Arbeitspapier
Decreasing marginal impatience and capital accumulation in a two-country world economy
This research is the first to examine dynamic general equilibrium in a growing two-country economy under decreasing marginal impatience (DMI). The stability condition is shown to be more restrictive than in the case of an endowment economy and/or under increasing marginal impatience (IMI). By analyzing global-economy adjustment to time preference shocks, international transfers, and productivity shocks, equilibrium dynamics in the presence of DMI differ drastically from what is obtained when the standard IMI model is used. For example, in a country characterized by DMI, a positive productivity shock improves the country's welfare level and lowers its steady-state time preference and, hence, the steady-state interest rate. This leads to an increase in the neighboring country.s capital stock.
- Sprache
-
Englisch
- Erschienen in
-
Series: ISER Discussion Paper ; No. 882
- Klassifikation
-
Wirtschaft
Open Economy Macroeconomics
Current Account Adjustment; Short-term Capital Movements
Macroeconomics and Monetary Economics: General
- Thema
-
decreasing marginal impatience
two-country economy
capital accumulation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hirose, Ken-Ichi
Ikeda, Shinsuke
- Ereignis
-
Veröffentlichung
- (wer)
-
Osaka University, Institute of Social and Economic Research (ISER)
- (wo)
-
Osaka
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hirose, Ken-Ichi
- Ikeda, Shinsuke
- Osaka University, Institute of Social and Economic Research (ISER)
Entstanden
- 2013
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