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Stable balanced expansion in homogeneous dynamic models
Böhm, Volker - 2019 - Version: June 4, 2019
This paper examines the stability of balanced paths of expansion or contraction in closed macroeconomic models as … discussed. The appendix presents the mathematical tools and concepts to prove the stability of expanding/contracting paths in … international trade, or monetary macro, conditions of existence and stability are obtained applying the features of the non …
Persistent link: https://www.econbiz.de/10012011755
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The dynamics of balanced expansion in monetary economies with sovereign debt
Böhm, Volker - 2018
and stability are influenced in a decisive way by fiscal and monetary parameters determining steady state inflation rates …
Persistent link: https://www.econbiz.de/10012042141
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The dynamics of balanced expansion in monetary economies with sovereign debt
Böhm, Volker - 2018 - Version: September 26, 2018
and stability are influenced in a decisive way by fiscal and monetary parameters determining steady state inflation rates …
Persistent link: https://www.econbiz.de/10011903801
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Endogenous Growth, Downward Wage Rigidities and Optimal Inflation
Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian - 2022
Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity...
Persistent link: https://www.econbiz.de/10013306762
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Endogenous capital-augmenting technological change
Casey, Gregory; Horii, Ryo - 2023
We construct a 3-factor, directed technical change growth model that ex-hibits capital-augmenting technical change on the balanced growth path (BGP), circumventing the issues usually caused by the 2-factor Uzawa growth theorem. We calibrate the model to the United States and consider a...
Persistent link: https://www.econbiz.de/10014540481
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A generalized Uzawa growth theorem
Casey, Gregory; Horii, Ryo - 2023
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem, Balanced growth with capital-augmenting technical change is possible when capital has a unitary elasticity of substitution with at least one other factor of production, Thus, a neoclassical growth model with...
Persistent link: https://www.econbiz.de/10014540492
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A generalized Uzawa growth theorem and capital-augmenting technological change
Casey, Gregory; Horii, Ryo - 2022
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of...
Persistent link: https://www.econbiz.de/10013349600
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A generalized Uzawa growth theorem and capital-augmenting technological change
Casey, Gregory; Horii, Ryo - 2022
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. The theorem implies that neoclassical growth models need at least three factors of production to be consistent with empirical evidence on both the capital-labor elasticity of substitution and the existence of...
Persistent link: https://www.econbiz.de/10012880053
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A multi-factor Uzawa growth theorem and endogenous capital-augmenting technological change
Casey, Gregory; Horii, Ryo - 2019 - This version: March 28, 2019
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. In the two-factor case, the theorem implies that a neoclassical growth model cannot be simultaneously consistent with empirical evidence on both capital-augmenting technical change and the elasticity of...
Persistent link: https://www.econbiz.de/10012024717
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A generalized Uzawa growth theorem
Casey, Gregory; Horii, Ryo - 2023
We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem, Balanced growth with capital-augmenting technical change is possible when capital has a unitary elasticity of substitution with at least one other factor of production, Thus, a neoclassical growth model with...
Persistent link: https://www.econbiz.de/10014451890