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Hoarding of International Reserves : Mrs Machlup's Wardrobe and the Joneses
Cheung, Yin-Wong; Qian, Xingwang - 2021
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping-up-with-the-Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...
Persistent link: https://www.econbiz.de/10013316903
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Factor Substitution, Income Distribution, and Growth in a Generalized Neoclassical Model
Irmen, Andreas; Klump, Rainer - 2021
asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the … the particular savings hypothesis. However, if savings out of capital income are substantial so that a certain threshold …
Persistent link: https://www.econbiz.de/10013316692
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Morbidity, mortality, health expenditures and annuitization
Tang, Kam Ki; Zhang, Jie - 2007
In this paper we explore the implication of a morbidity risk for the relationship between longevity and annuitization. We divide old-age life into two periods with uncertain survival from the end of the first to the end of the second. We show that a rise in the survival rate causes different...
Persistent link: https://www.econbiz.de/10010264199
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Optimal debt and equilibrium exchange rates in a stochastic environment : an overview
Stein, Jerome L. - 2004
The focus is upon equilibrium real exchange rates, optimal external debt and their interaction, in a world where both … the return on investment and the real rate of interest are stochastic variables. These theoretically based measures are …
Persistent link: https://www.econbiz.de/10010261108
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The effects of monetary policy : a meta-analysis
De Grauwe, Paul; Costa Storti, Cláudia - 2004
In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of monetary policies on output and prices. We...
Persistent link: https://www.econbiz.de/10010261220
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Human capital and the Feldstein-Horioka puzzle
Katsimi, Margarita; Moutos, Thomas - 2007
view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to …
Persistent link: https://www.econbiz.de/10010264066
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The growth effect of democracy: is it heterogenous and how can it be estimated?
Persson, Torsten; Tabellini, Guido - 2007
We estimate the effect of political regime transitions on growth with semi-parametric methods, combining difference in differences with matching, that have not been used in macroeconomic settings. Our semi-parametric estimates suggest that previous parametric estimates may have seriously...
Persistent link: https://www.econbiz.de/10010264144
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China's current account and exchange rate
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - 2009
predicted by estimates based upon a cross-country sample, when using the 2006 vintage of the World Development Indicators. The …
Persistent link: https://www.econbiz.de/10010264589
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Hoarding of international reserves: Mrs Machlup's wardrobe and the joneses
Cheung, Yin-Wong; Qian, Xingwang - 2007
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...
Persistent link: https://www.econbiz.de/10010276301
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Reasons for the Demise of Interest : Savings Glut and Secular Stagnation or Central Bank Policy?
Schnabl, Gunther - 2019
for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal … efficiency of investment as well as to declining fixed capital investment due to digitalization (secular stagnation). In contrast … stimulate growth. This paralyzed investment and growth in the long term. We show that the ability of banks to extend credit ex …
Persistent link: https://www.econbiz.de/10012858697