| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6797 |
| DP6797 International Migration, Ethnicity and Economic Inequality | |
| Klaus F. Zimmermann; Martin Kahanec | |
| 发表日期 | 2008-04-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | In this paper, we consider economies with (possibly endogenous) solvency constraints under uncertainty. Constrained inefficiency corresponds to a feasible redistribution yielding a welfare improvement beginning from every contingency reached by the economy. A sort of Cass Criterion (Cass (1972)) completely characterizes constrained inefficiency. This criterion involves only observable prices and requires low interest rates in the long-run, exactly as in economies with overlapping generations. In addition, when quantitative limits to liabilities arise from participation constraints, a feasible welfare improvement, subject to participation, coincides with the introduced notion of constrained inefficiency. |
| 主题 | International Macroeconomics |
| 关键词 | Constrained inefficiency Default Private debt Solvency constraints Asset prices Cass criterion |
| URL | https://cepr.org/publications/dp6797 |
| 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/535644 |
| 推荐引用方式 GB/T 7714 | Klaus F. Zimmermann,Martin Kahanec. DP6797 International Migration, Ethnicity and Economic Inequality. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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