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Jovanovic, Boyan; Ma, Sai - 2022

This paper documents several facts on the real effects of economic uncertainty. First, higher uncertainty is associated … with a more dispersed distribution of output growth. Second, the relation is highly asymmetric: A rise in uncertainty is … impact on its upper tail. Third, the negative response of growth to uncertainty shocks is larger when the equity market is …

Persistent link: https://www.econbiz.de/10014091106

Bubbles in Prices of Exhaustible Resources

Jovanovic, Boyan - 2007

Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters...

Persistent link: https://www.econbiz.de/10012776202

Optimal Migration : A World Perspective

Benhabib, Jess - 2010

We ask what level of migration would maximize world welfare. We find that skill-neutral policies are never optimal. An egalitarian welfare function induces a policy that entails moving mainly unskilled immigrants into the rich countries, whereas a welfare function skewed highly towards the rich...

Persistent link: https://www.econbiz.de/10012760411

Externalities and Growth Accounting

Benhabib, Jess; Jovanovic, Boyan - 2021

We reexamine several bodies of data on the growth of output, labor, and capital, within the context of a model that admits the possibility of an externality to the capital input. The model is an augmented version of Paul Romer's (1987) reformulation of the Solow model. Unlike Romer, however, we...

Persistent link: https://www.econbiz.de/10013212362