| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3245 |
| 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 |
| URL | https://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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