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作者：KING, RG; LEVINE, R
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; The World Bank
摘要：How do financial systems affect economic growth? We construct an endogenous growth model in which financial systems evaluate prospective entrepreneurs, mobilize savings to finance the most promising productivity-enhancing activities, diversify the risks associated with these innovative activities, and reveal the expected profits from engaging in innovation rather than the production of existing goods using existing methods. Better financial systems improve the probability of successful innovat...
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作者：HUANG, CH; LIN, KS
作者单位：National Taiwan University
摘要：Barro's tax smoothing hypothesis (TSH) implies that the government runs a 'budget deficit' whenever it anticipates the growth rate of national income to increase or the growth rate of its expenditure to decline. We test this implication of the hypothesis by examining the implied cross-equation restrictions on a vector autoregression (VAR) model using U.S. data for the period ranging from 1929 to 1988. Our formal tests reject the hypothesis for the full sample period, but cannot reject it for t...
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作者：BEAUDRY, P; KOOP, G
作者单位：Boston University; Universite de Montreal; University of Cambridge
摘要：This paper examines whether negative innovations to GNP are more or less persistent than positive innovations. We find that once we allow for the impulse response of GNP to be asymmetric, negative innovations to GNP are observed to be much less persistent than positive ones. In particular, the effect of a recession on the forecast of output is found to be negligible after only eight to twelve quarters, while the effect of a positive shock is estimated to be persistent and amplified over time. ...
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作者：[Anonymous]
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作者：EASTERLY, W
摘要：This paper presents a simple endogenous growth model with two types of capital which can display sizeable long-run growth effects of distortionary policies. The model applies to many different types of distortions of relative prices common in developing countries, such as differential taxes and tariffs, black market exchange rates, and price controls. The model shows that a subsidy to one type of capital financed by a tax on another capital good lowers growth. A measure of the variance of rela...
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作者：GUIDOTTI, PE; VEGH, CA
作者单位：International Monetary Fund
摘要：It has been argued that, if money acts as an intermediate good, the optimal inflation tax is zero. This paper reexamines such a claim in the context of a model in which money reduces transactions costs. It is shown that modeling money as an intermediate good does not necessarily imply that the optimal inflation tax is zero. The optimality of a zero inflation tax depends on the properties of the transactions costs technology. In particular, if the transactions costs technology does not exhibit ...
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作者：KING, I; FERGUSON, D
摘要：We show that in competitive endogenous growth models without externalities, balanced growth equilibria are dynamically efficient. With learning-by-doing externalities, dynamic inefficiency may exist, but due to the mix of capital rather than its scale. These results are obtained independent of whether or not lifetimes are finite or generations overlap. In OLG models with externalities we show that Ponzi games may be feasible even though equilibria are characterized by undersaving.
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作者：GILLMAN, M
摘要：The paper presents a modification of the Lucas-Stokey (1983) cash-in-advance economy in which the representative consumer decides, based on relative prices, which goods to buy with cash and which with costly credit, An explicit Baumol (1952) condition emerges that guides this consumer choice. Deriving and estimating a closed-form welfare cost function in an example economy, the paper shows that the welfare cost of inflation depends on the margins of substitution. The consumer avoids inflation ...
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作者：DUTKOWSKY, DH
摘要：This paper investigates dynamic implicit cost in aggregate Discount Window borrowing, We utilize Goodfriend's formulation, with nonprice rationing based upon the bank's current request and its past borrowing record. Estimation by Generalized-Method-of-Moments reveals a positive, systematic implicit cost structure which dampens over time. Significance extends back to nine biweekly reserve maintenance intervals. We also specify implicit cost as a geometrically declining distributed lag of past b...
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作者：DELONG, JB; SUMMERS, LH
作者单位：United States Department of the Treasury; University of California System; University of California Berkeley
摘要：We extend and improve the database used in De Long and Summers (1991) and, focusing on developing economies, find that there is a very strong growth-equipment investment association even when rich industrialized economies are not considered. Rapid growth is found where equipment investment is low. If there is a region where the post-WWII growth-equipment nexus is weak, it is the well-integrated and very rich region of western Europe - not the developing world.
