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After liberalizing international transactions of financial assets, many countries experience large swings in asset prices, capital flows, and aggregate production. This paper studies how the adjustment to capital account liberalization depends upon the degree of development of a domestic...
Persistent link: https://www.econbiz.de/10005256484
This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behaviour over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial...
Persistent link: https://www.econbiz.de/10005807994
This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial real...
Persistent link: https://www.econbiz.de/10011083522
We develop a model in which innovations in an economy's growth potential are an important driving force of the business cycle. The frame- work shares the emphasis of the recent “new shock” literature on revisions of beliefs about the future as a source of fluctuations, but differs by tieing...
Persistent link: https://www.econbiz.de/10011027313