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We study the equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only homogeneous innovations by entrants. The Schumpeterian growth model features...
Persistent link: https://www.econbiz.de/10012967752
This paper contributes to the ongoing debate on the relationship between austerity measures and economic growth. We propose a general equilibrium model where (i) agents have recursive preferences; (ii ) economic growth is endogenously driven by investments in R&D; (iii) the government is...
Persistent link: https://www.econbiz.de/10010367469
Persistent link: https://www.econbiz.de/10011721054
We study the general equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only homogeneous innovations by entrants. The Schumpeterian growth model features...
Persistent link: https://www.econbiz.de/10011637958
Persistent link: https://www.econbiz.de/10012822220
Persistent link: https://www.econbiz.de/10012792757
We shed new light on the macroeconomic effects of rising temperatures. In the data, a shock to global temperature dampens expenditures in research and development (R&D). We rationalize this empirical evidence within a stochastic endogenous growth model, featuring temperature risk and growth...
Persistent link: https://www.econbiz.de/10011755232
Persistent link: https://www.econbiz.de/10011887489
We study the general equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only homogeneous innovations by entrants. The Schumpeterian growth model features...
Persistent link: https://www.econbiz.de/10012958356
Persistent link: https://www.econbiz.de/10013364410