: (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. …We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow …

reduces the return to innovation, thus reducing TFP growth and generating a permanent loss in output. The origin of output … quantitative model provides evidence of significant output hysteresis resulting from endogenous growth over the Great Recession …

We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent …, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps, because they consist in … the joint occurrence of a liquidity and a growth trap. In a stagnation trap, the central bank is unable to restore full …

This paper examines how the mechanism driving growth in the economy is likely to affect the optimal monetary policy … response to shocks. We consider the Ramsey policy in a New Keynesian model in which growth is sustained by the creation of new … patented technologies through R&D and we compare the results obtained with those arising when growth is exogenous. We find that …

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 … variance of output growth irrespective of the source of fluctuations. It is also shown that, in spite of this, there may exist …

This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can …&D and technology adoption, thus depressing the long-run trend. Fiscal policy has long-term effects under endogenous growth … introduce fiscal growth policies in this environment which in the short run raise aggregate demand and simultaneously support …

We study Ramsey monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external …

weak companies and its impact on resource allocation, economic growth, inflation, and financial stability. Using both firm … implementation, especially in countries where growth is lackluster. Our findings imply a tradeoff between conducting a … an expansionary monetary policy for long periods, which may lead to a combination of low interest rates, low growth, and …

(external) learning mechanisms for productivity growth … between short-term stabilization policy and long-term growth by considering both deliberate (internal) and serendipitous …