Equilibrium dynamics in discrete-time endogenous growth models with social constant returns

The existing literature establishes possibilities of local determinacy and dynamic indeterminacy in continuous-time two-sector models of endogenous growth with social constant returns. The necessary and sufficient condition for local determinacy is that the factor intensity rankings of the two sectors are consistent in the private/physical and social/value sense. The necessary and sufficient condition for dynamic indeterminacy is that the final (consumable) good sector is human (pure) capital intensive in the private sense but physical (consumable) capital intensive in the social sense. This paper re-examines the dynamic properties in a discrete-time endogenous growth framework and finds that conventional propositions obtained in continuous time need not be valid. It is shown that the established necessary and sufficient conditions on factor intensity rankings for local determinacy and dynamic indeterminacy are neither sufficient nor necessary, as the magnitudes of time preference and capital depreciation rates both play essential roles. We have benefitted from discussion with Robert Becker, Eric Bond, Michael Kaganovich, Karl Shell and participants of the Midwest Macroeconomic Conference in Chicago and the Midwest Economic Theory and International Trade Meetings at Indiana University. The fourth author acknowledges financial support from the Institute of Economics and Business Administration of Kobe University and the Institute of Economic Research of Kyoto University to enable this international collaboration.     

经营十二条(下)

经营十二条是稻盛和夫对自己的经营实践进行深人思考的产物.上期我们为您呈现了十二条准则中的前六条,本期我们将与您分享后面的部分,让我们继续在经营十二条中体悟稻盛和夫的经营哲学.     

The right to adequate housing: evictions of the homeless and the elderly caused by the 2020 Summer Olympics in Tokyo

Abstract

The reconstruction of the National Stadium for the 2020 Summer Olympics and Paralympics in Tokyo has induced displacement of two groups of vulnerable people, raising concerns of the violation of human rights, particularly the right to adequate housing. The expansion of the stadium led to the expulsion of dozens of homeless people who lived in and around the park surrounding the stadium, and a sudden decision to demolish a nearby public housing estate built for the 1964 Summer Games forced over 200 tenants, most of whom were elderly, to be relocated. While the homeless people engaged in several rounds of negotiation with the government authorities, the majority of the housing tenants reluctantly agreed to move except for a few who kept demanding respectful treatment from the metropolitan government. Presenting the preliminary results of a mixed-method three-year qualitative study, this research note demonstrates that while the authority might have offered alternative housing considered ‘adequate’ in terms of physical living conditions, the process of evictions did not afford autonomy for the affected to choose where to live. The respective status of the affected – homeless and elderly – may demand the reconsideration of the concept of ‘adequate housing’ in relation to human dignity.     

Cooperative research and development agreements (CRADAs) as technology transfer mechanisms

Cooperative Research and Development Agreements (CRADAs) between Federal R&D laboratories and private companies in the US are intended, in large part, to transfer technologies developed at Federal R&D laboratories to private companies. We surveyed the Federal laboratory and private CRADA partners involved in CRADAs at Los Alamos National Laboratory in New Mexico in order to identify certain difficulties inherent in CRADAs as mechanisms for technology transfer. Company partners do not share a common organizational culture with their Federal laboratory counterparts, and are critical of the length of time and complexity of government administrative arrangements necessary to form a CRADA.     

The Performance of Development Banks: The Case of the Reconstruction Finance Bank

This paper analyzes the performance of the Reconstruction Finance Bank (RFB) in order to shed light on the role of development banks in fostering economic growth. The RFB played a large role in Japan′s transition from war-time command economy to a market economy in the early post-war period. We use individual firm level data on sales, profits, and loans from the RFB, and find that, initially, the RFB was making loans to firms with below-average performance. We then find that this was partly a result of political interventions into the loan policy of the RFB. In fact, we also find evidence of improvements in the performance of the RFB after its loan policy became more independent. Implications for developing economies are also discussed. J. Japan. Int. Econ., Dec. 1995, 9(4), pp. 486-504. Faculty of Economics, The University of Tokyo, Bunkyo-ku, Tokyo 13, Japan.     

Destabilization effect of international trade in a perfect foresight dynamic general equilibrium model

In the present paper, we consider a two-country, two-good, two-factor general equilibrium model with CIES nonlinear preferences, asymmetric technologies across countries and decreasing returns to scale. It is shown that aggregate instability and endogenous fluctuations may occur due to international trade. In particular, we prove that the integration into a common market on which countries trade the produced good and the capital input may lead to period-two cycles even when the closed-economy equilibrium is saddle-point stable in both countries.     

Time Preference and Income Convergence in a Dynamic Heckscher–Ohlin Model

This paper shows that income convergence in an open‐economy setting hinges upon how the time discount rate of the households is determined. As opposed to the case of constant time discount rate where cross‐country income divergence may emerge, the small open economy may catch up with the rest of the world if the time discount rate increases with consumption. In contrast, if the time discount rate decreases with consumption, then the small open economy fails to catch up with the rest of the world under free trade of commodities.