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Entrepreneurs, Growth And Cycles, Louis Corriveau
Entrepreneurs, Growth And Cycles, Louis Corriveau
Digitized Theses
We study how strategic considerations which pertain to the microeconomic process of innovation affect the macroeconomic process of growth and its efficiency. To a lesser extent, we also study how they may cause fluctuations to occur. We do this by the means of two models.;The first model pictures a one-good economy where long-run growth and output fluctuations are endogenous consequences of the decisions taken by entrepreneurs on the allocation of their resources between production and innovation in a Markovian sequence of one-period games. We show, first, that the log of output follows a process with random walk characteristics; second, that …
Two Essays In Real Business Cycle Theory, Paul A. Gomme
Two Essays In Real Business Cycle Theory, Paul A. Gomme
Digitized Theses
In the first chapter, a real business cycle model with heterogeneous agents is parameterized, calibrated, and simulated to see if it can account for some stylized facts characterizing postwar U.S. business cycle fluctuations, such as the countercyclical movement of labour's share of income, and the acyclical behaviour of real wages. There are two types of agents in the model, workers and entrepreneurs, who participate on an economy-wide market for contingent claims. On this market workers purchase insurance from entrepreneurs, through optimal labour contracts, against losses in income due to business cycle fluctuations. Optimal labour contracting is found to account, quantitatively, …
Essays On Hysteresis In Trade And Exchange Rate Pass-Through, Kong-Wing Chow
Essays On Hysteresis In Trade And Exchange Rate Pass-Through, Kong-Wing Chow
Digitized Theses
Chapter 1 of this thesis derives the long run general equilibrium of a home economy in a two-country overlapping generations model where agents' participation in production and the exchange rate are endogenous. We find that the presence of multiple equilibria is crucial for the existence of hysteresis defined as a change in the market structure of import or export markets, e.g. a change in the number of incumbent producers. With the presence of a positive network externality, the model will guarantee the possibility of hysteresis, i.e. multiple equilibria. Moreover, welfare is unambiguously increasing in the number of producers.;Chapter 2 applies …
The Regulation Of Multinational Enterprises Under Asymmetric Information, Horst H. Raff
The Regulation Of Multinational Enterprises Under Asymmetric Information, Horst H. Raff
Digitized Theses
This thesis investigates the effects of asymmetric information on the relationship between multinational enterprises (MNEs) and host countries. With incomplete information about a MNE's technology, the threat of expropriation does not always deter foreign direct investment (FDI), so that expropriation may actually occur with nonzero probability. Improvements in a MNE's investment alternatives, a rise in production costs or tax rates diminish the likelihood of expropriation. Low-cost countries are more likely than high-cost countries to expropriate MNEs. Low-cost industries simultaneously face higher tariffs and a higher expropriation rate.;Chapter three uses a principal-agent model to examine optimal host country taxation of a …