Is monetary policy less effective at stimulating investment during periods of elevated volatility (when all firms … experience an increase in the variance of their productivity shocks) than during normal times? In this paper, I argue that … elevated volatility leads to a decrease in extensive margin investment incentive so that nominal stimulus generates less …

has an adverse effect on long-run growth. This negative relationship arises because the incidence of volatility in this …In a model where seignorage provides the financing instrument for the government’s budget, public spending volatility … type of public policy is responsible for higher average money growth, thus induces individuals to devote less time …

general findings are that monetary shocks volatility will generally have a negative effect on growth, while the opposite tends …We study the relationship between growth and variability in a DSGE model with nominal rigidities and growth driven by … to be true for fiscal and productivity shocks. These findings are somehow consistent with the existing empirical evidence …

general findings are that monetary shocks volatility will generally have a negative effect on growth, while the opposite tends …We study the relationship between growth and variability in a DSGE model with nominal rigidities and growth driven by … to be true for fiscal and productivity shocks. These findings are somehow consistent with the existing empirical evidence …

general findings are that monetary shocks volatility will generally have a negative effect on growth, while the opposite tends …We study the relationship between growth and variability in a DSGE model with nominal rigidities and growth driven by … to be true for fiscal and productivity shocks. These findings are somehow consistent with the existing empirical evidence …

We study the effects of real uncertainty on long-run growth under different Taylor-type rules. We fi…nd a non …-negligible relationship between real uncertainty and growth, which depends on the source of real uncertainty as well as the type of the Taylor … rule considered. Importantly, when uncertainty is due to investment speci…fic shocks, it is highly detrimental for growth …

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

We study monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each … firm. We find the following results: (i) technology and government spending shocks have different effects on growth; (ii …) disinflationary monetary policies entail positive effects on growth; (iii) the optimal long-run inflation rate is zero; (iv) the …

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

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 …