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Sunspot Fluctuations: A Way Out of the Development Trap?

Slobodyan, Sergey - EconWPA - 2001

presence of indeterminacy, sunspot equilibria can exist. I study the stability of the trap, subject to continuous-time sunspot …

Persistent link: https://www.econbiz.de/10005126454

Adjustment Costs in a Two-Capital Growth Model

Duczynski, Petr - EconWPA - 2001

The paper analyzes the convergence dynamics of a log-linearized open- economy neoclassical growth model under the … perfect capital mobility. The model can be calibrated for sufficiently slow conditional convergence. The model's dynamics turn …

Persistent link: https://www.econbiz.de/10005412690

The (Much Understated) Quantitative Role of Capital Accumulation and Saving

Verdier, Genevieve - EconWPA - 2005

Can factor accumulation still help us understand differences in capital inflows and income across countries? This paper offers a quantitative evaluation of neoclassical models of growth with collateral constraints. Previous work has found evidence that supports the qualitative predictions of...

Persistent link: https://www.econbiz.de/10005561274

What Drives Long-term Capital Flows? A Theoretical and Empirical Investigation

Verdier, Genevieve - EconWPA - 2003

What drives capital inflows in the long run? Do they follow the predictions of neoclassical theory, or are other forces at work? The purpose of this paper is to illustrate how long-term capital movements conform surprisingly well to the predictions of a simple neoclassical model with credit...

Persistent link: https://www.econbiz.de/10005126431

Sigma-Convergence Versus Beta-Convergence: Evidence from U.S. County-Level Data

Young, Andrew; Higgins, Matthew; Levy, Daniel - EconWPA - 2005

In this paper we outline (i) why ó-convergence may not accompany â- convergence, (ii)cite evidence of â-convergence in … the U.S., (iii) and use USA county-level data containing over 3,000 cross-sectional observations to demonstrate that ó-convergence …

Persistent link: https://www.econbiz.de/10005412590

Growth and Convergence across the US: Evidence from County-Level Data

Higgins, Matthew; Levy, Daniel; Young, Andrew - EconWPA - 2005

We use county data with 3,058 observations to study growth and convergence in the US. We assess the effect of 40 … convergence rates around 2 percent, but 3SLS yields 6–8 percent; (2) convergence rates vary across the U.S. E.g., Southern …

Persistent link: https://www.econbiz.de/10005412718

The Price Puzzle: Fact or Artefact?

Castelnuovo, Efrem; Surico, Paolo - EconWPA - 2005

the high persistence of expected inflation under indeterminacy is found to account for the price puzzle observed in actual …

Persistent link: https://www.econbiz.de/10005561209

Monetary Policy Shifts, Indeterminacy and Inflation Dynamics

Surico, Paolo - EconWPA - 2005

simulations from a purely forward-looking model, this paper shows that indeterminacy can introduce a sizable persistence in the … self full-filling expectations. By neglecting indeterminacy the estimates of the forward- looking term of the Phillips …

Persistent link: https://www.econbiz.de/10005126312

The Price Puzzle and Indeterminacy

Castelnuovo, Efrem; Surico, Paolo - EconWPA - 2005

omission in the VARs of a variable capturing the high persistence of expected inflation under indeterminacy is found to account …

Persistent link: https://www.econbiz.de/10005126381

Evidence on inflation expectations from Canadian real return bonds

Spiro, Peter S. - EconWPA - 2003

Starting with the UK in 1981, many of the industrialized countries have issued long-term bonds whose principal value is indexed to the rate of inflation. One of the benefits that economists predicted from issuing such bonds is that the difference between the yield on indexed and nominal bonds...

Persistent link: https://www.econbiz.de/10005412656