| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3140 |
| DP3140 Optimal Defaults for Corporate Law Evolution | |
| Lucian Arye Bebchuk; Assaf Hamdani | |
| 发表日期 | 2002 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | I show how to construct a stochastic long-lived overlapping generation?s model that is based on a non-stochastic model developed by Olivier Blanchard and Philippe Weil and that nests the RBC model as a special case. My innovation over previous work is to add an aggregate stochastic shock. I provide three different calibrations of my model economy. One mimics the RBC model and the other two are heterogenous agent economies (HA and HATAX) with and without corporate income taxes. I show that the HA and HATAX models can explain the low safe rate of interest that has been observed for long periods in US data. The HATAX model can also explain the fact that the investment to GDP ratio in US data is lower than the profit share. All three models are almost identical in their predictions for the comovements and volatility?s of consumption, investment, employment and GDP at business cycle frequencies. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Dynamic general equilibrium theory Overlapping generations |
| URL | https://cepr.org/publications/dp3140 |
| 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/532160 |
| 推荐引用方式 GB/T 7714 | Lucian Arye Bebchuk,Assaf Hamdani. DP3140 Optimal Defaults for Corporate Law Evolution. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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