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CREDIT AND GROWTH UNDER LIMITED COMMITMENT
AZARIADIS, COSTAS; Kaas, Leo - London School of Economics and Political Science - 2008
We consider a linear growth model with idiosyncratic productivity shocks in whichproducers cannot commit to repay their loans. Borrowing constraints are determinedendogenously by the borrowers’ incentives to repay, assuming that defaulters lose a shareof output and are excluded from future...
Persistent link: https://www.econbiz.de/10009138462
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Knowledge and Growth in the Very Long Run
Strulik, Holger - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2010
This paper proposes a theory for the gradual evolution of knowl-edge diffusion and growth over the very long run. A feedback mechanismbetween capital accumulation and the ease of knowledge diffusion explains along epoch of (quasi-) stasis and an epoch of high growth linked by a grad-ual economic...
Persistent link: https://www.econbiz.de/10009302602
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Dynamically Optimal R&D Subsidization
Grossmann, Volker; Steger, Thomas M.; Trimborn, Timo - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2010
Previous research on optimal R&D subsidies has focussed on the long run.This paper characterizes the optimal time path of R&D subsidization in a semi-endogenous growth model, by exploiting a recently developed numerical method.Starting from the steady state under current R&D subsidization in the...
Persistent link: https://www.econbiz.de/10009302611
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The Missing Link
Acs, Zoltán J.; Audretsch, David B.; Braunerhjelm, Pontus - Max-Planck-Institut für Ökonomik <Jena> - 2004
The intellectual breakthrough contributed by the new growth theory was the recognition that investments in knowledge and human capital endogenously generate economic growth through the spillover of knowledge. Endogenous growth theory does not explain how or why spillovers occur. The missing link...
Persistent link: https://www.econbiz.de/10005865018
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Market Size or Acceleration Effects; Comparing Hy pothese s to Explain Skill Biased Technical Change
Sanders, Mark - Max-Planck-Institut für Ökonomik <Jena> - 2005
Skill-biased technical change has occupied empirical economists for much of the 90s. However, the empirical literature has not progressed much beyond observing a positive correlation between technology indicators and demand shifts. Two hypotheses on the root causes of skill biases in technical...
Persistent link: https://www.econbiz.de/10005865028
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Growth and Labor Income Risk withInelastic and Elastic Labor Supply
Clemens, Christiane - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2004
We discuss long-run growth in an economy which is subject toaggregate productivity shocks affecting all factors of production. Wedemonstrate that the presence of labor income risk unambiguously isan important determinant of long-run expected growth. The issue ofdynamic inefficiency of the...
Persistent link: https://www.econbiz.de/10005867611
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Is Novelty always a good thing?Towards an Evolutionary Welfare Economics
Schubert, Christian - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009
Schumpeter’s and Hayek’s view of market coordination as being not aboutefficiency, but about endogenous change and never-ending discovery has beenincreasingly recognized even by the mainstream of economics. Underlying this view isthe notion of creative learning agents who bring about...
Persistent link: https://www.econbiz.de/10005867738
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Inflation Risk Analysis of European Real Estate Securities
Maurer, Raimond; Sebastian, Steffen - 2002
of this paper is the analysis of inflation risk of European real estate securities. An overview of the institutional …
Persistent link: https://www.econbiz.de/10005840342
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Do Asymmetric Central Bank Preferences Help ExplainObserved Inflation Outcomes?
Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006
Recent theoretical work shows that changes in the volatility of inflation and/or unem-ployment affect equilibrium in … propositionthat the volatility of unemployment helps explain inflation outcomes suffers from a spu-rious regression problem. Once this … problem is controlled for, the evidence suggeststhat the volatility of unemployment does not help explain inflation outcomes …
Persistent link: https://www.econbiz.de/10009360871
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Testing Commitment Models of Monetary Policy:Evidence from OECD Economies
Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006
Inflation rates in a number of OECD follow a common trend over the past four decades: inflation starts out low in the … in the behavior of trend inflation suggests that any explanation of long run inflation trends ought to apply across OECD …-varying NAIRU, can explain long run trends in U.S. inflation. In this paper we show that this result cannot serve as an explanation …
Persistent link: https://www.econbiz.de/10009360915