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Financing the capital development of the economy: A Keynes-Schumpeter-Minsky synthesis
Mazzucato, Mariana; Wray, Larry Randall - 2015
greatest explosion of financial innovation the world had ever seen. Financial fragility grew until the economy collapsed into … the global financial crisis. At the same time, we saw that much (or even most) of the financial innovation was directed … attention to increasing funding of the innovation process. For that reason, we will look not only to Minsky's ideas on the …
Persistent link: https://www.econbiz.de/10011545297
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Examining US productivity: Knowledge flows from industry and country sources
Koch, William - 2008
a measure of technology that isolates sources of innovation and their contributions to domestic TFP. Within …-industry innovation enhances domestic productivity, and domestic between industry innovations are productivity enhancing. However, foreign …-sourced between-industry innovation has a negative effect on domestic productivity. This highlights the dual aspect of patents as a …
Persistent link: https://www.econbiz.de/10010285349
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Barriers to creative destruction: Large firms and nonproductive strategies
Baslandze, Salomé - 2021
that as firms gain market share, they increasingly rely on nonproductive strategies but reduce their productive, innovation …
Persistent link: https://www.econbiz.de/10012819000
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The epidemiology of macroeconomic expectations
Carroll, Christopher D. - 2001
Since the foundational work of Keynes (1936) macroeconomists have emphasized the importance of agents' expectations in determining macroeconomic outcomes Yet in recent decades macroeconomists have devoted almost no effort to modeling actual empirical expectations data instead assuming all...
Persistent link: https://www.econbiz.de/10010293481
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A DSGE model with partial euroization: The case of the Macedonian economy
Copaciu, Mihai; Madjoska, Joana; Mitesk, Mite - 2022
This paper describes the theoretical structure and estimation results for a DSGE model for the Macedonian economy. Having as benchmark the model of Copaciu et al. (2015), modified to allow for a fixed exchange rate, we are able to match relatively well the volatility observed in the data. Given...
Persistent link: https://www.econbiz.de/10014327924
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How to pay for the Green New Deal
Nersisyan, Yeva; Wray, Larry Randall - 2019
This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the "costs" of the Green New Deal (GND) in terms of resource requirements. Instead of simply adding up estimates of the government spending that would be required, we assess resource...
Persistent link: https://www.econbiz.de/10012142978
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Mortgage choices and housing speculation
Barlevy, Gadi; Fisher, Jonas D. M. - 2010
We describe a rational expectations model in which speculative bubbles in house prices can emerge. Within this model both speculators and their lenders use interest-only mortgages (IOs) rather than traditional mortgages when there is a bubble. Absent a bubble, there is no tendency for IOs to be...
Persistent link: https://www.econbiz.de/10010292107
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Macroeconomic implications of agglomeration
Davis, Morris A.; Fisher, Jonas D. M.; Whited, Toni M. - 2010
The authors construct a dynamic general equilibrium model of cities and use it to estimate the effect of local agglomeration on per capita consumption growth. Agglomeration affects growth through the density of economic activity: higher production per unit of land raises local productivity....
Persistent link: https://www.econbiz.de/10010292152
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Gross migration, housing and urban population dynamics
Davis, Morris A.; Fisher, Jonas D. M.; Veracierto, Marcelo - 2013
Cities experience significant, near random walk productivity shocks, yet population is slow to adjust. In practise local population changes are dominated by variation in net migration, and we argue that understanding gross migration is essential to quantify how net migration may slow population...
Persistent link: https://www.econbiz.de/10010352167
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Quality Heterogeneity andGlobal Economic Growth
Dinopoulos, Elias; Unel, Bulent - Louisiana State University <Baton Rouge, La.> / E. J. … - 2009
This paper develops a fully-endogenous, variety-expansion growth model with firm-specific quality heterogeneity, limit pricing, and an endogenous distribution of markups.Trade induces only firms with high-quality products to export, whereas firms with low-quality products serve only the domestic...
Persistent link: https://www.econbiz.de/10009302529