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Capital Accumulation, Vintage and Productivity: The Japanese Experience
Hagiwara, Taiji; Matsubayashi, Yoichi - Faculty of Economics, Kobe University - 2014
We empirically examine the relationship between capital accumulation and vintage as well as the productivity of … industries in Japan from 1980 to 2007. Based on the empirical analyses, we confirmed that vintage exerted a significant influence …, where strong vintage effects were observed in all industries. The rejuvenation of capital equipment during this period …
Persistent link: https://www.econbiz.de/10010775065
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Cross-Border Equity Investment and the Business Cycle
Amdur, David - 2009
I present new evidence that gross foreign assets and liabilities in equity investments, measured at market value, are positively correlated over the business cycle in each of the Group of Seven industrialized countries (G7). The close comovement of assets and liabilities, in turn, reflects...
Persistent link: https://www.econbiz.de/10013154331
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Decreasing marginal impatience and capital accumulation in a two-country world economy
Hirose, Ken-Ichi; Ikeda, Shinsuke - 2013
This research is the first to examine dynamic general equilibrium in a growing two-country economy under decreasing marginal impatience (DMI). The stability condition is shown to be more restrictive than in the case of an endowment economy and/or under increasing marginal impatience (IMI). By...
Persistent link: https://www.econbiz.de/10009786227
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Convergence, capital accumulation and the nominal exchange rate
Benczúr, Péter; Kónya, István - 2007
This paper develops a flexible price, two-sector nominal growth model, in order to study the role of the exchange rate regime in capital accumulation (convergence). We adopt a standard model of a small open economy with traded and nontraded goods, and enrich its structure with costly investment...
Persistent link: https://www.econbiz.de/10010322424
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Decreasing marginal impatience and capital accumulation in a two-country world economy
Hirose, Ken-Ichi; Ikeda, Shinsuke - 2013
This research is the first to examine dynamic general equilibrium in a growing two-country economy under decreasing marginal impatience (DMI). The stability condition is shown to be more restrictive than in the case of an endowment economy and/or under increasing marginal impatience (IMI). By...
Persistent link: https://www.econbiz.de/10010332261
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Nominal growth of a small open economy
Benczúr, Péter (contributor); Kónya, István (contributor) - 2006
This paper develops a flexible price, two-sector nominal growth model, in order to study the nominal aspects of capital accumulation (convergence). We adopt a classical model of a small open economy with traded and nontraded goods, and enrich its structure with gradual investment and a...
Persistent link: https://www.econbiz.de/10003435447
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Investment-specific technology shocks and international business cycles : an empirical assessment
Mandelman, Federico S.; Rabanal, Pau; Rubio-Ramírez, … - 2010
In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the "quantity," "international comovement,"...
Persistent link: https://www.econbiz.de/10008664137
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China's Macroeconomic Imbalances : Causes and Consequences
Knight, John B. - 2011
In recent years China has experienced two forms of extreme macroeconomic imbalance: an expenditure imbalance in the sense of very high investment and very low consumption, giving rise to rapid capital accumulation; and an imbalance between expenditure and production, producing external...
Persistent link: https://www.econbiz.de/10013123488
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Current Account Norms in Natural Resource Rich and Capital Scarce Economies
Araujo, Juliana - 2013
The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries (RRDCs), on the other hand, face substantial...
Persistent link: https://www.econbiz.de/10013082925
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Long-Term Trends in the Saving-Investment Balance and Persistent Current Account Surpluses in a Small Open Economy : The Case of the Netherlands
Halikias, Ioannis - 2006
This paper explores, from an investment-saving perspective, the factors underlying the persistent widening of the current account surplus in the Netherlands since the early 1980s. Standard intertemporal models, even appropriately extended to incorporate specific features of the Dutch economy, do...
Persistent link: https://www.econbiz.de/10012782056