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THE TWO FACES OF GLOBALIZATION: AGAINST GLOBALIZATION AS WE KNOW IT

Milanovic, Branko - EconWPA - 2003

The paper shows that the current view of globalization as an automatic and benign force is flawed: it focuses on only … one, positive, face of globalization while entirely neglecting a malignant one. The two key historical episodes that are … adduced by the supporters of the “globalization as it is” (the Halcyon days of the 1870-1913, and the record of the last two …

Persistent link: https://www.econbiz.de/10005118746

Habits, Sentiment and Predictable Income in the Dynamics of Aggregate Consumption

Sommer, Martin - EconWPA - 2004

This paper explores whether habit formation in the representative agent’s preferences can explain two failures of the standard permanent income model: the sensitivity to lagged consumer sentiment, and to predictable changes in income. I show that in a habit formation model, the sensitivity of...

Persistent link: https://www.econbiz.de/10005561179

A Parsimonious Macroeconomic Model for Asset Pricing: Habit Formation of Cross-sectional Heterogeneity?

Guvenen, Fatih - EconWPA - 2005

In this paper we study asset prices in a parsimonious two-agent macroeconomic model with two key features: limited participation in the stock market and heterogeneity in the elasticity of intertemporal substitution in consumption. The parameter values for the model are taken from the business...

Persistent link: https://www.econbiz.de/10005561641

Price Setting in a Forward-Looking Customer Market

Nakamura, Emi; Steinsson, Jon - EconWPA - 2005

We propose a new explanation for price rigidity. We show that if consumers form habits in individual goods, then firms face a time- inconsistency problem. The consumers’ habits imply that low prices in the future help attract customers in the present. Firms would therefore like to promise low...

Persistent link: https://www.econbiz.de/10005412576

China's Provincial Growth Dynamics

Aziz, Jahangir; Duenwald, Christoph - EconWPA - 2001

China’s rapid overall growth since 1978 masks significant differences in relative economic performance across its provinces. This paper finds that, while per capita income of poor provinces are catching up with those in the rich, the relative income distribution appears to be stratifying into...

Persistent link: https://www.econbiz.de/10005550986

Inequality, Growth, and Overtaking

Sugimoto, Yoshiaki - EconWPA - 2005

. It is also shown that divergence or convergence may arise instead of overtaking, depending on the initial levels of …

Persistent link: https://www.econbiz.de/10005556070

Capital Humano y Crecimiento Económico en México (1970-2000). Human Capital and Economic Growth in Mexico.

Bautista, Alejandro Diaz; Dominguez, Mauro Diaz - EconWPA - 2004

Europa. This paper applies the regional convergence hypothesis of economic growth based on the neoclassical model. During the … period 1970-2000, Mexico shows state convergence in per capita income conditional on the fundamental human capital variables …

Persistent link: https://www.econbiz.de/10005556248

The European Regional Convergence Process, 1980-1995: Do Spatial Regimes and Spatial Dependence Matter?

Baumont, Catherine; Ertur, Cem; Gallo, Julie Le - EconWPA - 2002

We show in this paper that spatial dependence and spatial heterogeneity matter in the estimation of the b-convergence … dependence and spatial heterogeneity in the form of structural instability across spatial convergence clubs. The estimation of … the appropriate spatial regimes spatial error model shows that the convergence process is different across regimes. We …

Persistent link: https://www.econbiz.de/10005556337

Crescimento Econ\363mico no P\363s-guerra: os Casos de Espanha, Portugal e Irlanda

Sequeira, Tiago - EconWPA - 2002

participated in the convergence phenomenon, Ireland, also neutral but democratic, was not able to converge to the developed world …

Persistent link: https://www.econbiz.de/10005556858

The (Much Understated) Quantitative Role of Capital Accumulation and Saving

Verdier, Genevieve - EconWPA - 2005

Can factor accumulation still help us understand differences in capital inflows and income across countries? This paper offers a quantitative evaluation of neoclassical models of growth with collateral constraints. Previous work has found evidence that supports the qualitative predictions of...

Persistent link: https://www.econbiz.de/10005561274