| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4598 |
| DP4598 Cities, Matching and the Productivity Gains of Agglomeration | |
| Simon Burgess; Julia Lane; Fredrik Andersson | |
| 发表日期 | 2004-09-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment observed in OECD countries. We introduce a novel factor augmented panel regression to control for general equilibrium effects where global shocks are allowed to affect each country with specific magnitude and lag structure. We show that the homogeneity restriction on the propagation of global shocks across countries is rejected by the data and biases the saving-retention coefficient estimated in previous studies. By relaxing this assumption, the saving-retention coefficient remains high in the 70s but decreases considerably over time becoming very small in the last two decades. This finding is explained by the increased capital mobility in OECD countries. |
| 主题 | International Macroeconomics |
| 关键词 | Saving-correlation Capital mobility International co-movement Dynamic factor model |
| URL | https://cepr.org/publications/dp4598 |
| 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/533519 |
| 推荐引用方式 GB/T 7714 | Simon Burgess,Julia Lane,Fredrik Andersson. DP4598 Cities, Matching and the Productivity Gains of Agglomeration. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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