History, Expectations, and Public Policy: Economic Development in Eastern Germany
History, Expectations, and Public Policy: Economic Development in Eastern Germany
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历史、期望和公共政策：德国东部的经济发展
DOI：
10.2139/ssrn.1684441
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发表时间：
2010
期刊：
影响因子：
--
通讯作者：
Thomas Steger
中科院分区：
文献类型：
--
作者：
Andreas Schäfer;Thomas Steger
在德国统一以来东德经济发展进程的推动下，我们建立了小型开放经济的动态宏观经济模型，资本和劳动力都是流动的，总体规模报酬递增。该模型具有多重平衡以及（局部和全局）不确定性。预期对于由此产生的均衡动态很重要，这意味着经济信心对于经济发展过程可能至关重要。尽管该模型很简单，但它可以复制主要的经验事实，并具有许多重要的意义。
Motivated by the process of economic development in Eastern Germany since the German reunification we set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level. The model features multiple equilibria as well as (local and global) indeterminacy. Expectations matter for resulting equilibrium dynamics, implying that economic confidence may be crucial for the process of economic development. Despite its simplicity, the model can replicate major empirical facts and bears a number of non-trivial implications.