Collaborative Research on Dynamic General Equilibrium Theorywith Distortions

本项目研究动态一般均衡模型， 扭曲 有两个主要关切领域。 中的第一 这些涉及价格接受模型的理论特性 一般的扭曲（即存在性、唯一性等）。 这是一项研究生物多样性内在一致性的基础研究， 瓦尔拉斯的经济学观点，在政府 政策发挥着重要作用。 第二个领域是决定因素的更专门的领域 增长的动力。 这里的重点是类型和数量 政府政策对发展的影响的性质。 三 将对不同的项目进行调查。 一是关于 内生增长模型中的最优（拉姆齐）税收形式 并涉及估计生产作用发挥 政府支出（例如教育）。 这将是 通过对稳态方程的分析， 一个完全特定的一般均衡模型。 第二 项目涉及货币政策和通货膨胀对经济的影响， 经济增长或发展的速度。 这是 被确定为在数量上重要的政策变量， 关于增长决定因素的经验文献。 最后一 该项目研究了理论中出现的变化， 不确定条件下的内生增长。 很少 这方面的工作已经进行到目前为止。 例 在经验文献中被认为是重要的是 的方差的增加对增长的抑制作用， 货币扩张法则 在过去的几年里， 内生增长。 这是因为这些的重要性 帮助我们理解增长过程， 发展 经验和理论的全面发展 这一领域的研究将使我们更深入地了解 过去40年的成功（例如日本和韩国） 年以及失败（例如，乍得）。 作为一个 总的来说，这项研究将为此做出重大贡献。 努力 特别是关于通货膨胀和增长和增长的工作 和不确定性将特别有用，因为这些因素 已经被确定为重要的解释变量， 实证文献

This project studies dynamic general equilibrium models with distortions. There are two main areas of concern. The first of these deals with the theoretical properties of price taking models with distortions in general (that is, existence, uniqueness, etc.). This is basic research studying the internal consistency of the Walrasian view of economics in environments in which government policy plays an important role. The second area is the more specialized area of the determinants of growth. The emphasis here is on the types of and quantitative nature of the effects of government policies on development. Three distinct projects will be investigated. The first concerns the form of optimal (Ramsey) taxation in models of endogenous growth and involves the estimation of the productive role played by government expenditures (for example, schooling). This will be accomplished through the analysis of the steady state equations from a completely specified general equilibrium model. The second project concerns the effect of monetary policy and inflation on the rate of growth or development of an economy. This has been identified as a quantitatively important policy variable in the empirical literature on the determinants of growth. The last project studies the alterations which arise in the theory of endogenous growth under conditions of uncertainty. Very little work has been done in this area to this point. An example identified as important in the empirical literature is the depressing effect on growth of an increase in the variance of the monetary expansion rule. The last few years have seen a virtual explosion of work on models of endogenous growth. This is because of the importance of these models in helping our understanding of the process of growth and development. A full development of both empirical and theoretical research in this area will bring us to a deeper understanding of both the successes (for example, Japan and Korea) of the last 40 years as well as the failures (for example, Chad). Taken as a whole, the research will make a serious contribution to this effort. In particular, the work on inflation and growth and growth and uncertainty will be of particular use since these factors have already been identified as important explanatory variables in the empirical literature.