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Monetary Policy, Bounded Rationality, and Incomplete Markets
Farhi, Emmanuel - 2017
This paper extends the benchmark New-Keynesian model with a representative agent and rational expectations by introducing two key frictions: (1) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally-binding borrowing constraints; and (2) bounded...
Persistent link: https://www.econbiz.de/10012455400
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Determinants of Long-Term Growth : A Bayesian Averaging of Classical Estimates (BACE) Approach
Doppelhofer, Gernot - 2000
This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included...
Persistent link: https://www.econbiz.de/10012471000
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Capital Controls and Financial Crises
Aizenman, Joshua - 1999
The purpose of this paper is to explain the reluctance of developing countries to open up their capital market to foreigners, and the conditions inducing an emerging market economy to switch its policies. We consider an economy characterized initially by a one-sided openness to the capital...
Persistent link: https://www.econbiz.de/10012471387
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Social Security in Theory and Practice (I) : Facts and Political Theories
Mulligan, Casey B. - 1999
166 countries have some kind of public old age pension. What economic forces create and sustain old age Social Security as a public program? We document some of the internationally and historically common features of Social Security programs including explicit and implicit taxes on labor supply,...
Persistent link: https://www.econbiz.de/10012471676
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Tariff Liberalization Policy and Financial Restrictions
Aizenman, Joshua - 1983
The purpose of this paper is to assess how restrictions on capital mobility affect adjustment to a tariff liberalization policy. This is done by comparing the adlustment process under free and restricted convertibility of foreign assets in a regime where the commercial exchange rate is pegged....
Persistent link: https://www.econbiz.de/10012477844
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Crash Risk in Currency Markets
Farhi, Emmanuel - 2009
1996 to 2011 period using exchange rate spot, forward, and option data, we obtain a real-time index of world disaster risk …
Persistent link: https://www.econbiz.de/10012463588
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The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
Aizenman, Joshua - 2008
This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD...
Persistent link: https://www.econbiz.de/10012464794
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Constitutions, Politics and Economics : A Review Essay on Persson and Tabellini's "The Economic Effect of Constitutions"
Acemoglu, Daron - 2005
In this essay I review the new book by Torsten Persson and Guido Tabellini, The Economic Effects of Constitutions, which investigates the policy and economic consequences of different forms of government and electoral rules. I also take advantage of this opportunity to discuss the advantages and...
Persistent link: https://www.econbiz.de/10012467450
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The World Income Distribution
Acemoglu, Daron - 2001
trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing … perspective time-series behavior of the world economy is similar to that of existing endogenous growth models, with the world … country level, the cross-sectional behavior of the world economy is similar to that of existing exogenous growth models: cross …
Persistent link: https://www.econbiz.de/10012470646
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Consumption Risk and International Asset Returns : Some Empirical Evidence
Cumby, Robert E. - 1987
The paper examines if real stock returns in four countries are consistent with consumption-based models of international asset pricing. The paper finds that ex-ante real stock returns exhibit statistically significant fluctuations over time and that these fluctuations cannot be explained by...
Persistent link: https://www.econbiz.de/10012476685