2005

最新文章

• Intertemporal complementarity and optimalitya study of a two-dimensional dynamical system AI翻译
  作者：Mitra, T; Nishimura, K
  作者单位：Kyoto University; Cornell University
  摘要：We study the underlying structure of the two-dimensional dynamical system generated by a class of dynamic optimization models that allow for intertemporal complementarity between adjacent periods, but preserve the time-additively separable framework of Ramsey models. Specifically, we identify conditions under which the results of the traditional Ramsey-type theory are preserved even when the intertemporal independence assumption is relaxed. Local analysis of this theme has been presented by Sa...
• The market selects the wrong firms in the long run AI翻译
  作者：Ohkawa, T; Okamura, M; Nakanishi, N; Kiyono, K
  作者单位：Kobe University; Hiroshima University; Waseda University; Ritsumeikan University
  摘要：We consider the effects of free entry on the market structure and social welfare of an asymmetric Cournot oligopoly. Even if we allow for the existence of different types of firms initially, only one type (in almost all cases) can survive in the long run. Free entry leads an economy to a symmetric equilibrium, in which the excess entry theorem holds. Further, we consider the socially optimal policy for this economy. In cases of either (i) a concave demand (which implies strategic substitutabil...
• High-tech and high capability in a growth model AI翻译
  作者：Tong, J
  作者单位：University of Southampton
  摘要：A growth model is developed to substantiate the conventional wisdom that regards high-tech high-capability firms as an engine of sustained technological progress. High-tech industries are characterized by abounding technological opportunities, which promote endogenous high capability firms due to a competitive escalation mechanism. While high-tech high-capability firms capitalize on and discharge the existing innovation potentials, they also contribute to recharge (due to knowledge spillovers)...
• A note on chambers's long memory and aggregation in macroeconomic time series AI翻译
  作者：Souza, LR
  作者单位：Pontificia Universidade Catolica do Rio de Janeiro
  摘要：This note reviews some results on aggregating discrete-time long memory processes, providing a formula for the spectrum of the aggregates that considers the aliasing effect.
• Discussion of From private banking to central banking: ingredients of a welfare analysis AI翻译
  作者：Kocherlakota, NR
  作者单位：Stanford University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
• A theory of money and marketplaces AI翻译
  作者：Matsui, A; Shimizu, T
  作者单位：Kansai University; University of Tokyo
  摘要：This article considers an infinitely repeated economy with divisible fiat money. The economy has many marketplaces that agents choose to visit. In each marketplace, agents are randomly matched to trade goods. There exist a variety of stationary equilibria. In some equilibrium, each good is traded at a single price, whereas in another, every good is traded at two different prices. There is a continuum of such equilibria, which differ from each other in price and welfare levels. However, it is s...