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the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served … economic policies followed by emerging markets such as China and the oil-exporting countries contributed to the US ability to …
Persistent link: https://www.econbiz.de/10010271353
China's growth is characterized by massive capital accumulation, made possible by high and increasing domestic savings …. In this paper we develop a model with the aim of explaining why savings rates have been high and increasing, and we … investigate the general equilibrium effects on capital accumulation and growth. We show that increased savings and capital …
Persistent link: https://www.econbiz.de/10010330222
In this paper, we conduct a dynamic panel analysis of the determinants of the household saving rate in China using a … life cycle model and panel data on Chinese provinces for the 1995-2004 period from China's household survey. We find that … China's household saving rate has been high and rising and that the main determinants of variations over time and over space …
Persistent link: https://www.econbiz.de/10010332228
In this paper we consider the implications of relative consumption externalities in the Blanchard-Yaari overlapping generations framework. Unlike most of the macroeconomic literature that studies this question, the differences between agents, and, thus, in their relative position, persist in...
Persistent link: https://www.econbiz.de/10010294031
This paper develops a small-scale DSGE model which embeds a demographic structure within a monetary policy framework. We extend the tractable, though non-monetary overlapping-generations model of Gertler (1999) and present a small synthesis model which combines the set-up of Gertler with a...
Persistent link: https://www.econbiz.de/10011605319
significant impulse leading to a sharp increase in households' expenditures and a corresponding fall in the savings ratio …
Persistent link: https://www.econbiz.de/10011604762
In an overlapping generations maximization framework with consumers, whose information on uncertain future income realizations is front loaded, a closed form aggregate consumption function with CRRA preferences is derived. To have a closed form solution we assume that consumers solve their...
Persistent link: https://www.econbiz.de/10011604811
This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number of semi-structural equations from national accounting principle and the principle that external balances for the world as a whole must sum to zero. The resulting equations...
Persistent link: https://www.econbiz.de/10010277752
than the flow measures of household savings. Finally a series of adjustments are made to the flow measures of household and … sectoral saving rates for New Zealand, as derived from the national accounts. It also presents estimates for the household … sector, of the stock measure of savings (changes in net wealth). The latter estimates are found to be consistently greater …
Persistent link: https://www.econbiz.de/10012115640
This paper uses a multi region DSGE model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy stimulus measures in a credit crisis. The paper explores alternative scenarios which differ by the type of budgetary measure, its length, the...
Persistent link: https://www.econbiz.de/10011430871