DOCSLIB.ORG

Macroeconomic Dynamics Vol

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Macroeconomic Dynamics Vol 13651005_16-3.qxd 5/10/12 7:54 PM Page 1 Macroeconomic Dynamics Vol. 16, No. 3, June 2012 Pages 335–492 16, No. 3, June 2012 Pages Dynamics Vol. Macroeconomic VOLUME 16, NUMBER 3, JUNE 2012 MACROECONOMIC DYNAMICS Volume 16, Number 3, June 2012 Contents ARTICLES Is More Memory in Evolutionary Selection (De)stabilizing? Cars Hommes, Tatiana Kiseleva, Yuri Kuznetsov, and Miroslav Verbic 335 Do Bank Capital Requirements Amplify Business Cycles? Bridging the Gap between Theory and Empirics Roger Aliaga-Díaz and María Pía Olivero 358 Output Fluctuations in the G-7: An Unobserved Components Approach MACROECONOMIC Sinchan Mitra and Tara M. Sinclair 396 The Use of a Marshallian Macroeconomic Model for Policy Evaluation: Case of South Africa DYNAMICS Jacques Kibambe Ngoie and Arnold Zellner 423 Policy Switch and the Great Moderation: The Role of Equilibrium Selection Efrem Castelnuovo 449 NOTES A Note on an Extension of a Class of Solutions to Dynamic Programming Problems Arising in Economic Growth Jürgen Antony and Alfred Maußner 472 A Note on Environmental Policy and Public Debt Stabilization Mouez Fodha and Thomas Seegmuller 477 EDITOR: WILLIAM A. BARNETT Cambridge Journals Online For further information about this journal please go to the journal website at: journals.cambridge.org/mdy Downloaded from https://www.cambridge.org/core. IP address: 170.106.202.58, on 26 Sep 2021 at 20:44:53, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1365100512000521 13651005_16-3.qxd 5/10/12 7:54 PM Page 2 MACROECONOMIC DYNAMICS MACROECONOMIC DYNAMICS Editor: William A. Barnett, University of Kansas, Department of Economics, 356 Snow Hall, 1460 Jayhawk Notes for Contributors Boulevard, Lawrence, KS 66045–7523, USA. Book Review Editors: Michele Boldrin, Department of Economics, Washington University, One Brookings Contributions. Contributions are welcome approved such citation; written authoriza- (charts, diagrams or other art work) at the Drive, St. Louis, MO63130, and Universidad Carlos III, Madrid; Gregory D. Hess, Department of Economics, from all countries. They should be written tion may be required at the Editor’s discre- end of the paper, indicating in the body of 500 East 9th Street, Claremont McKenna College, Claremont, CA 91711. in English. tion. Authors are responsible for obtaining the paper where each graphic should ap- Aims and Scope/Editorial Policy. written permission to publish material for pear. If it is not possible for you to include Special Issues Editors: Stephen Turnovsky, Department of Economics, Box 353330, University of Washington, Macroeconomic Dynamics publishes resea- which they do not own the copyright. A the graphics files in the word processor Seattle, WA 98195; Lee Ohanian, Department of Economics, UCLA, 2261 Bunche Hall, 405 Hilgard Avenue, rch of the highest theoretical, empirical or Copyright Transfer Agreement, with cer- source code, you should upload the indi- quantitative sophistication. Papers of high tain specified rights reserved by the author, vidual graphics files separately after you Los Angeles, CA 90024. quality are welcomed from all areas of must be signed and returned to the Editor upload the PDF and source files for your Editorial Information System Manager: Stephen E. Spear, Graduate School of Industrial Administration, macroeconomics and from all parts of the by a senior author of accepted manuscripts, paper. world, as long as the research is founded prior to publication. This is necessary to References. References should be cited in Carnegie Mellon University, Pittsburgh, PA 15213. in a rigorous scientific approach. Major ad- enable the publisher to ensure the wide dis- the text by the author’s last name and the vances in macroeconomics without imme- tribution of the author’s(s’) work and the date of publication. Complete bibliographic Local Area Network Manager: Nathan Haley, Lawrence, Kansas. diate policy applications are also accepted, protection of both the author and the pub- information for each citation should be in- if they show potential for application in the lisher under copyright law. Articles and cluded in the list of references. References Editorial Associate: Melinda Barnett, University of Kansas. future. Occasional book reviews, announ- other material published in Macroeconomic should be typed in alphabetical order in the Advisory Editors: cements, conference proceedings and in- Dynamics represent the opinions of the style of the following examples: terviews are also published. Special issues authors and should not be construed to Monograph: Jean-Pascal Bénassy (CEPREMAP, Paris), Willem Buiter (London School of Economics and Political Science, appear in the journal’s Supplements Series, reflect the opinions of the Editor, Advisory Stokey, Nancy L. and Robert E. London), Francis X. Diebold (University of Pennsylvania), Steven Durlauf (University of Wisconsin), Douglas Gale having its own Special Issues Editors. An Board, Editorial Board, or the Publisher. Lucas, Jr. with Edward Prescott (1989) Re- (New York University), Giancarlo Gandolfo (University of Rome), Roger Guesnerie (DELTA, Paris), Takatoshi Ito electronic version of the journal will be Preparation of a Manuscript. The en- cursive Methods in Economic Dynamics. published simultaneously with the paper tire manuscript (including notes and refer- (University of Tokyo), Timothy Kehoe (University of Minnesota), Finn Kydland (Carnegie Mellon University), Cambridge, MA: Harvard University Press. version enabling immediate access to the ences) should be produced as double spaced Chapter in an Edited Volume: 1 ϫ Lung-Fei Lee (Ohio State University), Adrian Pagan (Australian National University), Robert Townsend best current research in Macroeconomics. typescript on 8 2 11-inch or A4 white Danthine, Jean-Pierre and John B. (Massachusetts Institute of Technology), Mark Watson (Princeton University), Kenneth West (University of Home Page. The journal has a home page paper, with wide margins to accommodate Donaldson (1995) Computing equilibria of on the web which is a source of further copyediting. The manuscript should be con- nonoptimal economies. In Thomas F. Wisconsin), Michael Woodford (Columbia University), Randall Wright (University of Pennsylvania) information about the journal. The location verted to a pdf for submission by upload- Cooley (ed.), Frontiers of Business Cycle of the home page is: http://econ.tepper.cmu. ing to the journal’s server. The publisher Associate Editors: Research, pp. 65–97. Princeton, NJ: edu/barnett/MD.html. Information. about asks that you provide a PDF file of the fi- Princeton University Press. Klaus Adam (Mannheim University, Germany), Gaetano Antinolfi (Washington University), Jasmina Arifovic Macroeconomic Dynamics may also be nal version of your paper, together with a (Simon Fraser University), Philippe Bacchetta (HEC Lausanne, Switzerland), Pierpaolo Benigno (LUISS Guido viewed at www.journals.cambridge.org. copy of the word processing source file in Journal Article: Epstein, Larry G. and Stanley Zin Carli, Rome), Joydeep Bhattacharya (Iowa State University), Volker Böhm (University of Bielefeld, Germany), Manuscript Submissions. The submission which the paper was written. Pages should procedure for this journal has been convert- be numbered consecutively. Page 1 should (1989) Substitution, risk aversion and the Raouf Boucekkine (Universite Catholique de Louvain, Belgium), Jeffrey Campbell (Federal Reserve Bank of ed to electronic uploading of pdfs to the provide the article, author’s(s’) names (in temporal behavior of consumption and Chicago), Shankha Chakraborty (University of Oregon), Marcelle Chauvet (University of California at journal’s server. To submit, follow the in- the form preferred for publication, com- asset returns I: A theoretical framework. Riverside), Isabel Correia (Banco de Portugal), Rose-Anne Dana (Université Paris IX-Dauphine), Christophe structions provided at http://server1.tepper. plete affiliation, phone, fax and e-mail num- Econometrica 42, 937–969. cmu.edu/md/electronic_submission.htm. bers (if available). At the bottom of Page 1 Article in Press: Deissenberg (University d’Aix-Marseille II), Huberto Ennis (Federal Reserve Bank of Richmond), Alvaro Questions about the submission procedure place any footnotes to the title or authors, Huang, He, Selahattin Imrohoroglu, Escribano (Universidad Carlos III de Madrid, Spain), George Evans (University of Oregon), Ester Faia (Goethe can be transmitted to the Editorial Infor- indicated by superscripts *, **, etc. Page 2 and Thomas J. Sargent (in press) Two com- University of Frankfurt), Roger Farmer (UCLA), Jonas Fisher (Federal Reserve Bank of Chicago), Luisa Fuster mation System Manager, Stephen Spear, should contain a proposed running head putational experiments to fund Social (Madrid Institute of Advanced Studies, Spain), Oded Galor (Brown University and Hebrew University of at [email protected], or to the Editor, (abbreviated form of the title) of up to 40 Security. Macroeconomic Dynamics. William A. Barnett, at [email protected]. characters, and the name and mailing ad- Journal names should not be abbrevi- Jerusalem), Marc Giannoni (Federal Reserve Bank of New York), Thorvaldur Gylfason (University of Iceland), Special lssues Submissions. The journal dress, telephone, fax and e-mail numbers ated. Moshe Hazan (The Hebrew University of Jerusalem), Cars Hommes (University of Amsterdam, The publishes special issues in its Supplements of the author
Load more

Recommended publications
  • Macroeconomic Dynamics Vol
    13651005_16-S1.qxd 3/19/12 9:41 PM Page 1 Macroeconomic Dynamics Vol. 16, Supplement 1, April 2012 Pages 1–166 16, Supplement 1, April 2012 Pages Dynamics Vol. Macroeconomic VOLUME 16, SUPPLEMENT 1, APRIL 2012 MACROECONOMIC DYNAMICS Volume 16, Supplement 1, April 2012 Contents Special Issue in Honor of Kazuo Nishimura on Nonlinear Dynamics in Equilibrium Models Edited by John Stachursky, Alain Venditti, and Mahoto Yano INTRODUCTION Introduction to Macroeconomic Dynamics Special Issue in Honor of Kazuo Nishimura: Nonlinear Dynamics in Equilibrium Models John Stachurski, Alain Venditti, and Makoto Yano 1 ARTICLES MACROECONOMIC Tribute to Kazuo Nishimura Jean-Michel Grandmont 5 Efficient Ramsey Equilibria DYNAMICS Robert A. Becker and Tapan Mitra 18 Existence of Competitive Equilibrium in an Optimal Growth Model with Heterogeneous Agents and Endogenous Leisure Aditya Goenka, Cuong Le Van, and Manh-Hung Nguyen 33 Discrete Choice and Complex Dynamics in Deterministic Optimization Problems Takashi Kamihigashi 52 Long-Run Optimal Behavior in a Two-Sector Robinson–Solow–Srinivasan Model M. Ali Khan and Tapan Mitra 70 Endogenous Business Cycles in Overlapping-Generations Economies with Multiple Consumption Goods Carine Nourry and Alain Venditti 86 Does the Capital Intensity Matter? Evidence from the Postwar Japanese Economy and Other OECD Countries Harutaka Takahashi, Koichi Mashiyama, and Tomoya Sakagami 103 Bounding Tail Probabilities in Dynamic Economic Models John Stachurski 117 Comparative Dynamics in Stochastic Models with Respect to the L∞–L∞ Duality: A Differential Approach Kenji Sato and Makoto Yano 127 The Equity Premium in Consumption and Production Models EDITOR: WILLIAM A. BARNETT Levent Akdeniz and W. Davis Dechert 139 Does Fiscal Policy Matter? Blinder and Solow Revisited Roger E.
    [Show full text]
  • Inequality in Land Ownership, the Emergence of Human Capital Promoting Institutions and the Great Divergence
    Inequality in Land Ownership, the Emergence of Human Capital Promoting Institutions and the Great Divergence Oded Galor, Omer Moav and Dietrich Vollrathy March 12, 2008 Abstract This paper suggests that inequality in the distribution of land ownership adversely a¤ected the emer- gence of human capital promoting institutions (e.g., public schooling) and thus the pace and the nature of the transition from an agricultural to an industrial economy, contributing to the emergence of the great divergence in income per capita across countries. The prediction of the theory regarding the adverse e¤ect of the concentration of land ownership on education expenditure is established empirically based on evidence from the beginning of the 20th century in the US. Keywords: Land Inequality, Institutions, Geography, Human capital, Growth, Great Divergence JEL classi…cation Numbers: O10, O40. We are grateful to two Editors, four referees and Yona Rubinstien for insightful and detailed comments. We thank Daron Acemoglu, Josh Angrist, Andrew Foster, Eric Gould, Vernon Henderson, Saul Lach, Victor Lavy, Ross Levine, Roger Myerson, Joel Mokyr, Daniele Paserman, Torsten Persson, Kenneth Sokolof, Nancy Stokey, David Weil, Ivo Welch, Joseph Zeira, seminar participants at Brown, Cambridge, Clemson, CEFIR/NES, Chicago, Cyprus, GREQAM, Oxford, Royal Holloway, Tel-Aviv, UCL, York, Warwick, and conference participants at the NBER Summer Institute, 2003, the Economics of Water and Agri- culture, 2003, Minerva’s conference, 2003, ESSIM, Tarragona, 2004, CEPR Sardinia 2004, The Evolution of Insitutions, 2006, Minerva-DEGIT Conference, Jerusalem, 2006, CEPR, Annual Public Policy Symposium, Kiel, 2006, CIFAR, Tel Aviv, 2007, for helpful comments. This research is supported by the ISF grant 795/03.
    [Show full text]
  • Indiana Journal of Law & Social Equality Volume 5, Issue 1
    Indiana Journal of Law and Social Equality Volume 5 Issue 1 Article 10 3-6-2017 Indiana Journal of Law & Social Equality Volume 5, Issue 1 Follow this and additional works at: https://www.repository.law.indiana.edu/ijlse Part of the Law Commons Publication Citation 5 Ind. J.L. & Soc. Equality 1–236 (2016–17). This Full Issue is brought to you for free and open access by the Law School Journals at Digital Repository @ Maurer Law. It has been accepted for inclusion in Indiana Journal of Law and Social Equality by an authorized editor of Digital Repository @ Maurer Law. For more information, please contact [email protected]. INDIANA JOURNAL OF LAW AND SOCIAL EQUALITY VOLUME 5 Copyright © 2017, The Trustees of Indiana University. Except as may be expressly provided elsewhere in this publication, permission is hereby granted to reproduce and distribute copies of individual works from this publication for nonprofit educational purposes, provided that copies are distributed at or below cost, and that the author, source, and copyright notice are included on each copy. This permission is in addition to rights of reproduction granted under Sections 107, 108, and other provisions of the U.S. Copyright Act. INDIANA JOURNAL OF LAW & SOCIAL EQUALITY Volume 5 2016–17 Editor-in-Chief MELISSA LOGAN Senior Managing Editor Senior Managing Editor WHITNEY LYNCH REBECCA SPANGLER Executive Editor Executive Articles Editor MARY MANCUSO JUSWIN MATHEW Executive Notes & Comments Editor PAIGE COOMER Business Editor Symposium Editor MADELEINE VALA FRANCESCA HOFFMANN
    [Show full text]
  • Inequality in Landownership, the Emergence of Human-Capital
    Review of Economic Studies (2009) 76, 143–179 0034-6527/09/00060143$02.00 c 2009 The Review of Economic Studies Limited Inequality in Landownership, the Emergence of Human-Capital Promoting Institutions, and the Great Divergence ODED GALOR Brown University OMER MOAV Hebrew University, Royal Holloway University of London, and Shalem Center and DIETRICH VOLLRATH University of Houston First version received August 2005; final version accepted March 2008 (Eds.) This paper suggests that inequality in the distribution of landownership adversely affected the emer- gence of human-capital promoting institutions (e.g. public schooling), and thus the pace and the nature of the transition from an agricultural to an industrial economy, contributing to the emergence of the great divergence in income per capita across countries. The prediction of the theory regarding the adverse ef- fect of the concentration of landownership on education expenditure is established empirically based on evidence from the beginning of the 20th century in the U.S. 1. INTRODUCTION The last two centuries have been characterized by a great divergence in income per capita across the globe. The ratio of GDP per capita between the richest and the poorest regions of the world has widened considerably from a modest 3 to 1 ratio in 1820 to an 18 to 1 ratio in 2001 (Maddison, 2001). The role of geographical and institutional factors, human-capital formation, ethnic, linguistic, and religious fractionalization, colonization, and globalization has been the centre of a debate about the origin of the differential timing of the transition from stagnation to growth and the remarkable change in the world income distribution.
    [Show full text]
  • Self-Evaluation Report 2000 to 2005
    Self‐Evaluation Report 2000 to 2005 The Department of Economics March 2006 Prepared by Helmut Lütkepohl, Steven Poelhekke, Jessica Spataro doc IUE 62/06 (CR2) CONTENTS Contents 1 Introduction, Mission Statement, and Summary 1 2 The Postgraduate Programme 5 2.1 General Characteristics of the EUI Economics Postgraduate Programme 6 2.2 The New Postgraduate Programme ................... 7 2.3 Pedagogical and Supervision Assessment . 10 2.4 Future Challenges ............................. 10 3 Faculty 15 3.1 Turnover and Hiring of Faculty ..................... 15 3.2 Composition of Faculty .......................... 16 3.3 Current Full{Time Faculty ........................ 17 3.4 Former Full{Time Faculty ........................ 22 3.5 Secretarial and Administrative Support . 26 4 Research 27 4.1 Research Agendas ............................. 27 4.1.1 Microeconomics .......................... 27 4.1.2 Macroeconomics .......................... 28 4.1.3 Econometrics ........................... 28 4.2 Research Funding ............................. 29 4.2.1 Research Council Funded Projects . 29 4.2.2 Externally Funded Projects ................... 29 4.3 Research Activities of Current Faculty Members . 32 4.3.1 Anindya Banerjee ......................... 32 4.3.2 Giancarlo Corsetti ........................ 32 4.3.3 Pascal Courty ........................... 34 4.3.4 Andrea Ichino ........................... 35 4.3.5 Omar Licandro .......................... 36 4.3.6 Helmut LÄutkepohl ........................ 37 4.3.7 Massimo Motta .......................... 38 4.3.8 Salvador Ortigueira ........................ 38 4.3.9 Rick van der Ploeg ........................ 39 4.3.10 Morten O. Ravn ......................... 40 4.3.11 Karl Schlag ............................ 42 4.3.12 Richard Spady .......................... 42 4.4 Department Ranking ........................... 43 IUE 62/06 (CR2) i CONTENTS 5 Students 45 5.1 Application and Selection to the First Year . 45 5.1.1 Applications Statistics .....................
    [Show full text]
  • Oded Galor on the Transition from Malthusian Stagnation to Modern Economic Growth
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Snowdon, Brian Working Paper Towards a unified theory of economic growth: Oded Galor on the transition from Malthusian stagnation to modern economic growth Working Paper, No. 2008-4 Provided in Cooperation with: Department of Economics, Brown University Suggested Citation: Snowdon, Brian (2008) : Towards a unified theory of economic growth: Oded Galor on the transition from Malthusian stagnation to modern economic growth, Working Paper, No. 2008-4, Brown University, Department of Economics, Providence, RI This Version is available at: http://hdl.handle.net/10419/62632 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Towards a Unified Theory of Economic Growth: Oded Galor on the Transition from Malthusian Stagnation to Modern Economic Growth By Brian Snowdon Abstract An interview with Oded Galor on the development of unified growth theory.
    [Show full text]
  • The Long Economic and Political Shadow of History Volume I. A
    January 2017 Study the past if you would define the future, Confucius wisely argued. I. A Global View Volume The Long Economic and Political Shadow of History Do the roots of development go back to the pre-industrial times and The Long Economic and the Neolithic Revolution? How do the legal systems, colonial institutions and practices transplanted by Europeans; the presence of colonisers themselves; and early colonial investments influence contemporary Political Shadow of History comparative development? What is the legacy of Africa’s slave trades and the artificial drawing of borders? What are the drivers of the divergent development paths of South and North America, states in Volume I. A Global View India, and the North and South of Italy? How have the Enlightenment and the Protestant Reformation shaped European development? How deep is anti-Semitism in Europe? And what is the aftermath of the Holocaust in Russia? Do Nazi occupation and communism still matter? And how? Are there long-run consequences of environmental features and disasters? Edited by Stelios Michalopoulos and Elias Papaioannou Historians have long studied the origins and implications of important events; and sociologists, political scientists and anthropologists have debated fiercely the role of culture, genetics, and evolutionary features on long-run development. Over the past decades, it is economists, working on growth, who are ‘rediscovering’ the importance of history. A vibrant, far-reaching inter-disciplinary stream of work has emerged. Historical archives, anthropological, linguistic, and archaeological maps, genetic evidence, satellite images and geographic endowments, are blended with econometric techniques and theoretical models to tackle controversial issues.
    [Show full text]
  • Voices from New Social Movements in North Africa, Middle East
    INTERNATIONAL POLICY ANALYSIS The Future We the People Need Voices from New Social Movements in North Africa, Middle East, Europe & North America WERNER PUSCHRA & SARA BURKE (EDS.) February 2013 The outcome document from the 2012 UN Conference on Sustainable Develop- ment, Rio+20—entitled »The Future We Want«—does not go nearly far enough to articulate what the vast majority of people around the world need, facing a future constrained by income and wealth inequalities, volatile and fragile financial and eco- nomic systems, resource depletion, global warming, and other planetary boundaries. This publication highlights the perspectives of new social, trade union, and protest movements in regions that have experienced great social upheaval due to recent crises—North Africa and the Middle East, Europe, and North America. These move- ments have challenged the unequal state of the world and the lack of accountabil- ity of governments in Egypt, Tunisia, Israel, Greece, Spain, Ireland, the US, Canada and Mexico. They have managed to change the political discourse in ways formerly considered impossible. With contributions from 20 authors, this publication poses a number of urgent ques- tions: How can new social movements convert more of their alternative ideas into prac- tical policy? Will governments and political parties be able to adapt fast enough to tackle peo- ples’ needs? Can there be reinvention of the global governance system to enable more demo- cratic, global multilateral cooperation? WERNER PUSCHRA & SARA BURKE (EDS.) | The Future WE the People Need Contents Preface: »The Future We the People Need« . 3 Werner Puschra Introduction: »Time to Press the Reset Button on Representative Democracy? ( Or do we need a whole new operating system?)« .
    [Show full text]