| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7405 |
| DP7405 Does Culture Affect Unemployment? Evidence from the Röstigraben | |
| Josef Zweimüller; Rafael Lalive; Beatrix Brügger | |
| 发表日期 | 2009-08-09 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We introduce learning into a Hotelling model of a non-renewable resource market. By combining learning and scarcity we add significantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our learning model we show how a self confirming equilibrium exists but is not constant over time. As scarcity increases the SCE shifts from a non-cooperative rational expectations equilibrium to a cooperative rational expectations outcome. As a result prices trend at a rate faster than the rate of time preference. We show the existence of escape dynamics which generate substantial volatility in commodity prices despite the fact the model is subject only to i.i.d shocks. The shifting SCE significantly alters escape dynamics with the time to escape shortening and the magnitude of dynamics reducing as scarcity rises. In terms of the Hotelling model, a shifting SCE and variable escape dynamics introduces greater volatility at low frequencies and substantially larger cyclical volatility. These price fluctuations show sharp upward breaks in price and non-linear, non-stationary and asymmetric price fluctuations. We show these results are robust to a range of extensions, including extractions costs, stochastic shifts in demand and learning assumptions closer to rational expectations. |
| 主题 | International Macroeconomics |
| 关键词 | Commodity prices Escape dynamics Hotelling Learning Scarcity Self confirming equilibria |
| URL | https://cepr.org/publications/dp7405 |
| 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/536242 |
| 推荐引用方式 GB/T 7714 | Josef Zweimüller,Rafael Lalive,Beatrix Brügger. DP7405 Does Culture Affect Unemployment? Evidence from the Röstigraben. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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