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| Author: | Blackburn, K. Pelloni, A. |
| Title: | Growth, cycles, and stabilization policy |
| Journal: | Oxford Economic Papers
2005 : APR, VOL. 57:2, p. 262-282 |
| Index terms: | Business cycles Growth Stabilization |
| Language: | eng |
| Abstract: | An analysis of the joint determination of growth and business cycles is presented with a view to studying the long-run implications of short-term monetary stabilization policy. The analysis is based on a simple stochastic growth model in which both real and nominal shocks have permanent effects on output due to nominal rigidities (wage contracts) and an endogenous technology (learning-by-doing). It is shown that there is a negative correlation between the mean and variance of output growth irrespective of the source of fluctuations. |
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