During the past two centuries, major technological breakthroughs such as the steam engine and electricity have acted as the catalysts for growth and have resulted in a marked increase in material well-being. The dominant technology today - information and communication technology (ICT) - does...

This paper assesses the contribution of monetary policy to the dynamics of bond real returns. We assume that the monetary authority controls the short-term nominal interest rate. We then model exogenously the joint dynamics of the aggregate endowment and the monetary policy variable, and...