Dynamic General Equilibruim Theory and Aggregate Phenomena

这个项目追求的是动态一般均衡理论中重要的、悬而未决的问题。第一部分发展了内生增长的凸模型，重点放在以下几个方面：(1)增长的决定因素和持续增长的可能性的分析；(2)创新或新产品开发过程的研究；(3)税收的动态效应的研究。该项目探索了这三个领域之间的联系，并将这项工作扩展到开放经济环境中。第二部分是利用不完全竞争的一般均衡模型来理解集聚现象。特别是，这些模型被用来研究凯恩斯“低产出”均衡的存在，以及由于回报和私人信息增加而导致的失业。这项研究应该会为经济增长、技术变革和税收政策提供新的见解。研究人员之前的工作将动态税收和增长决定因素的文献联系在一起，表明不同的税收政策和贸易政策可能会导致不同国家增长率的永久性差异。这个项目将扩展过去的工作，特别强调市场力量、教育和不同的经济政策在开放经济中对经济持续增长的影响。

This project pursues significant, unresolved questions in dynamic general equilibrium theory. The first part develops convex models of endogenous growth with special emphasis on the following areas: (1) the analysis of the determinants of growth and the possibility of sustained growth; (2) the study of the process of innovation or new product development; and (3) the study of the dynamic effects of taxation. The project explores the connections between these three areas and extends this work into open economy settings. The second part concerns the use of general equilibrium models of imperfect competition to understand aggregate phenomena. In particular, these models are used to study the existence of Keynesian "low output" equilibria and unemployment due to increasing returns and private information. This research should provide new insights into economic growth, technological change and tax policy. Previous work by the investigator tying the literatures on dynamic taxation and the determinants of growth demonstrates that different tax policies and trade policies can generate permanent differences in the growth rates of different countries. This project will extend the past work with special emphasis on the effect of market power, education and different economic policies on sustained economic growth in an open economy.