This paper examines the role of fiscal policy in the long run. We show that (i) dynamic inefficiency may be empirically relevant in a modified Diamond OLG model with imperfect competition, (ii) fiscal policy may be needed to avoid inefficiency (if investment adjusts passively to saving) and...

Im Juni 2015 wird die Initiative der Europäischen Kommission zur Finanzierung von Infrastrukturinvestitionen, der sogenannte Juncker-Plan, in Kraft treten. Dazu wird ein Europäischer Fonds gegründet, dessen finanzielle Ausstattung vor allem vom Kapitalmarkt kommen soll und von der EU...

Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion emerges from a range of different models, including OLG specifications and stock-flow consistent (post-) Keynesian models. One of the determinants of the required long-run debt...

This paper examines the role of fiscal policy in the long run. We show that (i) dynamic inefficiency in a standard OLG model generates aggregate demand problems in a Keynesian setting, (ii) fiscal policy can be used to achieve full-employment growth, (iii) the required debt ratio is inversely...

This paper makes three main points. Fiscal policy, first, may be needed in the long run to maintain full employment and avoid secular stagnation. If fiscal policy is used in this way, second, the long-run debt ratio depends (i) inversely on the rate of growth, (ii) inversely on government...

2001 krizinden sonra 2007'ye kadar Türkiye ekonomisi uzun dönem ortalamasının çok üzerinde büyüdü. Üstelik bu büyüme hızı benzer ülkelerin büyüme hızlarının da üzerinde gerçekleşti. Aynı dönemde Türkiye mali disipline dayanan bir ekonomik programı uygulamaya koydu. Bu...