0 the system by which a country’s production, trade, and money supply are organized -- kinh tế
a boom in the economy.
We calibrate r to match the observed growth rate of consumption in these village economies.
Figure 2 shows the path of per-capita consumption over a 50-year period for two economies: = 177 and 245.
In addition, we investigate the properties of asset returns and the equity premium in our incomplete-markets economies.
The study also reveals that stock prices implied in the economies with short-sale constraints exhibit countercyclical movements.
In the latter, indeterminacy significantly relied on scale economies, whereas here it almost exclusively rests on frictions in financial market.
The magnitude of the economy's response increases with the size of the externality.
Our emphasis on the impact on low-skill workers follows from concerns that these workers often are hit the hardest by trade liberalization in industrialized economies.
However, some studies have shown that larger operations, which achieve economies of size, are also able to achieve economies of scope8.
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