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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：Benhabib, J; Farmer, REA
作者单位：University of California System; University of California Los Angeles; New York University
摘要：We introduce mild increasing returns-to-scale into a version of the Real Business Cycle model. These increasing returns-to-scale occur as a consequence of sector-specific externalities, that is externalities where the output of the consumption and investment sectors have external effects on the output of firms within their own sector. Keeping the production technologies for both sectors identical for expositional simplicity, we show that indeterminacy can easily occur for parameter values typi...
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作者：[Anonymous]
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作者：Aiyagari, SR; Wallace, N; Wright, R
作者单位：University of Miami; University of Pennsylvania
摘要：A random matching model with money is used to study the nominal yield on small denomination, bearer, safe, discount securities issued by the government. There is always one steady state with matured securities circulating at par and, for some parameters, another with them circulating at a discount. In the former, a necessary and sufficient condition for a positive nominal yield on not-yet-matured securities is exogenous discriminatory treatment of them by the government. In the latter, the pos...
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作者：Kocherlakota, NR
摘要：This paper examines the properties of efficient allocations of risk in an economic environment in which the outside enforcement of risk-sharing arrangements is infinitely costly. Tn these allocations, unanticipated relative productivity movements have effects on both the current and future distribution of consumption across individuals. If preferences over consumption and leisure are nonhomothetic, these changes in the allocation of consumption will generate persistent cycles in aggregate outp...
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作者：Rotemberg, JJ
摘要：I show that a simple sticky price model based on Rotemberg (1982) is consistent with a variety of facts concerning the correlation of prices, hours, and output. It is consistent with the negative correlation between forecastable movements in prices and output as well as the smaller negative correlation between forecastable movements in prices and hours. It is also consistent with the positive correlations of unexpected movements in prices, output, and hours. These patterns are harder to reconc...
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作者：Woodford, M
摘要：With loan commitments negotiated in advance, the use of 'tight money' to restrain nominal spending has asymmetric effects upon different categories of borrowers. This can reduce efficiency, even though aggregate demand is stabilized. An equilibrium model of financial intermediation with loan commitments is developed, and used to analyze the welfare consequences of alternative monetary policies. If demand uncertainty relates primarily to the number of borrowers rather than to each one's demand ...
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作者：Carlino, G; Mills, L
作者单位：Federal National Mortgage Association (Fannie Mae)
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作者：Bental, B; Eden, B
作者单位：University of Haifa; Bank of Israel
摘要：We propose a model in which an unanticipated reduction in the money supply leads to a contemporaneous increase in inventories followed by periods with lower output. This persistent real effect does not require price rigidities or real shocks and confusion. It is obtained in a model of uncertain and sequential trade, in which markets are cleared and agents are price takers.
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作者：Krusell, P; Quadrini, V; RiosRull, JV
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Rochester; Centre for Economic Policy Research - UK; University of Pennsylvania; Pompeu Fabra University
摘要：We use political-equilibrium theory and the neoclassical growth model to compare consumption and income tax systems, If government outlays are used for redistribution through transfers, then steady-state equilibria in societies that use income taxes are not necessarily worse in welfare terms, and may even be better. Income taxes are attractive precisely because they are more distortionary, since this implies low equilibrium transfer levels, We also find that switching lax systems typically doe...
