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Stochastic optimal control modeling of debt crises
Stein, Jerome L. - 2003
What is an optimal or a sustainable external debt - for a country, region or sector? How should one monitor and evaluate debt to preclude a crisis? We use stochastic optimal control/dynamic programming to derive an optimal debt. The deviation of the actual from the optimal will serve as a...
Persistent link: https://www.econbiz.de/10011509487
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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...
Persistent link: https://www.econbiz.de/10011401020
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Systems of innovation : growth, competitiveness and employment
Edquist, Charles (contributor);  … - 2000
Persistent link: https://www.econbiz.de/10001442701
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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...
Persistent link: https://www.econbiz.de/10011398011
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Investment-specific vs process innovation in a CGE model of environmental policy
Baccianti, Claudio; Löschel, Andreas - 2015
The European Union has implemented demand push and technology pull policies to foster innovation on the energy and … rarely treats product and process innovation separately and product quality is, in the best case, exogenous. We develop a … dynamic multi-sector CGE model that distinguishes between R&D-based process innovation for all firms, endogenous product …
Persistent link: https://www.econbiz.de/10011337045
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Education, Income Distribution and Innovation
Shen, Ling - 2004
In this paper we study the impact of the income distribution on innovation through the demand for quality goods. For … to different consumers. In this equilibrium, a lower relative income of the poor is good for innovation, and a larger … population share of the poor is bad for innovation. …
Persistent link: https://www.econbiz.de/10010263108
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Schumpeterian Entrepreneurs Meet Engel's Law : The Impact of Inequality on Innovation-Driven Growth
Zweimüller, Josef - 2000
technical and a pecuniary externality resulting from the innovation process may generate multiple equilibria. Redistribution may …
Persistent link: https://www.econbiz.de/10014215329
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Entwicklung eines Modells zur Projektion des Wirtschaftswachstums und der langfristigen Nachfrage nach Produktionsfaktoren in Deutschland unter besonderer Berücksichtigung des info...
Danckwerts, Rudolf-Ferdinand; Grossmann, Wolf Dieter; … - 2003
Es wird das Konzept für ein makroökonomisches Strukturmodell mit integriertem Innovationsprozesskern zur Analyse und Projektion der Wirtschaftsentwicklung in Deutschland vorgestellt. Das geplante Modell soll explizit die Auswirkungen des immer bedeutsamer werdenden IuK-technologischen...
Persistent link: https://www.econbiz.de/10010295370
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Stochastic Optimal Control, International Finance and Debt
Fleming, Wendell H.; Stein, Jerome L. - 2021
We use stochastic optimal control-dynamic programming (DP) to derive the optimal foreign debt/net worth, consumption/net worth, current account/net worth, and endogenous growth rate in an open economy. Unlike the literature that uses an Intertemporal Budget Constraint (IBC) or the Maximum...
Persistent link: https://www.econbiz.de/10013320476
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A Stochastic Optimal Control Approach to International Finance and Foreign Debt
Fleming, Wendell H.; Stein, Jerome L. - 2021
The recent financial crises, especially the debt crisis in Asia, have led to questions such as: what are their causes, what is an excessive debt and how vulnerable is an economy to external shocks; We develop an economic model of international finance and debt based upon two sources of...
Persistent link: https://www.econbiz.de/10013321296