G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4748
DP4748 School Choice and Quality
Tullio Jappelli; Daniele Checchi
发表日期2004-11-23
出版年2004
语种英语
摘要In this Paper, we develop a model which explains why events in one market may trigger similar events in other markets, even though at first sight the markets appear to be only weakly related. We allow for multiple equilibria and learning dynamics in each market, and show that a jump between equilibria in one market is contagious because it more than doubles the probability of a similar jump in another market. We claim that contagion is strong since equilibrium jumps become highly synchronized across markets. Spillovers are weak because the instantaneous spillover of events from one market to another is small. To illustrate our result, we demonstrate how a currency crisis may be contagious with only weak links between countries. Other examples where weak spillovers would create strong contagion are various models of monetary policy, imperfect competition and endogenous growth.
主题International Macroeconomics
关键词Contagion Escape dynamics Learning Spillovers
URLhttps://cepr.org/publications/dp4748
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/533665
推荐引用方式
GB/T 7714
Tullio Jappelli,Daniele Checchi. DP4748 School Choice and Quality. 2004.
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