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Dynamics in a Transactions-Based Monetary Growth Model
(Vanderbilt University, 2000)
This paper examines the dynamic properties of a monetary endogenous growth model in which money is introduced into the system via a transactions-cost technology. A monetary equilibrium that either satisfires the Friedman ...
Credit Market Imperfections Financial Activity and Economic Growth
(Vanderbilt University, 2000)
This paper develops a dynamic general-equilibrium model with production to examine the inter-relationships between the real and the financial sectors with and without credit market imperfections. Due to the moral hazard ...
Money and Prices in a Multiple Matching Decentralized Trading Model
(Vanderbilt University, 2000)
We study price determination and exchange patterns in a monopolistically competitive economy, in which both goods and (fiat) money are perfectly divisible. The decentralized trading environment features 'multiple matches,' ...
Educational Policy and Skill Heterogeneity with Credit Market Imperfections
(Vanderbilt University, 2000)
An overlapping-generations model where agents choose whether to become educated when young is presented. Education enhances productivity, but needs to be financed by borrowing. Because of the possibility of default, lenders ...
Knowledge Exchange Matching and Agglomeration
(Vanderbilt University, 2000)
Despite wide recognition of their significant role in explaining sustained growth and economic development, uncompensated knowledge spillovers have not yet been fully modeled with a microeconomic foundation. The main purpose ...
Welfare Analysis of the Number and Locations of Local Public Facilities
(Vanderbilt University, 2000)
We develop a discrete or finite household model with congestable local public goods where the level of provision, the number of facilities and their locations are all endogenously determined in a purely normative context. ...
Market Frictions Technology Adoption and Economic Growth
(Vanderbilt University, 2000)
This paper develops an endogenous growth model with labor market matching and technology adoption. While labor market search and entry frictions lengthen technology diffusion, exogenous technology arrival may creatively ...
Factor Accumulation and Trade: Dynamic Comparative Advantage with Endogenous Physical and Human Capital
(Vanderbilt University, 2000)
This paper develops a two country endogenous growth model with accumulation of both physical and human capital. We establish the existence of two country balanced growth equilibria in which physical and human capital grow ...
Financial Matchmakers in Credit Markets with Heterogeneous Borrowers
(Vanderbilt University, 2000)
What happens when liquidity increases in credit markets and more funds are channeled from borrowers to lenders? We examine this question in a general equilibrium model where financial matchmakers help borrowers (firms) and ...
Production Externalities and Urban Configuration
(Vanderbilt University, 2000)
Jacobs (1969) argues that uncompensated knowledge spillovers have played a crucial role in population agglomeration and thus in the generation of cities. We explore this idea formally by extending the Romer (1986) model ...