Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP4748 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。