Showing 1 - 10 of 47
This paper revisits Canada's pioneering experience with floating exchange rate over the period 19501962. It examines whether the floating rate was the best option for Canada in the 1950s by developing and estimating a New Keynesian small open economy model of the Canadian economy. The model is...
Persistent link: https://www.econbiz.de/10003560550
Ludwig von Mises was the acknowledged leader of the Austrian School of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to...
Persistent link: https://www.econbiz.de/10010255276
Institutions like the IMF, the ECB and many finance ministries and private banks in the world's richest countries are sending out unequivocal calls for strict control of prices to be addressed urgently, given their intrinsic relationship with how the budget deficit and government debt evolve....
Persistent link: https://www.econbiz.de/10010494932
A general growth model with explicit resource reallocation costs is set up. A new feature is the property of hysteresis (i.e. a continuum of stationary equilibria) in closed-economy growth models. Employing a linear model the hysteresis range and the consequences for the long-run growth rate are...
Persistent link: https://www.econbiz.de/10001956950
We investigate how bank migration across state lines over the last quarter century has affected the size and covariance of business fluctuations within states. Starting with a two-state version of the unit banking model in Holmstrom and Triocole (1997), we conclude that the theoretical effect of...
Persistent link: https://www.econbiz.de/10001590074
This short paper presents a simple analytical stability proof for the well-known Segerstrom (1998) model of endogenous growth. Moreover, a calibrated version of the model is employed to assess the speed of convergence. The result shows that transitional dynamics are important and, hence, the...
Persistent link: https://www.econbiz.de/10013139483
The expected growth rate of a stochastic Ak-economy under Poisson uncertainty is derived. The differences and similarities of economic growth under Wiener and Poisson uncertainty are discussed. To understand the uncertainty-growth nexus, the (implicit) risk premium under Poisson uncertainty is...
Persistent link: https://www.econbiz.de/10013139486
This paper sets up a simple AK-type growth model with heterogeneous consumption goods. It is shown that the (overall) intertemporal elasticity of substitution, the saving rate, and the growth rate of income unambiguously increase in the course of economic development. Moreover, the model offers...
Persistent link: https://www.econbiz.de/10013139490
The paper studies endogenous world balanced growth equilibria in which national learning productivity differentials govern relative per capita products. Learning productivities depend on the national share of world specialized-goods production, national and world scale, and familiarity with the...
Persistent link: https://www.econbiz.de/10013097478
Il presente articolo esamina i vantaggi relativi dei tassi di cambio fluttuanti nei confronti di un regime di tassi di cambio a parità rigidamente ancorate (hard peg), ponendo particolare enfasi sulle implicazioni per la domanda effettiva. In particolare, esso valuta se un deprezzamento della...
Persistent link: https://www.econbiz.de/10013091004