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作者：Martin, P; Ottaviano, GIP
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Universite de Lille; University of Bologna
摘要：This article presents a model in which growth and geographic agglomeration of economic activities are mutually self-reinforcing processes. Economic agglomeration in one region spurs growth because it reduces the cost of innovation in that region through a pecuniary externality due to transaction costs. Growth fosters agglomeration because, as the sector at the origin of innovation expands, new firms tend to locate close to this sector. Agglomeration implies that all innovation and most product...
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作者：Li, YT
作者单位：National Tsing Hua University
摘要：A search-theoretic model is used to examine the coexistence of money and circulating private debt. Money is still valued even though there coexists credit which circulates among agents and dominates in the rate of return. When-there coexist multiple equilibria, the equilibrium with credit Pareto dominates the one without credit if money supply is not extremely plentiful. This article also provides some predictions about the effects of monetary policies. A policy of open market operations where...
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作者：Kim, CJ; Nelson, CR
作者单位：Korea University; University of Washington; University of Washington Seattle
摘要：Though Hamilton's (1989) Markov-switching model has been widely estimated in various contexts, formal testing for Markov-switching is not straightforward. Univariate tests in the classical framework by Hansen (1992) and Garcia (1998) do not reject the linear model for GDP We present Bayesian tests for Markov-switching in both univariate and multivariate settings based on sensitivity of the posterior probability to the prior. We find that evidence for Markov-switching, and thus the business cyc...
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作者：Veracierto, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This article extends Hopenhayn and Rogerson's analysis of firing taxes by introducing a flexible form of capital and considering transitionary dynamics. The article finds that capital is not important for understanding the long run and welfare effects of firing taxes. However, capital is crucial for determining the short run consequences of eliminating this type of policy.
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作者：Dufour, JM; Jasiak, J
作者单位：Universite de Montreal; York University - Canada
摘要：We propose exact tests and confidence sets for various structural models typically estimated by IV methods, such as models with unobserved regressors, which remain valid despite the presence of identification problems or weak instruments. Two approaches are considered: (1) an instrument substitution method, which generalizes the Anderson-Rubin procedure. and (2) a sample-split method, that allows the use of generated regressors. Projection techniques are also proposed for inference on general ...
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作者：Cabrales, A
作者单位：Pompeu Fabra University
摘要：This article studies the replicator dynamics in the presence of shocks. I show that under these dynamics, strategies that do not survive the iterated deletion of strictly dominated strategies are eliminated in the long run, even in the presence of nonvanishing perturbations. I also give an example that shows that the stochastic dynamics in this article have equilibrium selection properties that differ from other dynamics in the literature.
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作者：Teulings, CN
作者单位：Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：While the employment effects of minimum wages are usually reported to be small (suggesting low substitutability between skill types), direct estimates suggest a much larger degree of substitutability. This article argues that this paradox is largely due to a bias induced by the aggregation of skill types into broad categories. An assignment model is applied where skilled workers have a comparative advantage in complex jobs. The implied pattern of substitutability reveals the sources of the bia...
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作者：Olivier, J
作者单位：National University of Singapore
摘要：This article challenges the conventional wisdom that speculation in financial markets reduces long-run growth. It shows that the real impact of a (rational deterministic) speculative bubble depends on the type of asset that is being speculated on. Speculative bubbles on equity raise the market value of firms, thus encouraging entrepreneurship, firm creation, investment, and growth. On the other hand, speculation on other types of assets is shown to be: unambiguously growth-impairing. The model...
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作者：Espinosa-Vega, VA; Yip, CK
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Chinese University of Hong Kong
摘要：This paper presents a framework that can help reconcile conflicting findings in the growth-inflation literature. Here, the behavior of financial intermediaries plays a crucial role in the determination of the economy's inflation and real growth rates. Absent any restrictions on financial intermediation, there will be a unique equilibrium when agents are fairly risk averse. In this case, an increase in seigniorage-financed government spending will always be inflationary and detrimental to growt...
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作者：Miyagiwa, K; Ohno, Y
作者单位：Kobe University; Louisiana State University System; Louisiana State University; Rice University
摘要：In recent trade policy debates it is often argued that temporary protection stimulates innovation. This paper shows that the validity of the argument depends on the perceived credibility of protection policy. If it is suspected that temporary protection will be removed early should innovation occur before its terminal date, the protected firm invests less in R&D than it does under free trade. If it is expected that protection will be extended should no innovation have occurred by its terminal ...
