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作者：Bose, N; Cothren, R
作者单位：Virginia Polytechnic Institute & State University
摘要：This paper considers an endogenous growth model in which an informational asymmetry exists between capital producing borrowers and lenders as to the borrower's ability to successfully operate an investment project. In contrast to previous models of this genre, the lender can induce self-selection either by rationing a fraction of borrowers, or by using a costly screening technology, or by a mix of the two. The equilibrium contract's form and the growth rate of output are mutually dependent and...
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作者：Hamilton, JD
摘要：Many of the quarterly oil price increases observed since 1985 are corrections to even bigger oil price decreases the previous quarter. When one looks at the net increase in oil prices over the year, recent data are consistent with the historical correlation between oil shocks and recessions.
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作者：Lacker, JM; Schreft, SL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：A stochastic economic environment is presented in which the mix of cash and resource-costly credit used as means of payment is endogenous. For reasonable values of the credit cost parameter, velocity can be quite variable and sensitive to the nominal interest rate. Those parameter values also generate larger welfare costs of inflation than have been found previously and a sizable impact of inflation on real interest rates.
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作者：Hong, KO
摘要：This paper examines the time series behavior of durables/nondurables and services consumption expenditure of six OECD countries, following Caballero's approach. In each country, durables expenditure exhibits greater reversion than nondurables and services, when lower frequencies of the series are examined. The results reject the frictionless PIH as a model for durable goods consumption. However, they strongly support Mankiw's hypothesis on the nature of durable goods consumption.
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作者：delaFuente, A; Marin, JM
作者单位：Pompeu Fabra University
摘要：We analyze the interaction between growth and financial development in a model of product innovation. Innovation is risky and can be monitored only imperfectly and at a cost. Financial intermediaries emerge endogenously to avoid the duplication of monitoring activities and negotiate contracts with innovators which induce optimal effort through a combination of incentives and monitoring. A positive correlation emerges between growth and financial development. The optimal degree of monitoring de...
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作者：Yun, T
摘要：This paper investigates the ability of nominal price rigidity to explain the co-movement of inflation with the cyclical component of output observed in the post-war U.S. data. A dynamic general equilibrium model is constructed with the introduction of monopolistic competition and nominal price rigidity in a standard real business cycle model, allowing for an endogenous money supply rule. It is then demonstrated that sticky price models can explain the observed associations between movements in...
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作者：Atkeson, A; Ogaki, M
作者单位：University System of Ohio; Ohio State University; University of Pennsylvania; National Bureau of Economic Research
摘要：This paper constructs and estimates a model of consumer preferences in which the intertemporal elasticity of substitution (IES) of consumption expenditure rises with the revel of wealth, The purpose of this paper is to measure the effect that systematic variation in the IES of poor and rich consumers has on the IES of aggregate consumption expenditure. We find economically significant differences in the IES of poor and rich consumers in Indian panel data on the consumption of individual househ...
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作者：Leung, CKY; Quah, DT
作者单位：University of London; London School Economics & Political Science; Chinese University of Hong Kong
摘要：Kelly (1992) has recently shown that evidence on convergence cannot be taken as evidence against endogenous growth in general. This study uses a well-known class of stochastic growth models to show other difficulties with traditional empirical studies of convergence. Kev parameters typically cannot be estimated consistently in cross-section regressions. When the parameters are assumed known, implications for convergence are unavailable except under restrictive and economically unmotivated assu...
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作者：Hooker, MA
摘要：Strong evidence is found that oil prices no longer Granger cause many U.S. macroeconomic indicator variables in data after 1973. ii number of potential explanations are explored: that sample stability issues are responsible, that oil prices are now endogenous, and that linear and symmetric specifications misrepresent the form of the oil price interaction. None of these hypotheses are supported by the data. The OPEC price increases do appear to have had significant impacts, while the effects of...
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作者：Devarajan, S; Swaroop, V; Zou, HF
作者单位：The World Bank
摘要：Noting that the literature has focused on the link between the level of public expenditure and growth, we derive conditions under which a change in the composition of expenditure leads to a higher steady-state growth rate of the economy. The conditions depend not just on the physical productivity of the different components of public expenditure but also on the initial shares. Using data from 43 developing countries over 20 years we show that an increase in the share of current expenditure has...
