共查询到20条相似文献,搜索用时 11 毫秒
1.
Ming Huang 《Journal of Economic Theory》2003,109(1):104-129
We study an equilibrium in which agents face surprise liquidity shocks and invest in liquid and illiquid riskless assets. The random holding horizon from liquidity shocks makes the return of the illiquid security risky. The equilibrium premium for such risk depends on the constraint that agents face when borrowing against future income; it is insignificant without borrowing constraint, but can be very high with borrowing constraint. Illiquidity, therefore, can have large effects on asset returns when agents face liquidity shocks and borrowing constraints. This result can help us understand why some securities have high liquidity premia, despite low turnover frequency. 相似文献
2.
Yi Wen 《Economics Letters》2006,90(3):378-383
This paper studies conditions under which demand-side shocks can generate realistic business cycles in RBC models. Although highly persistent demand shocks are necessary for generating procyclical investment, variable capacity utilization and habit formation can reduce the required degree of persistence. 相似文献
3.
《Structural Change and Economic Dynamics》2007,18(1):75-99
The traditional view of growth and fluctuations implies that aggregate demand shocks result in only transitory departures from trend or “normal” output, which is determined exclusively by aggregate supply factors. Using a simple dynamic framework for a less-developed economy, a series of models is developed to show that aggregate demand can have a permanent effect on economic growth. It is shown that even if the economy converges to some “normal” path, this path itself may be altered by large demand shocks, due to increasing returns and hysteresis effects in labor markets and balance of payments constraints. It is also shown that the economy may not converge to its “normal” path, in which case fiscal and monetary policy will have long-term effects on output and growth. 相似文献
4.
The aim of this paper is to study the relationship between oil revenue shocks and output growth in Iran by Adopting an SVAR model over the period 1959–2008. The results indicate that positive and negative oil revenue shocks significantly affect output growth positively and negatively respectively and these effects are asymmetric. While negative oil revenue shocks adversely affect the economic growth, the resource curse impedes the expected positive effects of positive oil shocks. In order to overcome the harmful effects of oil booms and busts, the establishment of oil stabilization and saving funds, diversifying economy, delinking government expenditure from oil revenues and introducing fiscal rules into the budget seems crucial for Iran economy. 相似文献
5.
After many years of growth, the Spanish economy plunged into the most severe and prolonged recession recorded since reliable national accounts data have been available. The main goal of this paper is to quantify the effects of the external and domestic shocks that hit the Spanish economy in 2008–2009 by employing a disaggregated general equilibrium model calibrated to a 2000 SAM elaborated by the authors. External shocks are simulated by employing the neoclassical closure (private investment is determined by domestic and external savings) and the Keynesian closure (investment is exogenous). External and domestic shocks are also jointly simulated with the Keynesian closure. The results provide a good approximation to observed changes in key macroeconomic variables. 相似文献
6.
I.W. Sandberg 《Economics Letters》1979,4(2):99-102
For a well-known economic model involving n commodities that are offered for sale, it is proved that there is at most one normalized equilibrium if the values of a certain matrix-valued function of order (n - 1) are Hicksian (i.e., have positive principal minors) throughout its domain of definition. The condition has a nice interpretation, and the result differs from an earlier (and very differently proved) uniqueness result of Arrow and Hahn primarily in that the class of excess-demand functions considered here is considerably less restricted in an important sense. 相似文献
7.
《Economics Letters》1987,23(1):113-117
This note tests the labor market equilibrium hypothesis by examining the speed of adjusment of employment with respect to population shocks. The analyses in the time domain with annual cross-country data from 15 OECD countries - and the accompanying preliminary analyses in the frequency domain - are clearly at variance with the equilibrium hypothesis. 相似文献
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9.
One of the arguments often advanced for implementing a stronger insolvency and bankruptcy framework is that it enhances credit discipline among firms. Using a large cross-country firm-level dataset, we empirically test whether a stronger insolvency regime reduces firms' likelihood of defaulting on their debt. In particular, we examine whether it reduces default risk during increased economic uncertainty and various external shocks. Our results confirm that a stronger insolvency regime moderates the adverse effects of economic shocks on firms' default risk. The effects are more pronounced for firms in the top half of the size distribution. We also explore channels through which improved creditor rights influence firms' default risk, including dependence on external finance, corporate leverage, and managerial ethics. Our main results are robust to an alternative measure of default risk, inclusion of currency and sovereign debt crisis episodes, and alternative estimations. 相似文献
10.
Andrea Moro 《Journal of Economic Theory》2004,114(1):1-30
We study a general equilibrium model with endogenous human capital formation in which ex ante identical groups may be treated asymmetrically in equilibrium. The interaction between an informational externality and general equilibrium effects creates incentives for groups to specialize. Discrimination may arise even if the corresponding model with a single group has a unique equilibrium. The dominant group gains from discrimination, rationalizing why a majority may be reluctant to eliminate discrimination. The model is also consistent with “reverse discrimination” as a remedy against discrimination since it may be necessary to decrease the welfare of the dominant group to achieve parity. 相似文献
11.
Dohyoung Kwon 《Applied economics letters》2019,26(18):1472-1479
This paper investigates the impacts of oil price shocks and US economic uncertainty on emerging equity markets within a structural VAR model. I find that both precautionary oil demand and US economic uncertainty shocks have significant negative effects on emerging stock returns, whereas aggregate demand shocks cause a sustained rise of the returns. In particular, the direct effects of oil shocks on emerging stock returns are amplified by the endogenous response of US economic uncertainty. Variance decomposition analysis shows that oil market fundamentals and US economic uncertainty are an important determinant of emerging equity returns, accounting for 35% and 24% of their long-term variations, respectively. The heterogeneous impacts of structural shocks on individual emerging markets, however, suggest that a well-diversified portfolio can be obtainable. 相似文献
12.
Although ecosystems provide myriad services to economies, only one service is considered in most renewable-resource models. The general equilibrium bioeconomic model introduced here admits a second service, and more importantly it accounts for how the two services are impacted by interactions within an eight-species ecosystem and interactions within a regional economy. Endangered Steller sea lion recovery measures via alternative pollock quotas change all ecosystem populations and all economic variables. While non-use values associated with the ecosystem (e.g., existence values) are not considered, all species matter for the economy because they are all used indirectly as support for ecosystem services. Regional welfare changes from reduced quotas show the tradeoff between consumptive and non-consumptive uses of the ecosystem. 相似文献
13.
Ludovic A. Julien 《Economic Modelling》2011,28(4):1931-1940
This paper features a simple static Cournot-Nash model of an exchange economy with two productive sectors at flexible prices and wages. The traders in the atomless sector are price-takers, while the atoms behave strategically. We focus on the consequences of strategic interactions on the market outcome. Firstly, strategic interactions create underemployment on the labor market. Secondly, when the number of atoms increases without limit, the CWE coincides with the competitive equilibrium. Thirdly, we compare the welfare reached by traders at both equilibria. Fourthly, we consider the implementation of a tax levied on strategic supplies. Finally, we compare the approach retained with the monopolistic competition framework. 相似文献
14.
David Gale 《Journal of Economic Theory》1973,6(1):12-36
This paper studies competitive equilibrium over time of a one good model in which the agents are members of a population which grows at a constant rate. Each agent lives for n periods and in the i-th period of his life receives an endowment of ei units of goods. Goods can neither be produced nor stored. The model is thus the n-period generalization of the two- and three-period models studied by Samuelson in [4]. We seek to ascertain the structure of the time paths of consumption in these models. Our results can be summarized roughly as follows: In general, there will exist two kinds of steady state paths, (i) golden rule paths in which the rate of interest equals the growth rate of population and (ii) “balanced” paths in which the aggregate assets or indebtedness of the society as a whole is zero (a fundamental fact about dynamic models is that it is possible for aggregate debt not to equal aggregate credit as it must in the static case). A model is termed classical if in the golden rule state aggregate assets are negative (or debt positive) and Samuelson (following [4]) in the opposite case. It is conjectured that the golden rule program is globally stable in the classical case and the balanced program is stable in the Samuelson case. This is established for the special case n = 2. 相似文献
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16.
Randall G. Holcombe 《The Review of Austrian Economics》2008,21(4):225-249
Twentieth century economics was dominated by the development and refinement of the concept of economic equilibrium. While
it is worthwhile to understand the properties of economic equilibrium, equilibrium concepts have dominated economic thought
to the point that they have obscured some of the more important issues economists have always strived to understand. At least
since Adam Smith’s time, economists have tried to understand the causes of prosperity, and how economic welfare can be enhanced,
but these issues are best understood outside the equilibrium framework. The foundations provided by the Austrian school point
toward ways that economic analysis can expand beyond the equilibrium framework.
相似文献
Randall G. HolcombeEmail: |
17.
《Journal of Macroeconomics》1987,9(3):327-349
This paper examines the general equilibrium effects of anticipated and unanticipated inflation shocks when an asset such as housing is financed by long-term contracts. Unlike other analyses of housing and mortgage finance, this model specifies that financial markets are fully integrated. Within a simple three-period overlapping generations model, agents obtain a mortgage in the first period and maximize utility under the constraint that no borrowing for consumption is allowed. Following inflation shocks, transition paths of endogenous interest rates, house prices, and welfare can be traced in simulations of the economy under the assumption of rational expectations. When nominal contracts prevail, an unexpected increase in the inflation rate causes a decline in the real rate of interest, owing to adjustments in the loanable funds market. Thus, real effects emerge even in the absence of tax distortions or explicit modelling of uncertainty. I contrast these real effects, given loans in the form of adjustable rate mortgages, with the absence of such effects when loans are price-level-adjusted mortgages. 相似文献
18.
《Journal of Economic Theory》1987,41(1):189-201
Recently theorists have analyzed economies which potentially contain both finite and infinite horizon overlapping generations, using “Arrow-Debreu” (complete) markets. Typically, applied models assume recursive spot and contingent securities markets, implying a different equilibrium concept. Indeed, if infinite horizon agents are present recursive equilibria cannot exist without some side conditions on debt. With the right side conditions, we show that every recursive market equilibrium allocation is a complete market equilibrium allocation and vice versa. This bridges a gap between theory and applications, and extends existing equivalence results on market structure. 相似文献
19.
Revelation of criteria implicit in setting policy is addressed in a political economic framework that includes identification and estimation of unknown parameters in the presence of multiple sources of uncertainty. Policy formation is viewed as an optimization process under which the government maximizes a criterion function subject to market constraints. A method for estimating political criterion function weights and their associated standard errors over multiple time periods is presented. The approach is illustrated with an empirical example from Japanese rice and wheat trade policy. 相似文献
20.
In this paper we investigate how supply and demand shocks in one country affect output volatility in other countries. While the evidence for cross‐country transmission of demand shocks is mixed, we find that volatile supply in one country leads to larger imports and output volatility in other countries. As a result, the effect of trade openness on output volatility is highly heterogeneous across countries and depends on the composition of their trade. Those countries whose imports originate in economies with volatile supply experience a greater impact of trade on output volatility. 相似文献