Zobrazeno 1 - 10
of 14
pro vyhledávání: '"Valerie R. Bencivenga"'
Publikováno v:
International Economic Review. 43:1289-1307
We consider the question how "best" to maintain price-level stability in an open economy, and evaluate three possible policy choices: (a) a constant money growth rate rule; (b) a fixed exchange rate; and (c) a policy of explicit commitment to a price
Autor:
Valerie R. Bencivenga, Gabriele Camera
Publikováno v:
SSRN Electronic Journal.
We introduce banks in a model of money and capital with trading frictions. Banks offer demand deposit contracts and hold primary assets to maximize depositors’ utility. If banks’ operating costs are small, banks reallocate liquidity eliminating i
Autor:
Valerie R. Bencivenga, Bruce D. Smith
Publikováno v:
Research in Economics. 52:363-386
According to Gurley and Shaw, economic development typically is accompanied by a transition from self-financed to intermediated investment activity. In their account, economic growth stimulates financial market development, and financial market devel
Publikováno v:
Equity Markets, Transaction Costs, and Capital Accumulation: An Illustration
Poorly developed equity markets inhibit the transfer of capital ownership. Moreover, the costs of transacting in equity markets affect not just the level of investment, but the kinds of investments that are undertaken. Once equity markets allow the o
Publikováno v:
Economic Theory. 7:19-50
We investigate the function of liquid financial markets for the allocation of productive capital. We consider an economy where agents endogenously choose among capital production technologies with differing gestation periods. Long-gestation capital i
Publikováno v:
Journal of Economic Theory. 67:153-177
Hicks ("A Theory of Economic History," Clarendon Press Oxford, 1969) argues that an important aspect of industrial development is the adoption of technologies requiring highly illiquid capital investments. The adoption of such technologies becomes ec
Autor:
Valerie R. Bencivenga, Gabriele Camera
We introduce banks in a model of money and capital with trading frictions. Banks offer demand deposit contracts and hold primary assets to maximize depositors’ utility. If banks’ operating costs are small, banks reallocate liquidity eliminating i
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::fcd2392a8e1b7dbbee7e723189bfcc87
http://hdl.handle.net/11585/635712
http://hdl.handle.net/11585/635712
Autor:
Valerie R. Bencivenga
Publikováno v:
International Economic Review. 33:449-71
This paper investigates preference shocks, which may be interpreted as deriving from shocks to household production or changes in relative prices, as a mechanism for generating hours variation within a one-sector stochastic optimal growth model witho
Autor:
Bruce D. Smith, Valerie R. Bencivenga
Publikováno v:
Oxford Economic Papers. 44:767-790
It is often argued that a well-functioning system of financial markets has beneficial effects for countries in the early stages of industrialization (Gerschenkron (1962), Cameron (1967), McKinnon (1973), Shaw (1973), Fry (1988)). Specifically, the de
Autor:
Valerie R. Bencivenga, Bruce D. Smith
Publikováno v:
Review. 85
In the 1950s and 1960s, Gurley and Shaw (1955, 1960, 1967) advanced a particular view of the joint evolution of per capita income and the financial system. They observed that at low levels of development, most investment is self-financed. As per capi