全球智库信息集成服务系统(G2TT): DP6812 Money and the Natural Rate of Interest: Structural Estimates for the United Statesand the Euro Area

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6812
	DP6812 Money and the Natural Rate of Interest: Structural Estimates for the United Statesand the Euro Area
	Javier Andrés; J David López-Salido; Edward Nelson
发表日期	2008-05-25
出版年	2008
语种	英语
摘要	Many resource-rich countries have poor economic performance and suffer from negative genuine saving rates, especially if they have many rival factions and badly functioning legal systems. We attempt to shed light on these stylized facts by analyzing a power struggle about the control of natural resources where competing factions in society have a private stock of financial assets and a common stock of natural resources. We solve a dynamic common-pool problem and obtain political economy variants of the Hotelling rule for resource depletion and the Hartwick saving rule necessary to sustain constant consumption in an economy with exhaustible natural resources. The rate of increase in the price of natural resources and resource depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so that it saves and invests more than a homogenous society. The power struggle boosts output. Nevertheless, fractionalization depresses aggregate consumption and social welfare and leads to negative genuine saving if properly corrected for common-pool externalities. Fractionalization induces, however, positive genuine saving as measured by the World Bank.
主题	International Macroeconomics
关键词	Exhaustible natural resources Hotelling resource rents Hartwick rule Genuine saving Capital Sustainable consumption Rapacious rent seeking Common pool Voracity Fractionalization
URL	https://cepr.org/publications/dp6812
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/535666
推荐引用方式 GB/T 7714	Javier Andrés,J David López-Salido,Edward Nelson. DP6812 Money and the Natural Rate of Interest: Structural Estimates for the United Statesand the Euro Area. 2008.