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In this paper we derive the correct solution of optimal closure of the state sector studied in Section 6.4 of Aghion and Blanchard (1994). Aghion and Blanchard only present an 'approximate' solution which entails a constant unemployment rate in what they call a turnpike approximation. We show...
Persistent link: https://www.econbiz.de/10010293747
The New Economy should not be discounted as a temporary stock market phenomenon, but should be recognized as a real and sustainable phenomenon. The basic feature of the transition towards the New Economy is the rising importance of information—both as output and input good—in virtually all...
Persistent link: https://www.econbiz.de/10010295101
So far the contribution of New Economic Geography (NEG) has been mainly positive. Normative analysis and policy implications have lagged behind. The reason is the fear of the consequences of taking too literally the neat structure of the models. Under this respect the somewhat incautious aim of...
Persistent link: https://www.econbiz.de/10010295553
Persistent link: https://www.econbiz.de/10010296200
Policy interventions in large open economies do not only affect the allocation of domestic resources but change international market prices. The change in international prices implies an indirect secondary burden or benefit for all trading countries. This secondary terms of trade effect may have...
Persistent link: https://www.econbiz.de/10010297634
Wirtschaftspolitik gefunden haben, wo ja nicht einmal das Korrektiv der Märkte zur Rationalität zwingt. Der Wähler hat kaum Anreize zu … Einfluss auf die Qualität der Wirtschaftspolitik hat. In der politökonomischen Analyse hat dies Kalkül unter dem Terminus der …
Persistent link: https://www.econbiz.de/10010297673
Post Keynesian theory as opposed to Walrasian theory does not provide the foundations for a unique general equilibrium but claims the existence of multiple equilibrium positions. In this article, such a multiple of equilibrium positions is explained by different market constellations which are...
Persistent link: https://www.econbiz.de/10010298499
Grundsätzlich gibt es drei Theorien über die Verbindung von Globalisierung und Wohlfahrtsstaat. Die erste Theorie … globalen Wettbewerbs anzupassen, was bedeutet, kostenintensive Wohlfahrts-Programme zu senken (Globalisierungs-Theorie). Der … infolge der steigenden wirtschaftlichen Interdependenzen abgenommen hat (Globalisierungsskeptiker). Die dritte Theorie …
Persistent link: https://www.econbiz.de/10010299189
heraus (endogen) zu erklären ist. Durch die Theorie des endogenen Wachstums wurde der Konsens unter den Ökonomen2 in Frage … Wirtschaftspolitik zur Beeinflussung des Wirtschaftswachstums vorzustellen und zu bewerten. …
Persistent link: https://www.econbiz.de/10010300573