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, and (iii) productivity and growth, relative to the contributions of the entrepreneurs’ counterparts, i.e., the ‘control … very important-but specific-function in the economy. They engender relatively much employment creation, productivity growth … studies show that entrepreneurial firms produce important spillovers that affect regional employment growth rates of all …
Persistent link: https://www.econbiz.de/10011372984
Measuring the dispersion of productivity or efficiency across firms in a market or industry is rife with methodological …
Persistent link: https://www.econbiz.de/10011622903
Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed...
Persistent link: https://www.econbiz.de/10011374418
As both the natural level of output and the New Keynesian output gap cannot be observed in practice, there is quite some debate on the question how these variables look like in practice. Rather than taking the standard approach of using a time trend or the HP-filter to obtain estimates of these...
Persistent link: https://www.econbiz.de/10011378920
This paper examines monetary policy implementation in a sticky price model. The central bank's plan under discretionary optimization is entirely forward-looking and exhibits multiple equilibrium solutions if transactions frictions are not negligibly small. The central bank can then implement...
Persistent link: https://www.econbiz.de/10011346465
We study the consequences of non-neutrality of government debt for macroeconomic stabilization policy in an environment where prices are sticky. Assuming transaction services of government bonds, Ricardian equivalence fails because public debt has a negative impact on its marginal rate of return...
Persistent link: https://www.econbiz.de/10011346485
marketoperations. The relationship between the policy rate,expected inflation and consumption growth is affected bymoney market …
Persistent link: https://www.econbiz.de/10011379357
Conventional wisdom teaches that the output response upon a fiscal expansion is higher under fixed than floating exchange rates for a small open economy. We analyse the effects of fiscal expansions using a New Keynesian model and find that this result reverses in times of sovereign default risk....
Persistent link: https://www.econbiz.de/10010227296
general corresponds to money growth rates rising with inflation. When prices are not completely flexible, this implies that a …
Persistent link: https://www.econbiz.de/10011343954
, the money growth rate should not rise by more than one for one with inflation when the primary surplus is raised with …
Persistent link: https://www.econbiz.de/10011348705