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作者：Chakraborty, S
作者单位：University of Oregon
摘要：Endogenous mortality is introduced in a two-period overlapping generations model: probability of surviving from the first period to the next depends upon health capital that is augmented through public investment. High mortality societies do not grow fast since shorter lifespans discourage savings; development traps are possible. Productivity differences across nations result in persistent differences in capital-output ratios and relatively larger gaps in income and mortality. High mortality a...
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作者：Echenique, F; Oviedo, J
作者单位：California Institute of Technology; Universidad Nacional de San Luis
摘要：We characterize the core many-to-one matchings as fixed points of a map. Our characterization gives an algorithm for finding core allocations; the algorithm is efficient and simple to implement. Our characterization does not require substitutable preferences, so it is separate from the structure needed for the non-emptiness of the core. When preferences are substitutable, our characterization gives a simple proof of the lattice structure of core matchings, and it gives a method for computing t...
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作者：Krebs, T
作者单位：Brown University
摘要：This paper analyzes one-good exchange economies with two infinitely lived agents and incomplete markets, It is shown that there are no recursive (Markov) equilibria for which borrowing (debt) constraints never bind if the state space of exogenous and endogenous variables is a compact subset of R-n. Moreover, for large enough (but finite) borrowing limits, no recursive equilibrium with compact state space exists. These non-existence results hold for any economy satisfying the following standard...
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作者：Burnside, C; Eichenbaum, M; Rebelo, S
作者单位：Northwestern University; University of Virginia; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University
摘要：We develop a model in which government guarantees to banks' foreign creditors are a root cause of self-fulfilling twin banking-currency crises. Absent guarantees, such crises are not possible. In the presence of guarantees banks borrow foreign currency, lend domestic currency and do not hedge the resulting exchange rate risk. With guarantees, banks will also renege on their foreign debts and declare bankruptcy when a devaluation occurs. We assume that the government is unable or unwilling to f...
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作者：Christiano, LJ; Gust, C; Roldos, J
作者单位：Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; International Monetary Fund
摘要：What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what conditions will a cut stimulate output and employment, and raise welfare? Under what conditions will a cut have the opposite effects? We answer these questions in a general class of open economy models, where a financial crisis is modelled as a time when collateral constraints are suddenly binding. We find that when there are frictions in adjusting the level of output in the ...
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作者：Nehring, K; Puppe, C
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of California System; University of California Davis
摘要：Cost complementarities arise from synergies in the production of heterogeneous goods. It is shown that synergies can be accounted for in terms of shared public inputs (roughly) if and only if synergies decrease as the scope of production increases. This case of substitutive synergies is argued to be typical. The key technical tool is a novel interpretation of conjugate Moebius inversion in terms of higher-order differences. (C) 2003 Elsevier Inc. All rights reserved.
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作者：Kalandrakis, A
作者单位：Yale University
摘要：We analyze an infinitely repeated divide-the-dollar bargaining game with an endogenous reversion point. In each period a new dollar is divided among three legislators according to the proposal of a randomly recognized member-if a majority prefer so-or according to previous period's allocation otherwise. Although current existence theorems for Markovian equilibria do not apply for this dynamic game, we fully characterize a Markov equilibrium. The equilibrium is such that irrespective of the dis...
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作者：Inderst, R
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：This paper analyses contract design in a decentralized market environment with frictions. While principals (e.g., firms) have all contractual power, their market power is constrained as agents (e.g., workers) can choose to wait and search for better offers. We find that results depend crucially on how market frictions affect agents' utilities. With type-independent costs of search and waiting, equilibrium contracts are always first-best. If agents are impatient and discount future payoffs, how...
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作者：Chari, VV; Kehoe, PJ
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research
摘要：Financial crises are widely argued to be due to herd behavior. Yet recently developed models of herd behavior have been subjected to two critiques which seem to make them inapplicable to financial crises. Herds disappear from these models if two of their unappealing assumptions are modified: if their zero-one investment decisions are made continuous and if their investors are allowed to trade assets with market-determined prices. However, both critiques are overturned-herds reappear in these m...
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作者：Tse, CY
作者单位：University of Hong Kong
摘要：This paper embeds product market search in an Ak growth model to study the effects of search frictions on market structure, capital accumulation, and long-run growth. The basic hypothesis is that search frictions, in giving rise to market power, result in higher prices and lower output levels. The failing demand for capital stemming from firms cutting back output then lowers the interest rate, dampening capital accumulation and slowing down growth. A decline in search frictions sets the proces...
