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作者：Leung, CKY; Quah, DT
作者单位：University of London; London School Economics & Political Science; Chinese University of Hong Kong
摘要：Kelly (1992) has recently shown that evidence on convergence cannot be taken as evidence against endogenous growth in general. This study uses a well-known class of stochastic growth models to show other difficulties with traditional empirical studies of convergence. Kev parameters typically cannot be estimated consistently in cross-section regressions. When the parameters are assumed known, implications for convergence are unavailable except under restrictive and economically unmotivated assu...
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作者：Hooker, MA
摘要：Strong evidence is found that oil prices no longer Granger cause many U.S. macroeconomic indicator variables in data after 1973. ii number of potential explanations are explored: that sample stability issues are responsible, that oil prices are now endogenous, and that linear and symmetric specifications misrepresent the form of the oil price interaction. None of these hypotheses are supported by the data. The OPEC price increases do appear to have had significant impacts, while the effects of...
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作者：Devarajan, S; Swaroop, V; Zou, HF
作者单位：The World Bank
摘要：Noting that the literature has focused on the link between the level of public expenditure and growth, we derive conditions under which a change in the composition of expenditure leads to a higher steady-state growth rate of the economy. The conditions depend not just on the physical productivity of the different components of public expenditure but also on the initial shares. Using data from 43 developing countries over 20 years we show that an increase in the share of current expenditure has...
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作者：Kim, YS
摘要：Endogenous information structure is analyzed in a search model of production and exchange under qualitative uncertainty by allowing agents to invest in an inspection technology at a fixed cost where incurring a higher cost permits quality to be recognized with higher probability. In any equilibria where agents acquire information, some bad commodities are always produced. The information acquisition promotes production and exchange of good commodities. As the information problem becomes severe...
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作者：Grier, KB; Perry, MJ
作者单位：University of Michigan System; University of Michigan; University of Michigan Flint
摘要：One potential real effect of inflation is its influence on the dispersion of relative prices in the economy. Menu cost models generally imply that higher trend inflation will increase price dispersion. In contrast, signal extraction models predict that increased inflation uncertainty will raise relative price dispersion. Existing empirical studies do not distinguish between these separate hypotheses. We constuct a bivariate GARCH-M model of inflation and relative price dispersion to test these...
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作者：Hakkio, CS; Rush, M; Schmidt, TJ
作者单位：State University System of Florida; University of Florida
摘要：Although it is well known that marginal income tax rates vary with income, few economists have studied the effect on real GDP of the distribution of marginal income tax rates, This omission is probably because data on the distribution do not exist. We remedy this shortcoming by providing a computer program that calculates marginal income tax rates for all income levels for the years 1930 to 1990. We conduct a preliminary empirical investigation into the effect of taxes on economic growth. We f...
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作者：Hall, GJ
摘要：This paper presents and estimates a variant of Hansen and Sargent's (1988) real business cycle model with straight time and overtime. The model presented has only one latent variable, the state of technology, yet it does a better job propagating and magnifying shocks than the labor hoarding models which incorporate unobserved effort. This model, as well as a version of Burnside, Eichenbaum, and Rebelo's (1993) labor hoarding model, is estimated using maximum likelihood. The maximum likelihood ...
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作者：Ludvigson, S
摘要：This paper studies how government liabilities affect macroeconomic aggregates in a standard general equilibrium growth model. There are two principal results: (i) Though it is often thought that fiscal deficits crowd out investment, this paper shows that deficit-financed cuts in distortionary income taxation may stimulate investment even if agents expect future taxes on capital income to be higher. This result is dependent on the values of two key parameters: the elasticity of labor supply and...
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作者：Benhabib, J; Farmer, REA
作者单位：University of California System; University of California Los Angeles; New York University
摘要：We introduce mild increasing returns-to-scale into a version of the Real Business Cycle model. These increasing returns-to-scale occur as a consequence of sector-specific externalities, that is externalities where the output of the consumption and investment sectors have external effects on the output of firms within their own sector. Keeping the production technologies for both sectors identical for expositional simplicity, we show that indeterminacy can easily occur for parameter values typi...
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作者：Chatterjee, S; Corbae, D
作者单位：University of Iowa
摘要：We develop a variant of Townsend's turnpike model where the trading friction is related to a commitment problem rather than spatial separation alone. Specifically, expenditure on financial services is necessary to ensure commitment. When commitment is costless, the equilibrium allocation is equivalent to that from an Arrow sequential markets equilibrium. When commitment is prohibitively expensive, the allocation is similar to the Townsend equilibrium. We use numerical examples to study the con...
