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作者：Peretto, Pietro F.; Seater, John J.
作者单位：Duke University; North Carolina State University
摘要：Perpetual growth requires offsetting diminishing returns to reproducible factors of production. In this article we present a theory of factor elimination. For simplicity and clarity, there is no augmentation of non-reproducible factors, thus excluding the standard engine of growth. By spending resources on R&D, agents learn to change the exponents of a Cobb-Douglas production function. We obtain the economy's balanced growth path and complete transition dynamics. The theory provides a mechanis...
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作者：Massa, Massimo; Zhang, Lei
作者单位：INSEAD Business School; Nanyang Technological University
摘要：The relative availability of bond and bank financing should affect the firm's external financing and investment decisions. We define a measure that proxies for the regional borrowing inflexibility to substitute between bank and bond financing: debt inflexibility. Debt inflexibility tilts the firm's financial structure towards equity and reduces investment. The impact is stronger during the period of tight monetary policy, particularly for smaller firms and firms without banking relationships. ...
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作者：Telyukova, Irina A.; Visschers, Ludo
作者单位：University of California System; University of California San Diego; Universidad Carlos III de Madrid; University of Edinburgh
摘要：Precautionary demand for money is significant in the data, and may have important implications for business-cycle dynamics of velocity and other nominal aggregates. Accounting for such dynamics is a standing challenge in monetary macroeconomics: standard business-cycle models that have incorporated money have failed to generate realistic predictions in this regard. In those models, the only uncertainty affecting money demand is aggregate. We investigate a model with uninsurable idiosyncratic u...
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作者：Johnson, Simon; Larson, William; Papageorgiou, Chris; Subramanian, Arvind
作者单位：Massachusetts Institute of Technology (MIT); Peterson Institute for International Economics; National Bureau of Economic Research; George Washington University; Johns Hopkins University; International Monetary Fund
摘要：This paper sheds light on two problems in the Penn World Table (PWT) GDP estimates. First, we. show that these estimates vary substantially across different versions of the PWT despite being derived from very similar underlying data and using almost identical methodologies: that the methodology deployed to estimate growth rates leads to systematic variability, which is greater: at higher data frequencies, for smaller countries, and the farther the estimate from the benchmark year. Moreover, th...
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作者：Feiveson, Laura
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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Iowa State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper provides a theory that explains the cross-country distribution of average years of schooling, as well as the so called human capital premium puzzle. In our theory, credit frictions as well as differences in access to public education, fertility and mortality turn out to be the key reasons why schooling differs across countries. Differences in growth rates and in wages are second order. (c) 2013 Elsevier B.V. All rights reserved.
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作者：Broner, Fernando; Didier, Tatiana; Erce, Aitor; Schmukler, Sergio L.
作者单位：Barcelona School of Economics; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); The World Bank; Banco de Espana
摘要：This paper analyzes the behavior of international capital flows by foreign and domestic agents, dubbed gross capital flows, over the business cycle and during financial crises. We show that gross capital flows are very large and volatile, especially relative to net capital flows. When foreigners invest in a country, domestic agents invest abroad, and vice versa. Gross capital flows are also pro-cyclical. During expansions, foreigners invest more domestically and domestic agents invest more abr...
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作者：Li, Ying-Syuan; Li, Yiting
作者单位：Fu Jen Catholic University; National Taiwan University
摘要：When lenders cannot force borrowers to repay debts, assets are often pledged to secure loans. In this paper borrowers lose collateral once they renege on debts, and exclusion of defaulters occurs probabilistically, with a higher probability implying better enforcement. Increased efficiency in enforcement reduces asset prices, while raising loan-to-value ratios. If the rise in loan-to-value ratios is the dominant effect, aggregate liquidity and output increase with the advance in enforcement. I...
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作者：Angeloni, Ignazio; Faia, Ester
作者单位：Goethe University Frankfurt
摘要：Optimizing banks subject to runs are introduced in a macro model to study the transmission of monetary policy and its interplay with bank capital regulation when banks are risky. A monetary expansion and a positive productivity shock increase bank leverage and risk. Risk-based capital requirements amplify the cycle and are welfare detrimental. Within a class of simple policy rules, the best combination includes mildly anticyclical capital ratios (as in Basel III) and a response of monetary pol...
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作者：Cavallo, Alberto
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Prices collected from online retailers can be used to construct daily price indexes that complement official statistics. This paper studies their ability to match official inflation estimates in five Latin American countries, with a focus on Argentina, where official statistics have been heavily criticized in recent years. The data were collected between October 2007 and March 2011 from the largest supermarket in each country. In Brazil, Chile, Colombia, and Venezuela, online price indexes app...
