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作者：DAMMON, RM; DUNN, KB; SPATT, CS
摘要：We derive and investigate empirically arbitrage pricing restrictions among three bonds of RJR Nabisco Holdings Capital Corporation. The three RJR bonds are virtually identical in all respects, except for the form in which interest is paid. We document large and persistent errors in the market pricing of the three bonds over a two-year period. The cash-paying bond was consistently more expensive than either the pay-in-kind or deferred-coupon bonds. The magnitude of the pricing errors is too lar...
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作者：BERTOLA, G; DRAZEN, A
作者单位：University System of Maryland; University of Maryland College Park
摘要：We propose and solve an optimizing model which explains counterintuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process which the public believes may fall sharply when it reaches specific ''trigger'' points, then optimizing consumption behavior and simple budget-constraint arithmetic imply a nonlinear relationship between private consumption and government spending. This theoretical relation is consistent with the experie...
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作者：SAUNDERS, EM
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作者：JOHN, AA; PECCHENINO, RA; SCHREFT, SL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper examines the weapons-accumulation decisions of two adversarial countries in the context of a deterrence / conflict initiation game embedded in an overlapping-generations model. The demographic structure permits analysis of both within- and between-country intergenerational externalities caused by past weapons-accumulation decisions, as well as of intragenerational externalities from the adversary's current weapons accumulation. Zero accumulation is a possible equilibrium with both n...
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作者：FISCHER, S; SUMMERS, L
作者单位：The World Bank; Harvard University
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作者：CAMPBELL, JY
摘要：This paper proposes a new way to generalize the insights of static asset pricing theory to a multiperiod setting. The paper uses a loglinear approximation to the budget constraint to substitute out consumption from a standard intertemporal asset pricing model. In a homoscedastic lognormal setting, the consumption-wealth ratio is shown to depend on the elasticity of intertemporal substitution in consumption, while asset risk premia are determined by the coefficient of relative risk aversion. Ri...
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作者：BREZIS, ES; KRUGMAN, PR; TSIDDON, D
作者单位：Massachusetts Institute of Technology (MIT); Hebrew University of Jerusalem
摘要：Endogenous-growth theory suggests that technological change tends to reinforce the position of the leading nations. Yet sometimes this leadership role shifts. We suggest a mechanism that explains this pattern of ''leapfrogging'' as a response to occasional major changes in technology. When such a change occurs, the new technology does not initially seem to be an improvement for leading nations, given their extensive experience with older technologies. Lagging nations have less experience, the ...
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作者：BOMBERGER, WA
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作者：ADAMS, JD
