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By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky

This can be the 3rd of 3 volumes containing edited models of papers and commentaries offered in invited symposium periods of the 8th international Congress of the Econometric Society. The papers summarize and interpret contemporary key advancements and speak about destiny instructions in quite a lot of subject matters in economics and econometrics. The papers disguise either concept and functions. Written by means of best experts of their fields those volumes supply a different survey of development within the self-discipline.

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Second, do the implications of the model correspond to something we observe? These are addressed one by one. One key assumption of the model of the poverty trap at the level of an individual is a nonconvexity in either the production function, the monitoring function, or the bequest function. Of the three, nonconvexities in the bequest function are perhaps the easiest to document. Empirical evidence from many OECD countries supports the view that bequests are a luxury good. Only the 46 47 In Piketty’s example (as in our example), multiple steady states arise because high interest rates are inefficient and this inefficiency reduces the supply of capital, and therefore the interest rate goes up.

38 Banerjee this has already happened is the Indian software industry, where Banerjee and Duflo (2000) show that the more reputed firms get both better contracts and more rewarding projects. 6. THE VIEW OF POLICY If the evidence and arguments listed herein do one thing, it is to challenge the hegemony of the complete markets Arrow–Debreu model as the basis for policy thinking. The usual view in economics seems to be that the complete markets model provides the natural framework, modified perhaps by acknowledging some limited role for transactions costs.

Evans and Jovanovic (1989) show a similar result for the United States. See Jeong and Townsend (2000). 57 For this reason, a more promising approach may be to look at the mobility patterns within a single industry, where it may be easier to calibrate some of the other sources of mobility. 58 These exercises suffer from two problems. First, a number of theories, including those discussed here, predict a relation between inequality and growth, and the data do not distinguish between these alternative channels.

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