| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4314 |
| DP4314 The Yield Spread as a Symmetric Predictor of Output and Inflation | |
| Gikas Hardouvelis; Dimitrios Malliaropoulos | |
| 发表日期 | 2004-03-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper shows that the mathematical structure of the most widely used New Economic Geography models is the same, irrespective of the underlying agglomeration mechanism assumed (factor migration, input-output linkages, endogenous capital accumulation). This enables us to provide analytical proofs to three important and related results in the field. First, standard models display at most two interior steady states beyond the symmetric one; we refer to the latter steady state as 'dispersion' because the manufacturing industry is evenly spread across locations. Second, when interior, asymmetric steady-states exist they are unstable. The final result of this paper relates to the corner steady states of the model whereby the manufacturing sector is clustered in a single location; we refer to such a steady states as 'agglomeration'. I establish that both agglomeration and dispersion are stable steady state for some economically meaningful parameter values of the model. This paper also stresses the empirical implications of the most important results derived in this study. |
| 主题 | International Trade and Regional Economics |
| 关键词 | New economic geography Natural state space Number of steady-states Stability Hysteresis |
| URL | https://cepr.org/publications/dp4314 |
| 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/533274 |
| 推荐引用方式 GB/T 7714 | Gikas Hardouvelis,Dimitrios Malliaropoulos. DP4314 The Yield Spread as a Symmetric Predictor of Output and Inflation. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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