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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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