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| Author: | Martin, P. Rogers, C. A. |
| Title: | Stabilization policy, learning-by-doing, and economic growth |
| Journal: | Oxford Economic Papers
1997 : APR, VOL. 49:2, p. 152-166 |
| Index terms: | FISCAL POLICY STABILIZATION ECONOMIC GROWTH WELFARE |
| Language: | eng |
| Abstract: | This study identifies some conditions under which a countercyclical policy can improve growth performance, human capital accumulation and welfare. The study focuses on a cycle arising form productivity disturbances, but the beneficial effect of stabilization policy in the model does not depend from the exact source of the business cycle. The shocks could be either real or monetary, supply or demand shocks. The analysis carries through so long as the business cycle creates fluctuations in employment. Because of this, the results contrast with the usual policy implications derived from the real business cycle literature. |
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