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作者：Chari, V. V.; Golosov, Mikhail; Tsyvinski, Aleh
作者单位：Yale University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We consider environments in which agents other than innovator receive the signals about the quality of innovation. We study whether mechanisms can be found which exploit market information to provide appropriate incentives for innovation. If such mechanisms are used, the innovator has incentives to manipulate market signals. We show that if an innovator cannot manipulate market signals, then the efficient levels of innovation can be uniquely implemented without deadweight losses for example, b...
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作者：Mitra, Tapan; Roy, Santanu
作者单位：Cornell University; Southern Methodist University
摘要：In a stochastic economy, long run consumption and output may not be bounded away from zero even when productivity is arbitrarily high near zero and uncertainty is arbitrarily small. In the one-sector stochastic optimal growth model with i.i.d. production shocks, we characterize the nature of preferences that lead to this phenomenon for a stochastic Cobb-Douglas technology. For the general version of the model, we outline sufficient conditions under which the economy expands its capital stock n...
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作者：Ghiglino, Christian
作者单位：University of Essex
摘要：This paper examines a search model in which knowledge is created as rational, but poorly informed, innovators obtain new ideas from combinations of existing ideas. We assume that the productivity of an idea is stochastic and depends on the productivity of the parental ideas. Importantly, we assume that the contribution of these parents to the productivity of the final idea is enhanced by prior use of these in knowledge creation. We identify conditions on the search costs leading to two propert...
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作者：Ventura, Jaume
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and liberating resources that are in part used to invest in high-productivity countries. Through this channel, bubbles act as a substitute for international capital flows, improving the international alloc...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This introduces the symposium on economic growth. (C) 2012 Published by Elsevier Inc.
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作者：Eeckhout, Jan; Jovanovic, Boyan
作者单位：Pompeu Fabra University; ICREA; New York University
摘要：The rise in world trade since 1970 has been accompanied by a rise in the geographic span of control of management and, hence, also a rise in the effective international mobility of labor services. We study the effect of such a globalization of the world's labor markets. The world's welfare gains depend positively or. the skill-heterogeneity of the world's labor force. We find that when people can choose between wage work and managerial work, the worldwide labor market raises output by more in ...
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作者：Balasko, Yves; Geanakoplos, John
作者单位：University of York - UK; Yale University; The Santa Fe Institute
摘要：This introduces the symposium on general equilibrium. (C) 2012 Elsevier Inc. All rights reserved.
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作者：Henriksen, Espen; Spear, Stephen
作者单位：Carnegie Mellon University; University of Oslo
摘要：In this paper, we show that within the set of stochastic three-period-lived OLG economies with productive assets (such as land), markets are necessarily sequentially incomplete, and agents in the model do not share risk optimally. We start by characterizing perfect risk-sharing and find that it requires state-dependent consumption claims which depend only on the exogenous shock realizations. We show then that the recursive competitive equilibrium of any overlapping generations economy with wea...
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作者：Villanacci, Antonio; Zenginobuz, Unal
作者单位：University of Florence; Bogazici University; Bogazici University
摘要：We study a general equilibrium model with a non-profit firm producing a public good using private goods as inputs which are financed by voluntary contributions (subscriptions) of households. We analyze policy interventions that increase the public good level at subscription equilibria, and show that some of the standard results of the neutrality literature do not survive in our model with many private goods and relative price effects allowed. First, we show that a redistribution away from a co...
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作者：Garicano, Luis; Rossi-Hansberg, Esteban
作者单位：Princeton University; Princeton University; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：We propose a framework to study the impact of information and communication technology on growth through its impact on organization and innovation. Agents accumulate knowledge to use available technologies and invent new ones. The use of a technology requires the development of organizations to coordinate the work of experts, which takes time. We find that while advances in information technology always increase growth, improvements in communication technology may lead to lower growth and even...
