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What happened to the knowledge economy? ICT, intangible investment and Britain's productivity record revisited
Marrano, Mauro Giorgio; Haskel, Jonathan; Wallis, Gavin - 2007
appears unaffected: investment rates are flat, and productivity has slowed down. We investigate whether measurement issues … as intermediate consumption. Thus they do not count as either GDP or investment. We ask how treating such spending as … investment affects some key macro variables, namely, market sector gross value added (MGVA), business investment, capital and …
Persistent link: https://www.econbiz.de/10010284188
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A leverage-based model of speculative bubbles
Barlevy, Gadi - 2008
This paper develops an equilibrium model of speculative bubbles that can be used to explore the role of various … policies in either giving rise to or eliminating the possibility of asset bubbles, e.g. restricting the use of certain types of …
Persistent link: https://www.econbiz.de/10010292195
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Austerity
Dellas, Harris; Niepelt, Dirk - 2014
more favourable loan package; that it is associated with over-investment even when investment does not create collateral …
Persistent link: https://www.econbiz.de/10011430112
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Macroeconomic determinants of exit from aid-dependence
Hailu, Degol; Shiferaw, Admasu - 2012
maintaining moderate inflation, the rate of investment; aggressive effort at domestic resource mobilisation; and structural change …
Persistent link: https://www.econbiz.de/10010293266
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Are stock markets really like beauty contests? - Empirical evidence of higher order belief's impact on asset prices
Monnin, Pierre - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004
The goal of this paper is to assess, for the first time, the empirical impact of "Kaynes' beauty contest", or "higher order belief", on asset price volatility. The paper shows that heterogeneous expectations induce higher order beliefs and that heterogeneous expectation asset pricing models...
Persistent link: https://www.econbiz.de/10005857785
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Heterogeneous convergence
Young, Andrew T.; Higgins, Matthew J.; Levy, Daniel - 2013
We use U.S. county-level data to estimate convergence rates for 22 individual states. We find significant heterogeneity. E.g., the California estimate is 19.9 percent and the New York estimate is 3.3 percent. Convergence rates are essentially uncorrelated with income levels.
Persistent link: https://www.econbiz.de/10010335973
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Federal, state, and local governments: Evaluating their separate roles in US growth
Higgins, Matthew J.; Young, Andrew T.; Levy, Daniel - 2008
We use US county level data (3,058 observations) from 1970 to 1998 to explore the relationship between economic growth and the extent of government employment at three levels: federal, state and local. We find that increases in federal, state and local government employments are all negatively...
Persistent link: https://www.econbiz.de/10010336011
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What is Minsky all about, anyway?
Ertürk, Korkut; Özgür, Gökcer - 2009
In this paper our objective is to sketch out an alternative understanding of Minsky as an evolving research agenda.At the most general level we hold that a Minksyan way of looking at the world boils down to few basic propositions: (i) in a financial capitalist economy, credit is procyclical in...
Persistent link: https://www.econbiz.de/10010288045
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The effects of the saving and banking glut on the U.S. economy
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010352184
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The increased importance of asset price misalignments for business cycle dynamics
Bask, Mikael; Madeira, João - 2011
leads to more pronounced hump-shaped dynamics of the asset price and investment. Thus, asset price misalignments should be …
Persistent link: https://www.econbiz.de/10010321374