: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth … increases the negative effect of nominal volatility on mean growth. …We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow …

In Kaleckian models of distribution and growth the equilibrium rate of capacity utilisation may persistently diverge …-run endogeneity. Generally, we show that in a Kaleckian monetary distribution and growth model, which takes the major features of a …

We study monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each … firm. We find the following results: (i) technology and government spending shocks have different effects on growth; (ii …) disinflationary monetary policies entail positive effects on growth; (iii) the optimal long-run inflation rate is zero; (iv) the …

We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent …, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps, because they consist in … the joint occurrence of a liquidity and a growth trap. In a stagnation trap, the central bank is unable to restore full …

reduces the return to innovation, thus reducing TFP growth and generating a permanent loss in output. Using a purely quadratic … approximation to welfare under endogenous growth, we derive normative implications for monetary policy. Away from the zero lower …

This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can …&D and technology adoption, thus depressing the long-run trend. Fiscal policy has long-term effects under endogenous growth … introduce fiscal growth policies in this environment which in the short run raise aggregate demand and simultaneously support …

This paper analyzes conditions for determinacy in a new Keynesian model with endogenous growth. Endogenous growth … exogenous growth setup to ensure determinacy. …

aggregate output across industrial sectors which minimize the economy’s long-term volatility for a given level of long …-term growth. We find that financial markets increase substantially the speed with which the observed sectoral allocation of output … faster for sectors that have a higher "natural" long-term risk-adjusted growth and which exhibit higher information frictions …

I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel … of 53 countries over 45 years, I find that financial openness increases simultaneously mean growth and the negative … skewness of the growth process. The increase in output skewness appears to come from a more negatively skewed distribution of …

variance of chain-weighted estimates of production-based real GDP growth into sector shares, sector growth rate variances and … co-variances. The principal explanation for the decline in GDP volatility is a fall in the sum of sector variances driven … by a decline in the Services and Manufacturing sector production growth variances. Sector co-variances have had a …