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A Corporate Balance Sheet Approach to Currency Crises

Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - C.E.P.R. Discussion Papers - 2001

This Paper presents a general equilibrium currency crisis model of the 'third generation', in which the possibility of currency crises is driven by the interplay between private firms' credit-constraints and nominal price rigidities. Despite our emphasis on microfoundations, the model remains...

Persistent link: https://www.econbiz.de/10005124430

Capital Markets and the Instability of Open Economies

Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - C.E.P.R. Discussion Papers - 1999

This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with one tradeable and one non-tradeable good with the non-tradeable being an input to the production of the...

Persistent link: https://www.econbiz.de/10005136559

Currency Crises and Monetary Policy in an Economy with Credit Constraints

Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - C.E.P.R. Discussion Papers - 2000

This paper presents a simple model of currency crises, which is driven by the interplay between the credit constraints of private domestic firms and the existence of nominal price rigidities. The possibility of multiple equilibria, including a ‘currency crisis’ equilibrium with low output...

Persistent link: https://www.econbiz.de/10005662331

Vertical Integration and Distance to Frontier

Acemoglu, Daron; Aghion, Philippe; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2002

We construct a model where the equilibrium organization of firms changes as an economy approaches the world technology …

Persistent link: https://www.econbiz.de/10005123937

Distance to Frontier, Selection, and Economic Growth

Acemoglu, Daron; Aghion, Philippe; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2002

We analyse an economy where managers engage both in the adoption of technologies from the world frontier and in … investments, but little selection. Closer to the world technology frontier, there is a switch to an innovation-based strategy with …. Societies that cannot switch out of the investment-based strategy, however, fail to converge to the world technology frontier …

Persistent link: https://www.econbiz.de/10005789082

Growth, Distance to Frontier and Composition of Human Capital

Aghion, Philippe; Meghir, Costas; Vandenbussche, Jérôme - C.E.P.R. Discussion Papers - 2005

We examine the contribution of human capital to economy-wide technological improvements through the two channels of innovation and imitation. We develop a theoretical model showing that skilled labour has a higher growth-enhancing effect closer to the technological frontier under the reasonable...

Persistent link: https://www.econbiz.de/10005792394