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Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10010270872
, is seen to be critical to such decisions. -- fiscal policy ; business cycles ; public goods ; recessions ; boomtimes …
Persistent link: https://www.econbiz.de/10008653412
This paper undertakes a normative investigation of the quantitative properties of optimal tax smoothing in a business cycle model with state contingent debt, capital-skill complementarity, endogenous skill formation and stochastic shocks to public consumption as well as total factor and capital...
Persistent link: https://www.econbiz.de/10010340166
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10013133149
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10013139182
We study the behavior of output, employment, consumption, and investment in Germany during the Great Depression of 1928-37. In this time period, real wages were countercyclical, and productivity and fiscal policy was procyclical. We use the neoclassical growth model to investigate how much these...
Persistent link: https://www.econbiz.de/10013097364
We report new regional evidence indicating that U.S. house prices increase persistently in the face of positive shocks to fiscal spending. In sharp contrast with this fact, though, house prices fall in conventional dynamic general equilibrium models where Ricardian households benefit from the...
Persistent link: https://www.econbiz.de/10012795842
We study the behavior of output, employment, consumption, and investment in Germany during the Great Depression of 1928-37. In this time period, real wages were countercyclical, and productivity and fiscal policy were procyclical. We use the neoclassical growth model to investigate how much...
Persistent link: https://www.econbiz.de/10014125726
distribution regimes heavily affect macroeconomic performance: more unequal economies are exposed to more severe business cycles … business cycles, reduce unemployment and the likelihood of experiencing a huge crisis. In some circumstances they also affect …
Persistent link: https://www.econbiz.de/10010328607
forms of endogenous fluctuations, including stable 2-, 4-, 8-, and 10-cycles, quasi-periodic orbits, and chaos. In contrast … designed to suppress sunspot fluctuations near the steady state may not prevent sunspots, cycles, or chaos in regions away from … model with a productive externality that generates social increasing returns to scale. Starting from a laissez-faire economy …
Persistent link: https://www.econbiz.de/10014192365