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作者：Balasko, Yves
作者单位：University of York - UK
摘要：This paper analyzes the stability of the (Pareto efficient) nonsunspot equilibria as a function of the constraints faced by consumers in their ability to transfer wealth between states of nature. Equilibria that are stable for the certainty economy define nonsunspot equilibria that are stable in the following two polar cases: 1) All consumers are unconstrained; 2) All consumers are fully constrained. Furthermore, the stable certainty equilibria with small trade vectors define nonsunspot equili...
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作者：Luttmer, Erzo G. J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Suppose firms are subject to decreasing returns and permanent idiosyncratic productivity shocks. Suppose also firms can only stay in business by continuously paying a fixed cost. New firms can enter. Firms with a history of relatively good productivity shocks tend to survive and others are forced to exit. This paper identifies assumptions about entry that guarantee a stationary firm size distribution and lead to balanced growth. The range of technology diffusion mechanisms that can be consider...
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作者：Galor, Oded; Michalopoulos, Stelios
作者单位：Brown University; Tufts University; Institute for Advanced Study - USA
摘要：This research suggests that a Darwinian evolution of entrepreneurial spirit played a significant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and t...
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作者：Buera, Francisco J.; Kaboski, Joseph P.
作者单位：University of California System; University of California Los Angeles; University of Notre Dame
摘要：We consider broad patterns of structural change: (i) sectoral reallocations, (ii) rich movements of productive activities between home and market, and (iii) an increase in establishment size, especially in manufacturing. We extend these facts and develop a unified model explaining them. The crucial distinction across manufacturing, services and home production is the scale of the productive unit. In manufacturing, scale technologies lead to industrialization and marketization. In services, the...
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作者：Araujo, Aloisio; Kubler, Felix; Schommer, Susan
作者单位：University of Zurich; Getulio Vargas Foundation; Swiss Finance Institute (SFI)
摘要：In this paper we examine the effects of default and collateral on risk sharing. We assume that there is a large set of assets which all promise a risk less payoff but which distinguish themselves by their collateral requirements. In equilibrium m agents default, the assets have different payoffs, and there are as many linearly independent assets available for trade as there are states of the world. We derive necessary and sufficient conditions for equilibria to be Pareto-efficient in the prese...
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作者：Mitra, Tapan; Ray, Debraj
作者单位：Cornell University; New York University
摘要：We examine whether the Phelps-Koopmans theorem is valid in models with nonconvex production technologies. We argue that a nonstationary path that converges to a capital stock above the smallest golden rule may indeed be efficient. This finding has the important implication that capital overaccumulation need not always imply inefficiency. Under mild regularity and smoothness assumptions, we provide an almost-complete characterization of situations in which every path with limit in excess of the...
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作者：Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio
作者单位：Massachusetts Institute of Technology (MIT); University of Zurich
摘要：We study a dynamic general equilibrium model where innovation takes the form of the introduction of new goods whose production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are adapted to be produced using unskilled labor. Our framework highlights a number of novel results. First, standardization is both an engine of growth and a potential barrier to it. As a result, growth is an inverse U-shaped function of the standardization...
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作者：Fostel, Ana; Geanakoplos, John
作者单位：George Washington University; Yale University; The Santa Fe Institute
摘要：A recent literature shows how an increase in volatility reduces leverage. However, in order to explain pro-cyclical leverage it assumes that bad news increases volatility, that is, it assumes an inverse relationship between first and second moments of asset returns. This paper suggests a reason why bad news is more often than not associated with higher future volatility. We show that, in a model with endogenous leverage and heterogeneous beliefs, agents have the incentive to invest mostly in t...
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作者：Jensen, Martin Kaae
作者单位：University of Birmingham
摘要：This study proves various global stability results for unbounded optimal growth models. The main theorem states that any optimal path will eventually be in the neighborhood of a balanced growth path if future utility is sufficiently weakly discounted. The assumptions allow for non-smooth technologies, joint production, and production in independent sectors. Hence, the results form the integration of new growth and turnpike theory sought by McKenzie (1998) [31] in his Ely lecture. The applicabi...
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作者：Bottazzi, Jean-Marc; Luque, Jaime; Pascoa, Mario R.
作者单位：Universidade Nova de Lisboa; Universidad Carlos III de Madrid
摘要：By introducing repo markets we understand how agents need to borrow issued securities before shorting them: (re)-hypothecation is at the heart of shorting. Non-negative amounts of securities in the box of an agent (amounts borrowed or owned but not lent on) can be sold, and recursive use of securities as collateral allows agents to leverage their positions. A binding box constraint induces a liquidity premium: the repo rat:, becomes special and the security price higher than expected discounte...
