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Gancia, Gino Alessandro; Müller, Andreas; Zilibotti, … - National Centre of Competence in Research - Financial … - 2011

We construct and estimate a unified model combining three of the main sources of cross-country income disparities:[...]

Persistent link: https://www.econbiz.de/10009486844

Financing Development: The Role of Information Costs

Greenwood, Jeremy; Sanchez, Juan M.; Wang, Cheng - Iowa State University of Science and Technology <Ames, … - 2007

How does technological progress in financial intermediation affect the economy? To address this questiona costly-state verification framework is embedded into a standard growth model. In particular, financialintermediaries can invest resources to monitor the returns earned by firms. The...

Persistent link: https://www.econbiz.de/10009360815

A model of equilibrium institutions

Guimarães, Bernardo; Sheedy, Kevin D. - London School of Economics and Political Science - 2010

In order to understand inefficient institutions, one needs to understand what mightcause the breakdown of a political … powerand distribution where institutions (the \rules of the game") are set to maximize payoffsof those individuals in power …. Equilibrium institutions arethe fixed point of this constrained maximization problem. This model can be appliedto different …

Persistent link: https://www.econbiz.de/10008911501

Are Human Rights and Economic Well-Being Substitutes? Evidence from Migration Patterns across the Indian States

Libman, Aleksandr M.; Herrmann-Pillath, Carsten; Yadav, … - Frankfurt School of Finance & Management - 2011

The aim of the paper is to study the relation between the demand for human rights and foreconomic prosperity. It analyzes the demand not, as it is often done in the literature, from the“voice” perspective (political activity), but rather looks at the “exit” perspective...

Persistent link: https://www.econbiz.de/10009005032

Risk, Institutions and Growth:Why England and Not China?

Greif, Avner; Iyigun, Murat; Sasson, Diego - Institut zur Zukunft der Arbeit <Bonn> - 2011

We analyze the role of risk-sharing institutions in transitions to modern economies.Transitions requires individual …-level, idiosyncratic risk implies thatdistinct risk-sharing institutions – even those providing the same level of insurance – can leadto … model incorporating England’s andChina’s distinct pre-modern risk-sharing institutions. The model predicts a transition …

Persistent link: https://www.econbiz.de/10009360535

MONETARY MODELS AND INFLATION TARGETINGIN EMERGING MARKET ECONOMIES

FitzGerald, Valpy - University <Oxford> / Department of Economics - 2004

This paper extends and modifies the Keynesian critique of inflation targetingwith reference to stabilisation policy in emerging market economies. The IMF‘basic monetary programming framework’ for developing countries usesgovernment borrowing and the exchange rate as policy instruments in...

Persistent link: https://www.econbiz.de/10005870230

Non-constant HazardFunction and InflationDynamics

Yao, Fang - Sonderforschungsbereich Ökonomisches Risiko <Berlin>

This paper explores implications of nominal rigidity characterized by a non-constanthazard function for aggregate dynamics. I derive the NKPC under an arbitrary hazardfunction and parameterize it with the Weibull duration model. The resulting Phillips curveinvolves lagged inflation and lagged...

Persistent link: https://www.econbiz.de/10008939774

Macroeconomic Dynamics in a Model of Goods,Labor and Credit Market Frictions

Petrosky-Nadeau, Nicolas; Wasmer, Etienne - Institut zur Zukunft der Arbeit <Bonn> - 2011

Building a model with three imperfect markets – goods, labor and credit – representing aproduct’s life-cycle, we find that goods market frictions drastically change the qualitative andquantitative dynamics of labor market variables. The calibrated model leads to a significantreduction in...

Persistent link: https://www.econbiz.de/10009353913

A Steady-State Model of a Non-Walrasian Economywith Three Imperfect Markets

Wasmer, Etienne - Institut zur Zukunft der Arbeit <Bonn> - 2011

Unemployment may depend on equilibrium in other markets than the labor markets. Thispaper adresses this old idea by introducing search frictions on several markets: in a model ofcredit and labor market imperfections as in Wasmer and Weil (2004), I further introducesearch on the goods market. The...

Persistent link: https://www.econbiz.de/10009360514

An Open Economy New Keynesian Phillips Curve: Evidence from Hong Kong

Genberg, Hans; Pauwels, Laurent L. - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

This paper extends Galí and Gertlers (1999) new hybrid KeynesianPhillips curve to the open economy context. We hypothesise that pricing decisionsdepend on both labour costs and intermediate imported input prices. The results forHong Kong are consistent with the theory if import prices are...

Persistent link: https://www.econbiz.de/10005858316