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作者：BACKUS, DK; KEHOE, PJ; KYDLAND, FE
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Carnegie Mellon University
摘要：We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of discrepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across countries. In the data, outputs are generally more highly correlated across countries than consumptions. In the model we see the opposite.
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作者：TORNELL, A; VELASCO, A
作者单位：New York University
摘要：We analyze a differential game in which all interest groups have access to a common capital stock. We show that the introduction of a technology that has inferior productivity but enjoys private access may ameliorate the tragedy of the commons. We use this model to analyze capital flight: in many poor countries, property rights are not well defined; since safe bank accounts in rich countries (the inferior technology) are available to citizens of these countries, they engage in capital flight. ...
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作者：HWANG, HS; REED, WR; HUBBARD, C
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：It is well known that the inability to observe workers' full labor market productivity can bias estimates of compensating wage differentials. This paper attempts to determine how serious this bias is likely to be. It adopts a stochastic framework of workers' tastes over job attributes and models their equilibrium wage-job attribute choices. Workers' productivity is assumed to consist of observed and unobserved components. Applying the standard estimation methodology, we find that the degree of...
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作者：GLAESER, EL; KALLAL, HD; SCHEINKMAN, JA; SHLEIFER, A
作者单位：New York University; University of Chicago
摘要：Recent theories of economic growth, including those of Romer, Porter, and Jacobs, have stressed the role of technological spillovers in generating growth. Because such knowledge spillovers are particularly effective in cities, where communication between people is more extensive, data on the growth of industries in different cities allow us to test some of these theories. Using a new data set on the growth of large industries in 170 U.S. cities between 1956 and 1987, we find that local competi...
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作者：BALDWIN, RE
摘要：Productive factors, such as human and physical capital, accumulate, and trade policy can affect their steady-state levels. Consequently, in addition to the usual static effects, trade liberalization has dynamic effects on output and welfare as the economy moves to its new steady state. The output impact of this dynamic effect is measurable and appears to be quite large. The welfare impact of this dynamic effect is also measurable. The size of this dynamic gain from trade depends on the wedge b...
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作者：MCCALLUM, BT
作者单位：National Bureau of Economic Research
摘要：In a long-standing controversy over monetary experiences in colonial America, the main substantive issue concerns large and rapid increases in stocks of paper currency that were followed by negligible changes in price levels. The backing theory or anticlassical interpretation is that prices failed to respond to major increases in total money supplies. The quantity theory or classical hypothesis, by contrast, is that specie was exported in amounts that left total money stocks approximately unch...
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作者：OSBAND, K
摘要：It is not unusual for reforming socialist economies to relax wage controls without hardening budget constraints on enterprises or freeing consumer goods prices. This policy can be dangerously destabilizing. While higher wages permit workers to purchase more of some goods, they also tend to exacerbate shortages and to breed waste and corruption. Beyond a certain level, economywide wage hikes will worsen worker welfare. This is true regardless of whether deficit goods are strictly rationed, are ...
