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Author : Larry E. Jones
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (129 download)
Download or read book Technology (and policy) shocks in models of endogenous growth written by Larry E. Jones and published by . This book was released on 1999 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Technology (and Policy) Shocks in Models of Endogenous Growth written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve Bank of Minneapolis presents the full text of the November 2000 staff report entitled "Technology (and Policy) Shocks in Models of Endogenous Growth," written by Larry E. Jones, Rodolfo E. Manuelli, and Ennio Stacchetti. The text is available in PDF format. This paper explains how fundamental uncertainty can affect the long-run growth rate and the factors that determine the nature of the relationship. The authors find that differences in the curvature of preferences have substantial effects on the estimated variability of stationary objects.
Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1451875657
Total Pages : 68 pages
Book Rating : 4.4/5 (518 download)
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Author : L. E. Jones
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)
Download or read book Technnogy (and Policy) Shocks in Models of Endogenous Growth written by L. E. Jones and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Larry E. Jones
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)
Download or read book Technology (and Policy) Shocks in Models of Endogenous Growth written by Larry E. Jones and published by . This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is there a trade-off between fluctuations and growth? The empirical evidence is mixed, with some studies (Kormendi and Meguire (1985)) finding a positive relationship, while others (Ramey and Ramey (1995)) finding the a negative one. Our objective in this paper is to understand how fundamental uncertainty can affect the long run growth rate, and what are the factors that determine the nature (positive or negative) of the relationship. Qualitatively, we show that the relationship between volatility in fundamentals and policies and mean growth can be either positive or negative. We identify the curvature of the utility function as a key parameter that determines the sign of the relationship. Quantitatively, we find that when we move from a world of perfect certainty to one with uncertainty that resembles the average uncertainty in a large sample of countries, growth rates increase somewhere between 0.17% and 0.80%, with 0.20% being a reasonable' estimate. Even though these are nontrivial changes, they are not large enough be themselves to account for the large differences in mean growth rates observed in the data. However, we find that differences in the curvature of preferences have very substantial effects on the estimated variability of stationary objects like the consumption/output ratio and hours worked. For this reason, we expect that the models considered in this paper will provide the basis of sharp estimates of the curvature parameter.
Author : Alfonso Novales
Publisher : Springer Science & Business Media
ISBN 13 : 3540686657
Total Pages : 543 pages
Book Rating : 4.5/5 (46 download)
Download or read book Economic Growth written by Alfonso Novales and published by Springer Science & Business Media. This book was released on 2008-10-06 with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book on deterministic and stochastic Growth Theory and the computational methods needed to produce numerical solutions. Exogenous and endogenous growth models are thoroughly reviewed. Special attention is paid to the use of these models for fiscal and monetary policy analysis. Modern Business Cycle Theory, the New Keynesian Macroeconomics, the class of Dynamic Stochastic General Equilibrium models, can be all considered as special cases of models of economic growth, and they can be analyzed by the theoretical and numerical procedures provided in the textbook. Analytical discussions are presented in full detail. The book is self contained and it is designed so that the student advances in the theoretical and the computational issues in parallel. EXCEL and Matlab files are provided on an accompanying website to illustrate theoretical results as well as to simulate the effects of economic policy interventions.
Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author : Danny Quah
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.X/5 (6 download)
Download or read book Technology Dissemination and Economic Growth written by Danny Quah and published by . This book was released on 2002 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Carol Williams
Publisher :
ISBN 13 :
Total Pages : 348 pages
Book Rating : 4.F/5 ( download)
Download or read book Tax and Technology Policy in an Endogenous Growth Model written by John Carol Williams and published by . This book was released on 1994 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William Easterly
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.X/5 (2 download)
Download or read book Policy, Technology Adoption and Growth written by William Easterly and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes a simple model of technology adoption which combines the two engines of growth emphasized in the recent growth literature: human capital accumulation and technological progress. Our model economy does not create new technologies, it simply adopts those that have been created elsewhere. The accumulation of human capital is closely tied to this adoption process: accumulating human capital simply means learning how to incorporate a new intermediate good into the production process. Since the adoption costs are proportional to the labor force, the model does not display the counterfactual scale effects that are standard in models with endogenous technical progress. We show that our model is compatible with various standard results on the effects of economic policy on the rate of growth.
Author : Werner Smolny
Publisher : Springer Science & Business Media
ISBN 13 : 3642576966
Total Pages : 283 pages
Book Rating : 4.6/5 (425 download)
Download or read book Endogenous Innovations and Knowledge Spillovers written by Werner Smolny and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent development of endogenous growth theories has renewed the in terest into the sources of productivity growth of the advanced industrialized economies. The basic advance of these models is that the evolution of tech nological progress is explained endogeneously within the economic model. The most important concept is the idea of endogenous, market-driven inno vations which are seen as the basic source of technological advances. Firms develop sophisticated production techniques and new products in order to reduce costs or to stimulate demand. Equally important is the concept of knowledge spillovers from innovation activities and scale economies associ ated with them. External effects drive a wedge between private and social re turns of innovation activities, and scale economies affect the market structure. In addition, each year's productivity increases exhibit an enormous social value. Therefore, the analysis of endogenous innovations, scale economies, and knowledge spillovers has important implications for economic policy which enhances the interest into empirical investigations of these issues. This book is a collection of theoretical and empirical work on this subject. It combines micro economic and macroeconomic issues; a special emphasis is placed on empirical applications. Much work has been devoted to the search and the preparation of appropriate data, and all models are estimated with panel data. The first two chapters take an aggregate view at the growth process.
Author : Bruce A. Conway
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book (Un)Anticipated Technological Change in an Endogenous Growth Model written by Bruce A. Conway and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines numerically the impact of a negative exogenous shock to marginal productivity (such as ecological government regulation that becomes effective at some point in time) in an endogenous finite time growth model with sluggish reallocation of human capital. The policy can be anticipated or unanticipated by the economic agents, and it can also be announced but not implemented. It turns out that these frictions have very strong long-run effects on consumption and output, and on the optimal allocation of capital and labor in particular. The qualitative properties are closely related to those found in homogenous labor models with positive productivity shocks. The numerical optimization method employed here proved very successful in qualitatively similar problems in engineering but has not yet found its way into macroeconomic models of growth.
Author : Antonio Fatás
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 ( download)
Download or read book Endogenous Growth and Stochastic Trends written by Antonio Fatás and published by . This book was released on 1996 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Barbara Annicchiarico
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book Monetary Policy in a New Keynesian Model with Endogenous Growth written by Barbara Annicchiarico and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Ramsey dynamics implies deviation from full inflation targeting in response to technology and government spending shocks; (v) the optimal operational rule is backward looking and responds to inflation and output deviations from their long-run levels.
Author : Simone Marsiglio
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Endogenous Growth and Technological Progress with Innovation Driven by Social Interactions written by Simone Marsiglio and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the implications of innovation and social interactions on economic growth in a stylized endogenous growth model with heterogenous research firms. A large number of research firms decide whether to innovate or not, by taking into account what competitors (i.e., other firms) do. This is due to the fact that their profits partly depend on an externality related to the share of firms which actively engage in research activities. Such a share of innovative firms also determines the evolution of technology in the macroeconomy, which ultimately drives economic growth. We show that when the externality effect is strong enough multiple BGP equilibria may exist. In such a framework, the economy may face a low growth trap suggesting that it may end up in a situation of slow long run growth; however, such an outcome may be fully solved by government intervention. We also show that whenever multiple BGP exist, the economy may cyclically fluctuate between the low and high BGP as a result of shocks affecting the individual behavior of research firms.
Author : Blanca Sanchez-Robles
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Solow to Romer written by Blanca Sanchez-Robles and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The adoption of state of the art techniques implemented already in more advanced countries appears as one potential channel whereby developing countries may catch up with leader countries and grow. In order to explore this idea, this paper analyzes the behavior over time of an economy in terms of growth under alternative scenarios using the baseline model of Romer (1990). In the first regime (autarky, as represented by high distortions to the introduction of foreign designs) the economy settles down in the long run in a steady state with no per capita growth, since there is no force that can offset diminishing returns to capital. The second scenario has fewer distortions to external transactions, thus favoring the purchasing of designs of advanced capital goods and inducing a continuous flow of new varieties of durables into the economy. The arrival of these goods, in turn, generates endogenous growth in the developing country. The key feature that enables the transition from autarky to openness is an exogenous policy shock that removes some of the barriers that impeded the access of the domestic agents to technology produced elsewhere.
Author : Michele Boldrin
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.X/5 (4 download)
Download or read book Factor Saving Innovation written by Michele Boldrin and published by . This book was released on 2002 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
