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  • 1
    Electronic Resource
    Electronic Resource
    Current Account Dynamics in a Small Open-Economy Model of Status Seeking (2005)
    Oxford, UK : Blackwell Publishing Ltd.
    Review of international economics 13 (2005), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we analyze the implications of status preference, modeled as relative wealth, for the current account in a small open-economy framework with capital stock dynamics. We demonstrate that the transitional dynamics of the economy are characterized by two distinct speeds of adjustment: a speed of adjustment arising from status preference and a speed of adjustment arising from installation costs of investment. This structure implies that the current account balance depends on both speeds of adjustment as well as on the long-run equilibrium, which is a function of the degree of status consciousness. As a consequence, the current account can exhibit nonmonotonic behavior in transition to the steady-state equilibrium subsequent to a productivity disturbance.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.2005.00503.x
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  • 2
    Electronic Resource
    Electronic Resource
    World Interest Shocks, Capital, and the Current Account (2000)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd.
    Review of international economics 8 (2000), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Macroeconomic performance in many developing countries is influenced by international credit conditions. This paper considers a developing economy that faces an upward-sloping supply function of debt. It analyzes how a particular foreign shock, a world interest shock, influences such key macroeconomic variables as output, investment, the current account, and the terms of trade in both short-run and steady-state equilibrium. An intertemporal optimizing model is used to study these issues. This approach permits characterization of the intertemporal adjustment of the indebted economy, and shows that a world interest shock lowers overall economic welfare.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-9396.00220
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  • 3
    Electronic Resource
    Electronic Resource
    Public Policy for Efficient Education (2002)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Metroeconomica 53 (2002), S. 0 
    Details
    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We study the role of public policy in promoting efficiency in human capital accumulation. Agents accumulate human capital by allocating time to home study and school attendance. The return to time spent in school is subject to congestion. The individual also faces an aggregate externality in skill accumulation. We find that a tuition fee combined with personal stipends can correct the resulting distortions by partly shifting educational effort from schools and universities to noninstitutional forms of learning, such as home study. The dynamic effects of education policy as well as their welfare implications are also calculated in the paper.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-999X.00148
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  • 4
    Electronic Resource
    Electronic Resource
    Relative consumption, economic growth, and taxation (2000)
    Springer
    Journal of economics 72 (2000), S. 241-262 
    Details
    ISSN: 1617-7134
    Keywords: social status ; relative consumption ; economic growth ; D62 ; D91 ; E21 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper studies the influence of consumption externalities in the Ramsey model. In contrast to the recent literature, a quite general specification of preferences is used and the concept of the effective intertemporal elasticity of substitution is introduced. We give conditions for the observational equivalence between economies with consumption externalities and externality-free economies. An additional key result is that there exist several types of instantaneous utility functions in which the decentralized solution coincides with the socially planned one in spite of the presence of consumption externalities. The conditions for optimal taxation are also derived.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01231266
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  • 5
    Electronic Resource
    Electronic Resource
    The Term Structure of Interest Rates in a Small Open Economy: A Stochastic Analysis (2000)
    Springer
    Open economies review 11 (2000), S. 261-278 
    Details
    ISSN: 1573-708X
    Keywords: open economy ; term structure
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article employs a rational expectations IS-LM model with price adjustment to study the effect of domestic monetary and fiscal policy and world interest rate disturbances on the real and nominal small open economy term structure of interest rates. The impact of both temporary and permanent shocks are investigated. Notable results include the fact that monetary expansions lead to positive yield curves, while the implications of fiscal expansions and increases in the world interest rate depend crucially on the duration of the shock.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008326924208
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