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作者：Daniel, BC
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：An exchange rate crisis is caused when the fiscal authority lots the present value of primary surpluses, inclusive of seigniorage, deviate from the value of government debt at the pegged exchange rate. In the absence of long-term government bonds, the exchange rate collapse must be instantaneous. With longterm government bonds, the collapse can be delayed at the discretion of the monetary authority. Fiscal policy is responsible for the inevitability of a crisis, while monetary policy determine...
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作者：Karp, L; Sacheti, S; Zhao, JH
作者单位：Iowa State University; University of California System; University of California Berkeley
摘要：We use a North-South model with property right differences and resource dynamics to study the effects of trade on resource use and welfare. Autarky is likely to Pareto-dominate free trade in the long run when the environment is quite fragile, and the result is reversed when the environment is quite resilient. Trade may cause an environmentally poor country to drag down its richer trading partner, when they degrade their stocks which would be preserved under autarky. It may enable the environme...
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作者：Gresik, TA; Mansley, EC
作者单位：University of Notre Dame; Centers for Disease Control & Prevention - USA
摘要：We study a duopoly game in which firms commit to a batch technology before competing in sales quantities. Adopting a batch technology requires the quantity produced to equal an integer number of batches and allows sales to be less than production. When larger batch sizes lower unit production costs (as in the U.S. airline industry with its economics of density), subgame perfect equilibrium sales quantities are unique and more competitive than the Cournot equilibrium quantities of a one-shot ga...
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作者：Martin, P; Ottaviano, GIP
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Universite de Lille; University of Bologna
摘要：This article presents a model in which growth and geographic agglomeration of economic activities are mutually self-reinforcing processes. Economic agglomeration in one region spurs growth because it reduces the cost of innovation in that region through a pecuniary externality due to transaction costs. Growth fosters agglomeration because, as the sector at the origin of innovation expands, new firms tend to locate close to this sector. Agglomeration implies that all innovation and most product...
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作者：Li, YT
作者单位：National Tsing Hua University
摘要：A search-theoretic model is used to examine the coexistence of money and circulating private debt. Money is still valued even though there coexists credit which circulates among agents and dominates in the rate of return. When-there coexist multiple equilibria, the equilibrium with credit Pareto dominates the one without credit if money supply is not extremely plentiful. This article also provides some predictions about the effects of monetary policies. A policy of open market operations where...
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作者：Kim, CJ; Nelson, CR
作者单位：Korea University; University of Washington; University of Washington Seattle
摘要：Though Hamilton's (1989) Markov-switching model has been widely estimated in various contexts, formal testing for Markov-switching is not straightforward. Univariate tests in the classical framework by Hansen (1992) and Garcia (1998) do not reject the linear model for GDP We present Bayesian tests for Markov-switching in both univariate and multivariate settings based on sensitivity of the posterior probability to the prior. We find that evidence for Markov-switching, and thus the business cyc...
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作者：Veracierto, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This article extends Hopenhayn and Rogerson's analysis of firing taxes by introducing a flexible form of capital and considering transitionary dynamics. The article finds that capital is not important for understanding the long run and welfare effects of firing taxes. However, capital is crucial for determining the short run consequences of eliminating this type of policy.
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作者：Dufour, JM; Jasiak, J
作者单位：Universite de Montreal; York University - Canada
摘要：We propose exact tests and confidence sets for various structural models typically estimated by IV methods, such as models with unobserved regressors, which remain valid despite the presence of identification problems or weak instruments. Two approaches are considered: (1) an instrument substitution method, which generalizes the Anderson-Rubin procedure. and (2) a sample-split method, that allows the use of generated regressors. Projection techniques are also proposed for inference on general ...
