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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：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...
