Showing 1 - 10 of 186
This paper reviews both theory and empirical work on economic growth and the environment. We develop four simple growth models to help us identify key features generating sustainable growth. We show how some combination of technological progress in abatement, intensified abatement, shifts in the...
Persistent link: https://www.econbiz.de/10012467835
This paper studies how stable over time are the so-called "structural parameters" of dynamic stochastic general equilibrium (DSGE) models. To answer this question, we estimate a medium-scale DSGE model with real and nominal rigidities using U.S. data. In our model, we allow for parameter...
Persistent link: https://www.econbiz.de/10012465487
Persistent link: https://www.econbiz.de/10012461650
In most modern macroeconomic models, the steady state (or balanced growth path) of the system is a local attractor, in the sense that, in the absence of shocks, the economy would converge to the steady state. In this paper, we examine whether the time series behavior of macroeconomic aggregates...
Persistent link: https://www.econbiz.de/10012456400
The United States achieved a 2.0 percent average annual growth rate of real GDP per capita between 1891 and 2007. This paper predicts that growth in the 25 to 40 years after 2007 will be much slower, particularly for the great majority of the population. Future growth will be 1.3 percent per...
Persistent link: https://www.econbiz.de/10012458768
We present a dynamic model of free riding in which n infinitely lived agents choose between private consumption and contributions to a durable public good g. We characterize the set of continuous Markov equilibria in economies with reversibility, where investments can be positive or negative; and...
Persistent link: https://www.econbiz.de/10012460730
We study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in the U.S. and the euro area, using an estimated New Keynesian DSGE model that incorporates the zero (or effective) lower bound on the nominal interest rate. We find that this...
Persistent link: https://www.econbiz.de/10012453386
We designed and conducted three randomized control trials in partnership with a large biopharmaceutical company operating over 160 plasma donation centers, with the aim of promoting sustainable behaviors in a workplace setting. Specifically, we focused on reducing operational errors that led to...
Persistent link: https://www.econbiz.de/10015145071
This paper makes two contributions. First, we examine the macroeconomic implications of Puerto Rico's Fiscal Plan that was certified in March 2017 for fiscal years 2017-18 to 2026-27. Second, we perform a Debt Sustainability Analysis (DSA) that incorporates the expected macroeconomic dynamics...
Persistent link: https://www.econbiz.de/10012480907
The question of what is a sustainable public debt is paramount in the macroeconomic analysis of fiscal policy. This question is usually posed as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (i.e. whether...
Persistent link: https://www.econbiz.de/10012457095