资源描述：
《aer.100.2.73 The Marginal Product of Capital Capital Flows and Convergence》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、AmericanEconomicReview:Papers&Proceedings100(May2010):73–77http://www.aeaweb.org/articles.php?doi=10.1257/aer.100.2.73TheMarginalProductofCapital,CapitalFlows,andConvergenceBySirshaChatterjeeandKandaNaknoi*Intheworldoffreecapitalmobility,theo-raisethereturnandtri
2、ggercapitalinflows,andreticallycapitalflowsfromlow-returntohigh-viceversa.Second,thescaleofcapitalinflowsreturnlocations.Capitalinflowsarepresumablyisdecreasinginproductivity.Thispredictiontransformedtophysicalcapitalandincreaseresultsfromthenontradednessofinvest
3、ment,outputintherecipientcountries.However,thewhichimpliesthatimportedfinancialcapitalliteratureledbyRobertE.LucasJr.(1990)hasistransformedintophysicalcapitalbydomes-focusedonthedirectionofflowsbutremainstictechnology.Whenthetechnologyishighlysilentaboutthemagnit
4、udeofgainsfromcapitalefficient,itrequiresasmalleramountofforeigninflows.Ourstudyproposesanewmethodologycapitaltoproduceadesiredamountofphysi-toquantifytheimpactsofcapitalinflowsoneco-calcapital.Lastly,thegainfromcapitalinflowsnomicgrowth.Wederivetheestimationequa
5、-intermsofoutputperworkerisincreasingintionfromasmallopen-economygrowthmodelproductivity.whichhastwokeyfeatures.First,theinvestmentInourempiricalstudy,weemployannualgoodisnontradedandproducedfromtradeddataon47countriesfrom1970to2003.First,consumptiongood.Second,p
6、ricesofinvest-weconstructthetimeseriesofcountryreturnsmentaredrivenbyexogenouschangesinpro-andfindthattheadjustmentforpriceofinvest-ductivityintheinvestmentsector,asinJeremymentdoublesthestandarddeviationofreturns.Greenwood,ZviHercowitz,andPerKrusellThisvolatilit
7、yenablesustoestimatethecorre-(1997).Theseassumptionsaremotivatedbythelationbetweennetcapitalinflowsandchangesfactthatimportedinvestmentgoodsaccountforinreturn.Wefindweakevidencethatbankingasmallshareofaggregateinvestmentexpendi-inflowsarepositivelycorrelatedwitht
8、hedomes-ture.Moreover,thepriceofinvestmentrelativeticreturnandnegativelycorrelatedwiththetooutputisvolatile,andthevolatilityisbyfarworldreturn,aspredictedbythe
