| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3182 |
| 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 |
| URL | https://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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