作者：Cochrane, John H.
作者单位：University of Chicago
摘要：The new-Keynesian, Taylor rule theory of inflation determination relies on explosive dynamics. By raising interest rates in response to inflation, the Fed induces ever-larger inflation, unless inflation jumps to one particular value on each date. However, economics does not rule out explosive inflation, so inflation remains indeterminate. Attempts to fix this problem assume that the government will choose to blow up the economy if alternative equilibria emerge, by following policies we usually...
作者：Wei, Shang-Jin; Zhang, Xiaobo
作者单位：National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR); CGIAR; International Food Policy Research Institute (IFPRI)
摘要：The high and rising household savings rate in China is not easily reconciled with the traditional explanations that emphasize life cycle factors, the precautionary saving motive, financial development, or habit formation. This paper proposes a new competitive saving motive: as the sex ratio rises, Chinese parents with a son raise their savings in a competitive manner in order to improve their son's relative attractiveness for marriage. The pressure on savings spills over to other households. B...
