G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3245
DP3245 A Two-Country Model of Endogenous Growth
Roger Farmer; Amartya Lahiri
发表日期2002-03-20
出版年2002
语种英语
摘要In the presence of lumpy adjustment costs of investment, globalization may have non-conventional effects on the level of investment and its cyclical behaviour. Free trade may lead to a discrete ?jump? in the level of investment, as it triggers discrete terms-of-trade changes which either appreciate or depreciate the setup cost of investment. As a result, the economy may alternate between ?optimistic? and ?pessimistic? expectations and self-validating boom and bust investment cycles. There could be substantial gains from globalization in the investment-boom equilibrium and meager, or negative, gains in the investment-bust equilibrium.
主题International Macroeconomics
关键词Lumpy adjustment cost Multiple equilibrium Boom-bust investment cycles
URLhttps://cepr.org/publications/dp3245
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/532274
推荐引用方式
GB/T 7714
Roger Farmer,Amartya Lahiri. DP3245 A Two-Country Model of Endogenous Growth. 2002.
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