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An Equilibrium Theory of Nominal Exchange Rates

Hagedorn, Marcus - 2021

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …

Persistent link: https://www.econbiz.de/10013212261

Investment Rules and Time Invariance Under Population Growth

Asheim, Geir - 2020

We propose an adaptation of Hartwick's investment rule to models with population growth and show that following Hartwick's rule is equivalent to a time-invariant real per capita net national product. In the so-called DHSS model of capital accumulation and resource depletion the proposed...

Persistent link: https://www.econbiz.de/10012824585

Factor Substitution, Income Distribution, and Growth in a Generalized Neoclassical Model

Irmen, Andreas; Klump, Rainer - 2021

We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...

Persistent link: https://www.econbiz.de/10013316692

The Neoclassical Growth of China

Fernández-Villaverde, Jesús; Ohanian, Lee E.; Yao, Wen - 2023

This paper studies China’s four-fold increase in per capita GDP relative to the U.S. between 1995 and 2019. First, we argue that China’s growth pattern is very similar to that of several other East Asia economies that initially grew very quickly. Second, we show that a minimalist...

Persistent link: https://www.econbiz.de/10014347723

Adding geography to the new economic geography

Bosker, E. Maarten; Brakman, Steven; Garretsen, Harry; … - 2007

For reasons of analytical tractability, new economic geography (NEG) models treat geography in a very simple way: attention is either confined to a simple 2-region or to an equidistant multi-region world. As a result, the main predictions regarding the impact of e.g. diminishing trade costs are...

Persistent link: https://www.econbiz.de/10010271844

International antitrust enforcement and multi-market contact

Choi, Jay Pil; Gerlach, Heiko A. - 2009

This paper analyzes international antitrust enforcement when multinational firms operate in several markets with antitrust authorities in each market. We are concerned with how the sustainability of collusion in one local market is affected by the existence of collusion in other markets when...

Persistent link: https://www.econbiz.de/10010274002

Even small trade costs restore efficiency in tax competition

Becker, Johannes; Runkel, Marco - 2010

We introduce transport cost of trade in products into the classical Zodrow and Mieszkowski (1986) model of capital tax competition. It turns out that even small levels of transport cost lead to a complete breakdown of the seminal result, the underprovision of public goods. Instead, there is a...

Persistent link: https://www.econbiz.de/10010274798

Justifying the Lindahl solution as an outcome of fair cooperation

Buchholz, Wolfgang; Peters, Wolfgang - 2005

The Lindahl equilibrium is mostly motivated by a rather artificial price mechanism. Even though the analogy to a competitive market has been emphasised by Lindahl himself his approach does not directly explain the normative ideas, which are behind this concept. In the present paper we therefore...

Persistent link: https://www.econbiz.de/10010261328

Multi-dimensional transitional dynamics: a simple numberical procedure

Trimborn, Timo; Koch, Karl-Josef; Steger, Thomas M. - 2006

We propose the relaxation algorithm as a simple and powerful method for simulating the transition process in growth models. This method has a number of important advantages: (1) It can easily deal with a wide range of dynamic systems including stiff differential equations and systems giving rise...

Persistent link: https://www.econbiz.de/10010263935

Factor substitution, income distribution, and growth in a generalized neoclassical model

Irmen, Andreas; Klump, Rainer - 2007

Persistent link: https://www.econbiz.de/10010264251

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