Essays in dynamics macroeconomics with market frictions.

详细信息   

• 作者：Chang ; Chia-Ying.
• 学历：Doctor
• 年：2002
• 导师：Wang, Ping
• 毕业院校：Vanderbilt University
• 专业：Economics, Theory.;Economics, General.;Economics, Labor.;Environmental Sciences.
• ISBN：0493740929
• CBH：3058689
• Country：USA
• 语种：English
• FileSize：5145171
• Pages：158

文摘

Market frictions appear in many areas and it is usually considered as the explanations of the phenomenon. Thus, it would be interesting to have an insightful look on the effect of market frictions. In my dissertation, I examine the role of market frictions in four particular areas and show that market frictions can influence the size of the liquidity effect, the relationship between growth and pollution, wage inequality among female workers and price dispersion. By allowing for an explicit financial credit sector, chapter one shows that the liquidity effects arising from market frictions create more credit services for both households and firms, and the relative strength of the liquidity effects on the spending by households and firms provides a mechanism to capture not only the direction but also the timing of the cyclical behaviors of both households and business investment. Chapter 2 establishes a growth model where firms and residents can bargain cooperatively to settle environmental concerns. When R&D invested by firms is endogenously determined, the policies creating barriers to firm entry or matching may reduce pollution without hindering growth. The opposing effects of thick-matching versus effective-discounting and pollution-externality cause the decentralized outcome to involve over or under-pollution. Chapter 3 examines adopts a search-theoretic model to analyze the effect of market frictions in the labor market. Within a general equilibrium framework, the paper shows that a wider wage differential is associated with more asymmetric market frictions and that with endogenous fertility and home-stay choices, a tighter market will enhance a higher home-stay rate but its effect on the fertility rate remains uncertain. Chapter 4 focuses on the goods market by emphasizing the interactions between producers and consumers. By presenting a search-theoretic model, the price differential between innovation and imitation sub-markets can be shown. A higher quality level of commodity or a longer patent protection length may cause a wider price differential while the effect of research subsidy on the price differential is ambiguous.