This paper presents an analysis of the joint determination of growth and business cycles with the view to studying the long-run implications of short-term monetary stabilization policy. The analysis is based on a simple stochastic growth model in which both real and nominal shocks have permanent...

In the period after the break of the Great Recession a series of drastic changes in the political systems of many affected countries occurred: the predominant role of systemic parties in forming political outcomes was challenged and many previously non-systemic voices gained significant...

The objective of this paper is to propose an analytical framework to examine the foundations of the theory of efficient growth. The theory of efficient growth is a newly developed theory based on the principles of the neoclassical framework. It argues that an economy grows efficiently under two...

This paper analyzes conditions for determinacy in a new Keynesian model with endogenous growth. Endogenous growth shrinks the determinacy region considerably. Complying with the Taylor principle is not sufficient for determinacy, which decreases in the spillovers from actual on potential output....

This note presents an analysis which generalizes the results reached by Blackburn and Pelloni on the relationship between short-term stabilization policy and long-term growth by considering both deliberate (internal) and serendipitous (external) learning mechanisms for productivity growth

We introduce endogenous growth in a standard NK model with staggered prices and wages. We find that the source of nominal rigidities, the shock persistence and the type of Taylor rule affect the relationship between monetary volatility and growth.

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

In this paper we investigate the relationship between relative poverty and/or inequality on the one hand and the intensity of the recent global economic crisis, as well as the current economic position of European Union countries on the other. Using data from the 27 E.U. member states we try to...

The distribution of combined loan-to-value ratios (CLTVs) for purchase mortgages has been remarkably stable in the U.S. over the last 25 years. But the source of high-CLTV loans changed during the housing boom of the 2000s, with private securitization replacing FHA and VA loans directly...