G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3182
DP3182 Anti-Competitive Financial Contracting: The Design of Financial Claims
Lucy White
发表日期2002-01-20
出版年2002
语种英语
摘要The small open economy model with incomplete asset markets features a steady state that depends on initial conditions. In addition, equilibrium dynamics posses a random walk component. A number of modifications to the standard model have been proposed to induce stationarity. This Paper presents a quantitative comparison of these alternative approaches. Five different specifications are considered: (1) A model with an endogenous discount factor (Uzawa-type preferences); (2) A model with a debt-elastic interest-rate premium; (3) A model with convex portfolio adjustment costs; (4) A model with complete asset markets; (5) A model without stationarity-inducing features. The main finding of the Paper is that all models deliver virtually identical dynamics at business-cycle frequencies, as measured by unconditional second moments and impulse response functions. The only noticeable difference among the alternative specifications is that the complete-asset-market model induces smoother consumption dynamics.
主题International Macroeconomics
关键词Small open economy Stationarity Complete and incomplete asset markets
URLhttps://cepr.org/publications/dp3182
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/532205
推荐引用方式
GB/T 7714
Lucy White. DP3182 Anti-Competitive Financial Contracting: The Design of Financial Claims. 2002.
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