...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economic Dynamics and Control >Wars and capital destruction
【24h】

Wars and capital destruction

机译：战争与资本破坏

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

In this paper, we propose a theoretical framework to investigate the impact of conflicts and wars on key macroeconomic aggregates and welfare. Using a panel data with 9 countries from 1870 onwards, we first show that the consumption-to-output ratio is minimal during WWII for participants. While this can be explained by an increase in public spending in the USA, this cannot be the case in other countries that participated in WWII, as they experience a large fall in output during wartime. To account for this, we build a variation of a Real Business Cycle model first proposed by Hercowitz and Sampson (1991). We extend the initial model to account for specific shocks that destroy private and public capital stocks - as conflicts do - by assuming an (exogenously) time-varying parameter in the law of capital accumulation. In addition, the model imbeds generalized TFP shocks capturing standard technological factors as well as the potential effects of war on the labor force. The model is estimated and used (ⅰ) to assess the importance of capital shocks during war episodes, and (ⅱ) to quantify the welfare effects of conflicts. We show that capital shocks are crucial to account for the macroeconomic dynamics of countries that have experienced large war-related destruction, and that the welfare losses from fluctuations can be quite large when considering data samples that include major war episodes.
机译：在本文中，我们提出了一个理论框架来研究冲突和战争对关键的宏观经济总量和福利的影响。我们使用1870年以后的9个国家/地区的面板数据，首先表明二战期间参与者的消费产出比最小。虽然这可以用美国公共支出的增加来解释，但参加第二次世界大战的其他国家却不是这样，因为它们在战时的产量大幅度下降。为了解决这个问题，我们建立了真实业务周期模型的一种变体，该模型首先由Hercowitz和Sampson（1991）提出。我们通过假设资本积累定律中的（外生）时变参数，扩展了初始模型，以解决破坏私人和公共资本存量的特定冲击（与冲突一样）。此外，该模型包含了捕获标准技术因素以及战争对劳动力的潜在影响的广义TFP冲击。估计并使用该模型（ⅰ）评估战争期间资本冲击的重要性，以及（ⅱ）量化冲突的福利影响。我们表明，资本冲击对于解释经历过与战争有关的大规模破坏的国家的宏观经济动态至关重要，并且当考虑包括重大战争事件的数据样本时，波动造成的福利损失可能非常大。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号