| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6097 |
| DP6097 Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking | |
| Volker Wieland; Günter Beck | |
| 发表日期 | 2007-02-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Labour productivity in the US has recently grown more strongly than in most European countries. It is often argued that the American productivity increase is due to the widespread introduction of new information and communication technologies (ICT). But why have the same technologies not similarly increased Europe's labour productivity? This paper provides a theoretical explanation for this productivity puzzle based on an extension of Radner's (1992) model of hierarchical information aggregation. The introduction of new ICTs enables organizations to process any given amount of information with a shorter delay. This enables organizations to restructure and solve incentive problems without risking excessive delay. Even a marginal improvement in the ICT can yield significant increases in labour productivity if - and only if - the organization is drastically restructured. Restructuring yields hierarchies with fewer layers and fewer managers, all working under incentive pay and providing first best effort. However, managers need not participate in the gains associated with the restructuring of their business firms. |
| 主题 | International Macroeconomics ; Industrial Organization |
| 关键词 | Hierarchies Ict Information processing Labour productivity Restructuring |
| URL | https://cepr.org/publications/dp6097 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534936 |
| 推荐引用方式 GB/T 7714 | Volker Wieland,Günter Beck. DP6097 Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking. 2007. |
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