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Ruling out Indeterminacy: the Role of Heterogeneity

Herrendorf, Berthold; Valentinyi, Akos; Waldmann, Robert - C.E.P.R. Discussion Papers - 1998

-cycle fluctuations. Externalities can lead to indeterminacy, allowing self-fulfilling expectations to determine the equilibrium. This … paper argues that the importance of indeterminacy might be overstated by the literature, as it does not recognize that …. This implies that the aggregate characteristics may not be informative even when there is determinacy. Thus indeterminacy …

Persistent link: https://www.econbiz.de/10005504588

Multiplicity in General Financial Equilibrium with Portfolio Constraints

Basak, Suleyman; Cass, David; Licari, Juan Manuel; … - C.E.P.R. Discussion Papers - 2006

continuum of equilibria; adding incomplete markets may lead to real indeterminacy. …

Persistent link: https://www.econbiz.de/10005067630

The Gender Gap, Fertility and Growth

Galor, Oded; Weil, David - C.E.P.R. Discussion Papers - 1995

This paper examines a novel mechanism linking fertility and growth. There are three components to the model. First, increases in capital per worker raise women's relative wages, since capital is more complementary to women's labour input than to men's. Second, increasing women's relative wages...

Persistent link: https://www.econbiz.de/10005498148

Structural Change and the Kaldor Facts of Economic Growth

Foellmi, Reto; Zweimüller, Josef - C.E.P.R. Discussion Papers - 2002

We present a model in which two of the most important features of the long-run growth process are reconciled: the massive changes in the structure of production and employment; and the Kaldor facts of economic growth. We assume that households expand their consumption along a hierarchy of needs...

Persistent link: https://www.econbiz.de/10005792315

Fickle Investors: an Impediment to Growth?

Scott, Andrew; Uhlig, Harald - C.E.P.R. Discussion Papers - 1999

The aim of this paper is to construct theoretical models which help to shed light on the recent criticisms of volatile investment flows. We do not make any empirical attempt to establish the existence or gauge the importance of the adverse effects of volatile investment flows nor do we make any...

Persistent link: https://www.econbiz.de/10005661544

Innovation, 'Bank' Monitoring and Endogenous Financial Development

de la Fuente, Angel; Vigueras, Marín; Maria, José - C.E.P.R. Discussion Papers - 1995

This paper analyses the interaction between capital accumulation, technological progress and financial development. Growth is sustained by the development of new varieties of intermediate goods. Innovation is risky and the probability of success depends on entrepreneurs' actions, which can only...

Persistent link: https://www.econbiz.de/10005114230

Endogenous Growth and Poverty Traps in a Cournotian Model

Galí, Jordi; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1994

We analyse the implications for the dynamics of capital accumulation of market power and endogenous demand elasticities, in an environment in which the latter are affected by the number of competitors in each industry. In equilibrium the interest rate increases as capital accumulates, even...

Persistent link: https://www.econbiz.de/10005791425

House Prices, Rents and Interest Rates Under Collateral Constraints

Arce, Oscar; López-Salido, J David - C.E.P.R. Discussion Papers - 2006

We develop an OLG model aimed at explaining the joint determination of housing prices, rents, and interest rates, in an environment featuring a positive home ownership bias and individual borrowing limits that generate a mismatch between desired and available funds to finance housing purchases....

Persistent link: https://www.econbiz.de/10005124088

The International Lender of Last Resort: How Large is Large Enough?

Jeanne, Olivier; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001

This Paper considers how an international lender of last resort can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international lender of last resort injects international liquidity into financial markets, and...

Persistent link: https://www.econbiz.de/10005136622

Economic Growth in an Interdependent World Economy

Farmer, Roger E A; Lahiri, Amartya - C.E.P.R. Discussion Papers - 2002

We outline six facts that should be explained by an international growth model: 1) Conditional convergence; 2) cross-country dispersion of growth rates; 3) cross-country dispersion of per capita income levels; 4) cross-country dispersion of savings rates; 5) within country correlation of savings...

Persistent link: https://www.econbiz.de/10005791719