Advances in Economics and Econometrics: Theory and by Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
This is often the 3rd of 3 volumes containing edited types of papers and commentaries offered in invited symposium classes of the 8th global Congress of the Econometric Society. The papers summarize and interpret contemporary key advancements and talk about destiny instructions in quite a lot of issues in economics and econometrics. The papers conceal either conception and functions. Written by way of major experts of their fields those volumes supply a special survey of development within the self-discipline.
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Additional resources for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs)
In the case in which βκ < 1, this is a process that converges to a wealth level βe/(1 − βκ): Every dynasty ends up with the same wealth in the long run. 1. In contrast, in the case in which βκ ≥ 1, no dynasty ever converges but in the long run the wealth of every dynasty grows at the same rate and everyone becomes extremely wealthy. 1. , both functions are strictly concave). A simple way to see this is to note that the poor always have the option of choosing the same leverage ratio as the rich.
This must be taken into account in designing social protection mechanisms. Second, it is clearly important to try to reduce the cost of credit to the poor.
It is also, from the point of view of both macro relevance and micro policy design, important to identify the exact structure of the credit constraint. Is the amount of credit that a borrower can get primarily a function of the borrower’s wealth and his or her expected proﬁtability, as our model suggests, or is it the case that proﬁtability is largely ignored, as the simple bureaucratic model sketched herein would suggest? 37 The answer to each of these questions has many important ramiﬁcations, and careful empirical research on the technology of lending remains one of the imperatives of the day.