2期

最新文章

• Consequences of debt policy in a stochastically growing monetary economy AI翻译
  作者：Grinols, EL; Turnovsky, SJ
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle
  摘要：The effects of open-market operations and long-versus short-bond financing on risk in financial markets in a stochastically growing economy are studied. An increase in short bonds, resulting from exchanging long bonds, increases the riskiness of long bonds and raises their real rate of return. An open-market purchase of either long or short bonds raises the price of long bonds and lowers their risk and real return. However, debt policy adjustments that affect the real return to long bonds do n...
• An endogenous growth model with expanding ranges of consumer goods and producer durables AI翻译
  作者：Xie, DY
  作者单位：Hong Kong University of Science & Technology
  摘要：This paper constructs a growth model with the feature that the range of differentiated consumption goods and the range of specialized producer durables are both endogenously determined. I show that this feature allows the domestic investment rate to be closely associated with the domestic saving rate even when international financial markets are integrated. I also argue that this feature is important in explaining the observed cross-country diversity in growth performance and saving behavior.
• Demography, national savings, and international capital flows AI翻译
  作者：Higgins, M
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：This paper addresses the relationship between age distribution, national savings and the current account balance. The results point to substantial demographic effects, with increases in both the youth and old-age dependency ratios associated with lower savings rates. They also point to differential effects on savings and investment, and thus to a role for demography in determining the current account balance. The estimated demographic effect on the current account balance exceeds six per cent ...
• Wage differentials, employer size, and unemployment AI翻译
  作者：Burdett, K; Mortensen, DT
  作者单位：University of Essex; Northwestern University
  摘要：The unique equilibrium solution ts a game in which a continuum of individual employers choose permanent wage offers and a continuum of workers search by sequentially sampling from the set of offers is characterized. Wage dispersion is a robust outcome provided that workers search while employed as well as when unemployed. The unique nondegenerate equilibrium distribution of wage offers is constructed for three cases: (i) identical workers and employers, (ii) identical employers and an atomless...
• Efficiency of investment in human and physical capital in a model of bilateral search and bargaining AI翻译
  作者：Masters, AM
  作者单位：University of Essex
  摘要：A matching model is used to analyze the effect of search frictions on incentives to invest in human and physical capital. Equilibrium involves inefficient (low) levels of investment. The source of the inefficiency cannot be attributed solely to either search or bargaining. Schemes that assist matching are Pareto-improving. While the ratio of workers to firms remains fixed, intermediaries that pay owners according to the amount of capital carried into the market are able to generate efficient o...