-
作者：Sleet, Christopher
作者单位：Carnegie Mellon University
-
作者：Smetters, Kent
作者单位：University of Pennsylvania
-
作者：Madsen, Jakob B.
作者单位：Monash University
摘要：Conventional growth accounting exercises are extended in this paper to allow for endogeneity of capital, demographic transitions, age dependency, and employment rates, among other factors. Using data for the OECD countries in the period 1870-2006 it is shown that growth has been predominantly driven by demographics and TFP growth. TFP has, in turn, been driven by R&D, knowledge spillovers through the channel of imports, educational attainment, and the interaction between educational attainment...
-
作者：Barseghyan, Levon
作者单位：Cornell University
摘要：The delay in the government bailout of the financial sector played a key role in Japan's slowdown during the 1990s and early 2000s. This argument is articulated in a general equilibrium model in which the government provides deposit insurance to the financial sector. The existence of non-performing loans, combined with a delay in the bailout, leads to a persistent decline in economic activity. Consistent with Japan's experience, the decline in output is caused not only by a fall in investment,...
-
作者：Lein, Sarah M.
作者单位：Swiss National Bank (SNB)
摘要：The price-setting behavior of manufacturing firms is examined using a large panel of quarterly firm survey data from 1984 to 2007, which allows changes in firms' prices to be linked to several firm-specific variables. The results show that state-dependent pricing is clearly present in a low-inflation environment and that variables measuring the current situation of the firm, especially costs for intermediate products, are important determinants of price adjustments. Compared to purely time-dep...
-
作者：Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe
-
作者：Bruche, Max; Suarez, Javier
摘要：in the presence of deposit insurance, a rise in counterparty risk may cause a freeze in interbank money markets. We show this in a general equilibrium model with regionally segmented bank-based retail financial markets, in which money markets facilitate the reallocation of funds across banks from different regions. Counterparty risk creates an asymmetry between banks in savings-rich regions, which remain marginally financed by the abundant regional insured deposits, and in savings-poor regions...
-
作者：Sheedy, Kevin D.
作者单位：University of London; London School Economics & Political Science
摘要：Empirical evidence suggests that inflation determination is not purely forward-looking but models of price setting have struggled to rationalize this finding without directly assuming backward-looking pricing rules for firms This paper shows that intrinsic inflation persistence can be explained with no deviation from optimizing forward-looking behaviour if prices that have remained fixed for longer are more likely to be changed than those set recently A relationship between the probability of ...
-
作者：Chakraborty, Shankha; Papageorgiou, Chris; Perez Sebastian, Fidel
作者单位：Universitat d'Alacant; University of Oregon; International Monetary Fund
摘要：The relationship between health and development is a subject of ongoing debate. This paper contributes to the debate by proposing a general equilibrium theory of infectious disease transmission, prevention investment, and rational behavior. Diseases cause premature death, labor productivity loss and lower quality of life. Higher disease prevalence lowers the average saving-investment propensity. The model offers two insights. First, infectious disease can plausibly generate an unconventional g...
-
作者：Bali, Turan G.; Engle, Robert F.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University
摘要：The intertemporal capital asset pricing model of Merton (1973) is examined using the dynamic conditional correlation (DCC) model of Engle (2002). The mean-reverting DCC model is used to estimate a stock's (portfolio's) conditional covariance with the market and test whether the conditional covariance predicts time-variation in the stock's (portfolio's) expected return. The risk-aversion coefficient, restricted to be the same across assets in panel regression, is estimated to be between two and...
