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作者：Hassler, J; Mora, JVR; Storesletten, K; Zilibotti, F
作者单位：University of Oslo
摘要：This article presents a tractable dynamic general equilibrium model explaining cross-country data on geographical mobility, unemployment, and labor market institutions. Rational forward-looking agents vote on unemployment insurance (UI). Agents with higher moving costs (larger attachment to their location) prefer more generous UI. Attachment is assumed to increase with the duration of residence. UI mitigates incentives for moving and increases, therefore, the fraction of attached agents and th...
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作者：Dittmar, RD; Gavin, WT; Kydland, FE
作者单位：Carnegie Mellon University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：If the central bank follows an interest rate rule, then inflation is likely to be persistent, even when prices are fully flexible. Any shock, whether persistent or not, may lead to inflation persistence. In equilibrium, the dynamics of inflation are determined by the evolution of the spread between the real interest rate and the central bank's target. Inflation persistence can be characterized by a vector autocorrelation function relating inflation and output. This article shows that a flexibl...
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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...
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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)...
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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...
