全球智库信息集成服务系统(G2TT): DP2683 What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP2683
	DP2683 What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions
	Marco Pagano; Ailsa Roell; Josef Zechner; Otto Randl
发表日期	2001-01-30
出版年	2001
语种	英语
摘要	This Paper explores the stability properties of the steady state in the standard two-sector real business cycle model with a sector-specific externality in the capital-producing sector. When the steady state is stable then equilibrium is indeterminate and stable sunspots are possible. We find that capital adjustment costs of any size preclude stable sunspots for every empirically plausible specification of the model parameters. More specifically, we show that when capital adjustment costs of any size are considered, a necessary condition for the existence of stable sunspots is an upward-sloping labour demand curve in the capital-producing sector, which in turn requires an implausibly strong externality. This result contrasts sharply with the standard result that when we abstract from capital adjustment costs, stable sunspots occur in the two-sector model for a wide range of plausible parameter values.
主题	International Macroeconomics
关键词	Capital adjustment costs Determinacy Indeterminacy Sector-specific externalities Sunspots
URL	https://cepr.org/publications/dp2683
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/531741
推荐引用方式 GB/T 7714	Marco Pagano,Ailsa Roell,Josef Zechner,et al. DP2683 What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions. 2001.