-
作者：Perli, R
作者单位：University of Pennsylvania
摘要：In this paper I present a business cycle model with one market sector that produces a standard good, and another that produces a non-market, or home, good. The model can have multiple equilibria, and therefore cycles driven only by self-fulfilling expectations, with low externalities to market production. In particular, an upward sloping aggregate labor demand, as e.g., in Farmer and Guo (J. Economic Theory 63 (1994) 42-72), is not required for indeterminacy. The effect of technology shocks is...
-
作者：Klenow, PJ
作者单位：University of Chicago
摘要：Using 1959-1991 growth rates for 449 4-digit US manufacturing industries, I test 'idea' and 'rival human capital' models of endogenous growth. I find the following: First, TFP growth is faster in industries that are more intensive in capital and intermediate goods and less intensive in labor, favoring idea models over rival human capital models. Second, industries with rapidly declining prices for their capital and intermediate goods exhibit above-average TFP growth, which one would expect if ...
-
作者：Cooper, R; Ross, TW
作者单位：Boston University; University of British Columbia
摘要：In this paper we extend the Diamond and Dybvig (1983) model of intermediation to study further the conditions under which bank runs can occur and to consider how private parties might adjust to the existence of bank-run equilibria. We provide weaker necessary conditions for runs, We then characterize how banks respond to the possibility of runs in their design of deposit contracts and investment decisions. Banks might choose to offer contracts that prevent runs, but under some conditions the (...
-
作者：Bruno, M; Easterly, W
作者单位：The World Bank; Hebrew University of Jerusalem
摘要：Recent articles in the new growth literature find that growth and inflation are negatively related, a finding that is usually thought to reflect a long-run relationship. But the inflation-growth correlation is only present with high frequency data and with extreme inflation observations; there is no cross-sectional correlation between long-run averages of growth and inflation. We propose that examination of discrete high inflation crises (periods when inflation is above some threshold, which w...
-
作者：Dahan, M; Hercowitz, Z
作者单位：Tel Aviv University; Bank of Israel
摘要：An empirical investigation of the effects of fiscal policy on saving is carried out using Israeli data, which display large variability in both the saving rate and the fiscal variables. The framework is a small open economy model with distortionary taxation. The theoretical analysis of the partial effect of each fiscal variable on the national saving rate takes into account the necessary adjustment in future taxes. The present model predicts, for example, that the income-tax rate should have a...
-
作者：Owen, AL; Weil, DN
作者单位：Hamilton College; Brown University
摘要：We examine a model in which per capita income, inequality, intergenerational mobility, and returns to education are all determined endogenously. Individuals earn wages depending on their ability, which is a random variable. They purchase an education with transfers received from their parents, and are subject to liquidity constraints. In the model, multiple steady-state equilibria are possible: countries with identical tastes and technologies can reach differing rates of mobility, inequality a...
-
作者：Ziliak, JP
作者单位：University of Oregon
摘要：Food consumption in the Panel Study of Income Dynamics is used as a proxy for total consumption in many applications in economics, including tests of the permanent-income hypothesis, tests of separability between consumption and leisure, and tests of intergenerational altruism. Food, however, explains only a small fraction of the variation in total consumption. I propose a measure of composite consumption based on predicted wealth and compare it both to food consumption and to Skinner's (1987)...
-
作者：Wen, Y
作者单位：Hong Kong University of Science & Technology
摘要：Watson (1993) [Measures of fit for calibrated models. Journal of Political Economy 101 (6), 1011-1041] proposes a procedure for evaluating the fit of a dynamic equilibrium business cycle model. Under Watson's criterion, the standard real business cycle (RBC) model fails dramatically in reconciling the dynamics of the model with the data. This inability to account for the dynamics of US aggregate data remains a major challenge to RBC theory. This paper demonstrates that reasonable modifications...
-
作者：Perli, R; Sakellaris, P
作者单位：University of Pennsylvania; University System of Maryland; University of Maryland College Park
摘要：In this paper we examine the role of the formation of human capital in propagating shocks over the business cycle. We show that a two-sector equilibrium business cycle model with human capital is able to generate persistence in the growth of output and other aggregate variables comparable to that observed in the post-war US data. A key feature is the relatively low elasticity of substitution between skilled and unskilled labor in the production of human capital. (C) 1998 Elsevier Science B.V. ...
