Ist das Streben nach Wirtschaftswachstum eine Frage des politischen Willens oder eine notwendige Bedingung für ökonomische Stabilität? Es ist umstritten, ob solche "Wachstumszwänge" im heutigen Geldsystem bestehen, und einen Konflikt mit Nachhaltigkeit hervorrufen. Zur Untersuchung der...

To examine the effect of monetary policy on economic growth, we formulate an endogenous growth model with cash-in-advance constraints on R&D and capital accumulation as endogenous growth engines. Within this framework, we show that the relationship between economic growth and the nominal...

The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the "New" Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...

This paper considers monetary and fiscal policy when tangible assets can be accumulated after shocks that increase desired savings, like Joseph's biblical prophecy of seven fat years followed by seven lean years. The model's flexible-price allocation mimics Joseph's saving to smooth consumption....