100 research outputs found

    A Service of zbw Leibniz-Informationszentrum Wirtschaft Leibniz Information Centre for Economics Migration Networks as a Response to Financial Constraints: Onset and Endogenous Dynamics Migration Networks as a Response to Financial Constraints: Onset and

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    Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. We are indebted to Kaivan Munshi for advice and guidance, and to anonymous referees, Agnieszka Dorn, Gerhard Sorger, and Yong Wang for enlightening comments. Terms of use: Documents in Abstract A migration network is modeled as a mutually beneficial cooperative agreement between financially-constrained individuals who seek to finance and expedite their migration. The cooperation agreement creates a network: "established" migrants contract to support the subsequent migration of others in exchange for receiving support themselves. When the model is expanded to study cooperation between more than two migrants, it emerges that there is a finite optimal size of the migration network. Consequently, would-be migrants in the sending country will form a multitude of networks, rather than a single grand network. When the risk involved in participating in a cooperation agreement is incorporated, the propensity to enter an agreement is shown to depend positively on the cost of migration

    On the dynamics of stock price bubbles: comments on a model by Miao and Wang

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    We consider the model by Miao and Wang (Am Econ Rev 108:2590–2628, 2018), in which endogenous collateral constraints may generate stock price bubbles. Whereas Miao and Wang (2018) characterize the local dynamics around stationary equilibria only under the assumption of risk neutral households, we extend this characterization to the case of risk aversion.© The Author(s) 201

    Bubbles and cycles in the Solow–Swan model

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    We consider a neoclassical one-sector economy in which—in addition to physical capital—there exists a second asset. This asset is unproductive, cannot be consumed, and does not pay dividends. A no-arbitrage condition is imposed so that the two assets are equivalent stores of value. Finally, we assume that consumption (respectively, investment) is a fixed fraction of the sum of aggregate factor income (GDP) and capital gains. In this modified Solow–Swan model, we characterize the conditions under which bubbles can exist, i.e., under which the useless asset can have a positive price. We find that these conditions do not imply that the original Solow–Swan equilibrium is dynamically inefficient, and we demonstrate that asset price bubbles can lead to non-monotonic and even periodic capital accumulation paths.© The Author(s) 201

    Income redistribution going awry: The reversal power of the concern for relative deprivation

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    We demonstrate that a rank-preserving transfer from a richer individual to a poorer individual can exacerbate income inequality (when inequality is measured by the Gini coefficient). This happens when individuals’ preferences depend negatively not only on work time (effort) but also on low relative income. It is rigorously shown that the set of preference profiles that gives rise to this perverse effect of a transfer on inequality is a non-empty open subset of all preference profiles. A robust example illustrates this result

    Migration and Dynamics: How a Leakage of Human Capital Lubricates the Engine of Economic Growth

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    This paper studies the growth dynamics of a developing country under migration. Assuming that human capital formation is subject to a strong enough, positive intertemporal externality, the prospect of migration will increase growth in the home country in the long run. If the external effect is less strong, there exists at least a level effect on the stock of human capital in the home country. In either case, the home country experiences a welfare gain, provided that migration is sufficiently restrictive. These results, obtained in a dynamic general equilibrium setting, extend and strengthen the results of Stark and Wang (2002) obtained in the context of a static model

    fNIRS-based BCI for Robot Control

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    Brain-Computer Interfaces (BCIs) are playing an increasingly important role in a broad spectrum of applications in health, industry, education, and entertainment. We present a novel, mobile and non-invasive BCI for advanced robot control that is based on a brain imaging method known as functional near-infrared spectroscopy (fNIRS). This BCI is based on the concept of “automated autonomous intention execution” (AutInEx), that is, the automated execution of possibly very complex actions and action sequences intended by a human through an autonomous robot

    Dynamic economic analysis : deterministic models in discrete time

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