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作者：Cervellati, Matteo; Sunde, Uwe
作者单位：University of Bologna; University of Munich
摘要：This paper develops a quantifiable unified growth theory to investigate cross-country comparative development. The calibrated model can replicate the historical development dynamics in forerunner countries like Sweden and the patterns in cross-country panel data. The findings suggest a crucial role of the timing of the onset of the economic and demographic transition for explaining differences in development. Country-specific differences in extrinsic mortality are a candidate explanation for d...
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作者：Jalil, Andrew J.
作者单位：Occidental College
摘要：There are two major problems in identifying the output effects of banking panics of the pre-Great Depression era. First, it is not clear when panics occurred because prior panic series differ in their identification of panic episodes. Second, establishing the direction of causality is tricky. This paper addresses these two problems (i) by deriving a new panic series for the 1825-1929 period and (ii) by studying the output effects of major banking panics via vector autoregression (VAR) and narr...
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作者：Rotemberg, Julio J.
作者单位：Harvard University
摘要：Overoptimism regarding one's ability to arrive early in a queue is shown to rationalize deposit contracts in which people can withdraw their funds on demand even if consumption takes place later. Capitalized institutions serving overoptimistic depositors emerge in equilibrium even if depositors and bank owners have identical preferences and investment opportunities. Consistent with the evidence, runs can lead people to move their deposits from one intermediary to another. Regulatory policies, ...
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作者：Tombe, Trevor
作者单位：University of Calgary
摘要：Agriculture in poor countries has low productivity, high employment, and negligible trade flows relative to other sectors. These facts motivate a multisector, open-economy view of international productivity differences. With a quantitative multicountry model featuring nonhomothetic preferences, multiple interrelated sectors, distorted labor markets, and costly trade, I find: trade amplifies the negative effect of labor market distortions; trade costs-large for poor countries, especially in agr...
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作者：Moro, Alessio
作者单位：University of Cagliari
摘要：I construct a two-sector general equilibrium model of structural change to study the impact of sectoral composition of gross domestic product (GDP)on cross-country differences in GDP growth and volatility. For an empirically relevant parametrization of sectoral production functions, an increase in the share of services in GDP reduces both aggregate total factor productivity (TFP) growth and volatility, thus reducing GDP growth and volatility. When the model is calibrated to the US manufacturin...
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作者：Fernandez, Andres; Gulan, Adam
作者单位：Inter-American Development Bank; Bank of Finland
摘要：Countercyclical country interest rates have been shown to be an important characteristic of business cycles in emerging markets. In this paper we provide a microfounded rationale for this pattern by linking interest rate spreads to the dynamics of corporate leverage. For this purpose we embed a financial accelerator into a business cycle model of a small open economy and estimate it on a novel panel dataset for emerging economies that merges macroeconomic and financial data. The model accounts...
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作者：Buera, Francisco J.; Moll, Benjamin
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Princeton University
摘要：We take an off-the-shelf model with financial frictions and heterogeneity, and study the mapping from a credit crunch, modeled as a shock to collateral constraints, to simple aggregate wedges. We study three variants of this model that only differ in the form of underlying heterogeneity. We find that in all three model variants a credit crunch shows up as a different wedge: efficiency, investment, and labor wedges. Furthermore, all three model variants have an undistorted Euler equation for th...
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作者：Imbs, Jean; Mejean, Isabelle
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Centre for Economic Policy Research - UK; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：On average, estimates of trade elasticities are smaller in aggregate data than at sector level. This is an artifact of aggregation. Estimations performed on aggregate data constrain sector elasticities to homogeneity, which creates a heterogeneity bias. The paper shows such a bias exists in two prominent approaches used to estimate elasticities, which has meaningful consequences for the calibration of the trade elasticity in one-sector, aggregative models. With elasticities calibrated to aggre...
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作者：Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio
作者单位：Massachusetts Institute of Technology (MIT); Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Zurich
摘要：We study the implications of offshoring on innovation, technology, and wage inequality in a Ricardian model with directed technical change. Profit maximization determines both the extent of offshoring and the direction of technological progress. A fall in the offshoring cost induces technical change with an ambiguous factor bias. When the initial cost of offshoring is high, an increase in offshoring opportunities causes a fall in the real wages of unskilled workers in industrial countries, ski...
