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. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are …
Persistent link: https://www.econbiz.de/10010261430
among heterogeneous firms triggered by nominal growth. Japanese firm-level data show that large firms invest more in R&D and …&D-driven endogenous growth with heterogeneous firms. The model shows that high nominal growth leads to an increase in the market share of … positive effect of monetary expansion on both real growth and welfare. The optimal nominal growth can be strictly positive even …
Persistent link: https://www.econbiz.de/10012831527
This paper discusses some puzzles in the contemporary macroeconomic scene in India, from the perspective of public finance and economic development. These include a fiscal deficit higher than it was during the 1991 crisis, but without a large current account deficit or rise in inflation or...
Persistent link: https://www.econbiz.de/10011520530
, where automatic stabilisers are free to dampen business cycles fluctuations, and a monetary policy targeting also employment …. Instead, "discipline-guided" fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always …
Persistent link: https://www.econbiz.de/10010403730
, where automatic stabilizers are free to dampen business cycles fluctuations, and a monetary policy targeting also employment …. Instead, "discipline-guided" fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always …
Persistent link: https://www.econbiz.de/10013058202
identifying shocks. By assuming that all low-frequency output fluctuations are driven by permanent technology shocks, monetary …
Persistent link: https://www.econbiz.de/10013179263
Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political...
Persistent link: https://www.econbiz.de/10012795769
tightened further. Global growth has been moving in the opposite direction: it has declined sharply since the beginning of the … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the … expectations, elevated financial vulnerabilities, and weakening growth fundamentals. …
Persistent link: https://www.econbiz.de/10013256317
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 … increases the negative effect of nominal volatility on mean growth. …
Persistent link: https://www.econbiz.de/10010343890
Persistent link: https://www.econbiz.de/10011809510