodology to some previous approaches.Firm’s dominance; Dominant position; Measure of dominance

Monetary and Fiscal Policy Interaction: What is the Role of the Transaction Cost of the Tax System in Stabilisation Policies?

In the theory of monetary and fiscal policy interaction, the assumption of Ricardian households isolates the determinants of fiscal policy instrument from the price stabilization policies carried out by the central bank. One of the main implications of the above mentioned Ricardian assumption is that the fiscal policy does not have any distortionary effect for the economy, i.e. it does not affect the behaviour of the households, supporting that way the fiscal policy’s neutrality. The argument for this view comes if one assumes that fiscal policy has a distortionary effect on the behaviour of the agents. We relax the above non distortionary assumption by assuming that the imposition of the taxes is consistent with a transaction cost of the tax system that underlies the state - tax payer interaction. In this way we develop a channel through which the stability of prices carried out by the independent central bank is, within optimality, also a function of the fiscal policy determinants (the transaction cost, the tax rates and the debt level). The analysis is carried out in a framework of a monetary union, with two different countries. Within this framework, the effectiveness of a numerical fiscal rule is also examined.Monetary and fiscal policy interactions; Transaction cost of the tax system; Probability of re-election; Stability and growth pact

An evaluation of policies for fiscal and external sustainability during the recent Greek economic crisis

The scope of this note is to point out that high growth rates must be accompanied by current account surpluses financing the internal debt service as a necessary and sufficient condition for a debt-reduction strategy. The recipe is applied in the case of Greece which, looking back at the pre-crisis period, has been experiencing substantial consumptionled growth following extensive foreign borrowing.peer-reviewe

An evaluation of policies for fiscal and external sustainability during the recent Greek economic crisis

The scope of this note is to point out that high growth rates must be accompanied by current account surpluses financing the internal debt service as a necessary and sufficient condition for a debt-reduction strategy. The recipe is applied in the case of Greece which, looking back at the pre-crisis period, has been experiencing substantial consumptionled growth following extensive foreign borrowing.peer-reviewe

An Evaluation of Policies for Fiscal and External Sustainability during the Recent Greek Economic Crisis

The scope of this note is to point out that high growth rates must be accompanied by current account surpluses financing the internal debt service as a necessary and sufficient condition for a debt-reduction strategy. The recipe is applied in the case of Greece which, looking back at the pre-crisis period, has been experiencing substantial consumption-led growth following extensive foreign borrowing

A fiscal capacity for the euro area: lessons from existing fiscal-federal systems

Tras la crisis económica y financiera, ha emergido en Europa un amplio consenso sobre la necesidad de reforzar la dimensión fiscal para completar la Unión Económica y Monetaria (UEM). Este documento analiza el papel de las transferencias interregionales en algunas de las principales federaciones fiscales (centrado en Austria, Bélgica, Alemania, España y Estados Unidos), con el objetivo de extraer las conclusiones necesarias para el diseño de un instrumento fiscal para el área del euro. El análisis empírico de compartición de riesgos llevado a cabo en este documento sugiere que una estabilización interregional de los shocks asimétricos es más efectiva cuando está basada en transferencias directas de efectivo a los hogares, tales como las pensiones por desempleo, financiadas por medio de los impuestos cíclicos del Gobierno Central y de las contribuciones a la Seguridad Social. Estos resultados sugieren que un instrumento centralizado de estabilización macroeconómica para el conjunto del área esté basado en la mejora de los mecanismos de estabilización automática. Al mismo tiempo, parece importante que dicho instrumento de estabilización central esté integrado en un marco general de política fiscal que asegure los incentivos adecuados para los Gobiernos nacionales.Tras la crisis económica y financiera, ha emergido en Europa un amplio consenso sobre la necesidad de reforzar la dimensión fiscal para completar la Unión Económica y Monetaria (UEM). Este documento analiza el papel de las transferencias interregionales en algunas de las principales federaciones fiscales (centrado en Austria, Bélgica, Alemania, España y Estados Unidos), con el objetivo de extraer las conclusiones necesarias para el diseño de un instrumento fiscal para el área del euro. El análisis empírico de compartición de riesgos llevado a cabo en este documento sugiere que una estabilización interregional de los shocks asimétricos es más efectiva cuando está basada en transferencias directas de efectivo a los hogares, tales como las pensiones por desempleo, financiadas por medio de los impuestos cíclicos del Gobierno Central y de las contribuciones a la Seguridad Social. Estos resultados sugieren que un instrumento centralizado de estabilización macroeconómica para el conjunto del área esté basado en la mejora de los mecanismos de estabilización automática. Al mismo tiempo, parece importante que dicho instrumento de estabilización central esté integrado en un marco general de política fiscal que asegure los incentivos adecuados para los Gobiernos nacionales

Modeling Distortionary Taxation

There has been a lot of discussion recently regarding the macroeconomic consequences of a distortionary taxation system. However the way this distortionary taxation scheme or instrument is modeled in macroeconomic analysis, as well as the ability of these models to capture the effects implied by this distortionary taxation system, is subject to criticism. This work provide a formal analysis in an attempt to build a methodological tool (i.e. a functional form), in order to capture the distortionary consequences of the tax system. This tool could be useful instrument in economic analysis regarding the effects of a distortionary taxation system, and its relation to the other macroeconomic variables, like for example dept, deficit, and inflation.Distortionary Taxation; Income Tax; Tax Revenue; Tax evasion; Tax Compliance; Dynamic path of debt

On the Localized Surface Plasmonic Resonances of AgPd Alloy Nanoparticles by Experiment and Theory

Ag/Pd multilayers and AgPd alloyed ultrathin films were deposited on Corning glass by magnetron sputtering. After being annealed in a furnace in air at 460 °C, self-assembled nanoparticles were formed. Localized surface plasmon resonances were observed only for the Ag-rich samples in the full range of the visible light spectrum. The resonance position was found to depend on the initial film thickness. In order to gain further physical insight, rigorous theoretical calculations were carried out via the rigid coupled-wave analysis method for the entire compositional range between Ag and Pd. Theoretical calculations were proven to be in suitable agreement with the experimental results

Prospective observational cohort study on grading the severity of postoperative complications in global surgery research

Background The Clavien–Dindo classification is perhaps the most widely used approach for reporting postoperative complications in clinical trials. This system classifies complication severity by the treatment provided. However, it is unclear whether the Clavien–Dindo system can be used internationally in studies across differing healthcare systems in high- (HICs) and low- and middle-income countries (LMICs). Methods This was a secondary analysis of the International Surgical Outcomes Study (ISOS), a prospective observational cohort study of elective surgery in adults. Data collection occurred over a 7-day period. Severity of complications was graded using Clavien–Dindo and the simpler ISOS grading (mild, moderate or severe, based on guided investigator judgement). Severity grading was compared using the intraclass correlation coefficient (ICC). Data are presented as frequencies and ICC values (with 95 per cent c.i.). The analysis was stratified by income status of the country, comparing HICs with LMICs. Results A total of 44 814 patients were recruited from 474 hospitals in 27 countries (19 HICs and 8 LMICs). Some 7508 patients (16·8 per cent) experienced at least one postoperative complication, equivalent to 11 664 complications in total. Using the ISOS classification, 5504 of 11 664 complications (47·2 per cent) were graded as mild, 4244 (36·4 per cent) as moderate and 1916 (16·4 per cent) as severe. Using Clavien–Dindo, 6781 of 11 664 complications (58·1 per cent) were graded as I or II, 1740 (14·9 per cent) as III, 2408 (20·6 per cent) as IV and 735 (6·3 per cent) as V. Agreement between classification systems was poor overall (ICC 0·41, 95 per cent c.i. 0·20 to 0·55), and in LMICs (ICC 0·23, 0·05 to 0·38) and HICs (ICC 0·46, 0·25 to 0·59). Conclusion Caution is recommended when using a treatment approach to grade complications in global surgery studies, as this may introduce bias unintentionally