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  • Jq085k00g?file=thumbnail
    Creator: Gertler, Mark and Rogoff, Kenneth S.
    Series: International perspectives on debt, growth, and business cycles

    Across developing countries, capital market inefficiencies tend to decrease and external borrowing tends to sharply increase as national wealth rises. We construct a simple model of intertemporal trade under asymmetric information which provides a coherent explanation of both these phenomenon, without appealing to imperfect capital mobility. The model can be applied to a number of policy issues in LDC lending, including the debt overhang problem, and the impact of government guarantees of private debt to foreign creditors. In the two-country general equilibrium version of the model, an increase in wealth in the rich country can induce a decline in investment in the poor country via a "siphoning effect". Finally, we present some new empirical evidence regarding the link between LDC borrowing and per capita income.

    Assujettir: F43 - Economic Growth of Open Economies and O11 - Macroeconomic Analyses of Economic Development
  • Vm40xr59d?file=thumbnail
    La description:

    The Working Papers collection houses the working papers written by Minneapolis Fed Research Department economists and affiliated scholars between 1963 and 2008, with the bulk of the material dating between 1970 and 1994. More recent working papers can be found at the Minneapolis Fed website.

  • Research Data

    La description:

    A collection of data, code, tools and supplemental materials that accompany articles created by economists at the Federal Reserve Bank of Minneapolis. Files are given the same name as the corresponding paper’s title.

  • Xg94hp61t?file=thumbnail
    La description:

    The files below demonstrate how to calibrate the neoclassical growth model and then solve the model numerically, using data from Finland as an example. You can download all files at once by clicking "create the zip" or you can download individual files by clicking on the title or selecting "download" from the action column.

    BaseCaseCalibration.xls calibrates model parameters and derives a sequence of TFP values in the ‘calibration’ worksheet. The parameters are also saved in paramBase.txt, and the series of TFP values along with labor endowment and taxes are saved in dataBase.txt. The MATLAB program depressions.m uses these text files and solveModel.m to solve the model numerically. The output this program saves to output.xls can be used to generate the graphs in BaseCaseCalibration.xls.

    These files can be used to model any economy over any period by replacing the data in BaseCaseCalibration.xls and saving the results in the correct format to paramBase.txt and dataBase.txt. The files below contain an overview of the calibration procedures, the MATLAB programs, and instructions on using the files on your own data. More details can be found in the files themselves.

  • C247ds185?file=thumbnail
    La description:

    Please note: this collection is the new home of the website. Scroll down to see the accompanying data for each chapter of the book. The computer programs needed to calibrate the neoclassical growth model and then solve the model numerically, using data from Finland as an example, are included in the list of works but can also be found here.

    The worldwide Great Depression of the 1930s was a watershed for both economic thought and economic policymaking. It led to the belief that market economies are inherently unstable and to the revolutionary work of John Maynard Keynes. Its impact on popular economic wisdom is still apparent today.

    This book, which uses a common framework to study sixteen depressions, from the interwar period in Europe and America as well as from more recent times in Japan and Latin America, challenges the Keynesian theory of depressions. It develops and uses a methodology for studying depressions that relies on growth accounting and the general equilibrium growth model.

    Each chapter of the book is accompanied by a data file that contains all of the data used in the analysis. This collection also provides links to computer programs for applying the methodology.