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作者：VANWINCOOP, E
摘要：This paper uses consumption data to compute yet unexploited welfare gains that can be achieved through risksharing among twenty OECD countries. There is both aggregate national consumption risk and nondiversifiable individual-specific risk. Countries engage in an optimal risksharing arrangement to pool risk associated with the aggregate consumption endowment streams. Welfare gains are associated with reduced consumption variability and with the international pricing of the consumption streams ...
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作者：BENHABIB, J; SPIEGEL, MM
作者单位：New York University
摘要：Using cross-country estimates of physical and human capital stocks, we run the growth accounting regressions implied by a Cobb-Douglas aggregate production function. Our results indicate that human capital enters insignificantly in explaining per capita growth rates. We next specify an alternative model in which the growth rate of total factor productivity depends on a nation's human capital stock level. Tests of this specification do indicate a positive role for human capital.
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作者：ALNOWAIHI, A; LEVINE, P
作者单位：University of Leicester
摘要：This paper addresses three problems with 'reputational' equilibria in the Barro-Gordon monetary policy game: the multiplicity of equilibria, the coordination problem, and a 'chisel-prone' credibility problem. A 'chisel-proof' credibility condition ensures that in response to a small deviation from the low inflation rate by the central bank, it never pays for the private sector to acquiesce. If the private sector can coordinate, then a low but nonzero inflation outcome can be supported as a sub...
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作者：KING, RG; PLOSSER, CI
作者单位：University of Rochester; University of Virginia
摘要：This paper conducts a modem variant of the test proposed and carried out by Adelman and Adelman (1959). Using the methods developed by Burns and Mitchell (1946), we see if we can distinguish between the economic series generated by an actual economy and those analogous artificial series generated by a stochastically perturbed economic model. In the case of the Adelmans, the model corresponded to the Klein-Goldberger equations. In our case. the model corresponds to a simple real business cycle ...
