Accounting for development through investment prices
成果类型：
Article
署名作者：
Armenter, Roc; Lahiri, Amartya
署名单位：
University of British Columbia
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.06.009
发表日期：
2012
页码：
550-564
关键词：
摘要：
Cross-country income gaps are large in the data. Can observed investment prices account for these gaps? Our model adds an extensive margin to the neoclassical growth model by allowing for entry of firms. When combined with a returns to variety effect, our model provides an amplification mechanism from investment prices to output. Using cross-country data on relative investment prices, the model can explain up to 5 to 6-fold income differences between the richest and poorest countries in our sample while simultaneously reducing the implied cross-country TFP differences. (C) 2012 Elsevier B.V. All rights reserved.
来源URL：