haku: @indexterm stabilization / yhteensä: 202
viite: 10 / 202
Tekijä: | Blackburn, K. Pelloni, A. |
Otsikko: | Growth, cycles, and stabilization policy |
Lehti: | Oxford Economic Papers
2005 : APR, VOL. 57:2, p. 262-282 |
Asiasana: | Business cycles Growth Stabilization |
Kieli: | eng |
Tiivistelmä: | 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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