| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4860 |
| DP4860 Growth, Distance to Frontier and Composition of Human Capital | |
| Costas Meghir; Philippe Aghion; Jérôme Vandenbussche | |
| 发表日期 | 2005-01-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We extend the finance-constrained economy proposed by Woodford (1986) to incorporate imperfectly insured unemployment, by introducing unions and unemployment benefits financed by labour taxation. We show that this simple extension of the Woodford model changes drastically its stability conditions and local dynamics around the steady state. In fact, in contrast to related models in the literature, we find that under constant returns to scale in production: (i) indeterminacy always prevails in the case of a unitary elasticity of substitution between capital and labour; (ii) flip and Hopf bifurcations occur for empirically credible elasticities of substitution between capital and labour, so that a rich set of dynamics may emerge at ?realistic? parameters? values. |
| 主题 | International Macroeconomics |
| 关键词 | Indeterminacy Bifurcations Imperfectly insured unemployment Endogenous fluctuations |
| URL | https://cepr.org/publications/dp4860 |
| 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/533767 |
| 推荐引用方式 GB/T 7714 | Costas Meghir,Philippe Aghion,Jérôme Vandenbussche. DP4860 Growth, Distance to Frontier and Composition of Human Capital. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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