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Displaying results 1 to 6 of 6.

  1. The financial resource curse revisited
    the supply-side effect of low interest rates
    Author: Hildebrandt, Simon; Michaelis, Jochen
    Published: [2022]
    Publisher:  Philipps-University Marburg, School of Business and Economics, Marburg

    Benigno and Fornaro (2014) show that an episode of low interest rates may harm an economy. Low interest rates trigger a consumption boom, labor shifts away from the tradable sector, learning spillovers from foreign technology decline and so do... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 102
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    Benigno and Fornaro (2014) show that an episode of low interest rates may harm an economy. Low interest rates trigger a consumption boom, labor shifts away from the tradable sector, learning spillovers from foreign technology decline and so do domestic total factor productivity, consumption and welfare. In this paper, we show that their conclusion of a financial resource curse does not hold in a world with capital as production factor. Low interest rates now trigger an investment boom, there is no shift of labor between sectors, total factor productivity remains unaffected. Our model confirms "textbook wisdom", i.e., an episode of low interest rates enhances welfare in a small open economy.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/262321
    Series: Joint discussion paper series in economics ; no. 2022, 22
    Subjects: capital accumulation; endogenous growth; macroeconomic integration
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  2. Hysteresis, endogenous growth, and monetary policy
    Author: Amador, Sebastián
    Published: [2022]
    Publisher:  [University of California, Davis, Department of Economics], [Davis, CA]

    I provide evidence of substantial hysteresis (i.e., a situation in which temporary shocks have longrun effects) from monetary shocks on two sources of endogenous growth; human capital and technological adoption. This contribution is the first to test... more

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    I provide evidence of substantial hysteresis (i.e., a situation in which temporary shocks have longrun effects) from monetary shocks on two sources of endogenous growth; human capital and technological adoption. This contribution is the first to test for the presence of this phenomenon in direct measures of the supply-side potential of economies, instead of indirect measures, e.g., TFP. To estimate the effects of exogenous monetary policy shocks, I improve on the the trilemma identification by incorporating a mean-unbiased instrumental variable estimator. Results show substantial hysteresis in both human capital and technological adoption. Importantly, these are found to be asymmetric, as only contractionary shocks result in long lasting responses. I evaluate the aggregate importance of monetary hysteresis with a growth accounting exercise. Across the 17 countries in sample, the accumulated average cost of monetary hysteresis ranges between 1.2 and 9.6% of TFP, for human capital and the adoption of electricity, respectively.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/267012
    Series: [Working papers / University of California, Davis, Department of Economics ; 348]
    Subjects: hysteresis; money non-neutrality; endogenous growth
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  3. Macroeconomic effects of growth-enhancing measuresin the Euro area
    Author: Cantelmo, Alessandro; Notarpietro, Alessandro; Pisani, Massimiliano
    Published: [2022]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Temi di discussione / Banca d'Italia ; number 1384 (October 2022)
    Subjects: endogenous growth; R&D spending; new Keynesian model; monetary policy; euro area
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  4. Labour market skills, endogenous productivity and business cycles
    Author: Abbritti, Mirko; Consolo, Agostino
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that are relevant for monetary policy. The model matches remarkably well the short and long run dynamics of skilled and unskilled... more

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    This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that are relevant for monetary policy. The model matches remarkably well the short and long run dynamics of skilled and unskilled workers. Skill mismatch and skill-specific labour market institutions have three main effects on business cycles and growth dynamics. First, as the composition of labour market skills leads to supply segmentation, the relative scarcity of skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the growth rate of output. Second, skill heterogeneity in the labour market generates asymmetric outcomes and amplifies measures of employment, wages and consumption inequality. Finally, the model provides important insights for the Phillips and Beveridge curves. Skill-specific labour market heterogeneity leads to a ‡attening of the Phillips curve as wages and unemployment are affected differently across skill types. Also, the model generates sideward shifts of the Beveridge curve following business cycle shocks that are related to the degree of skill heterogeneity.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949842
    Other identifier:
    hdl: 10419/261185
    Series: Working paper series / European Central Bank ; no 2651 (February 2022)
    Subjects: Monetary policy; labour market; skill heterogeneity; endogenous growth; unemployment fluctuations; Phillips curve; Beveridge curve; consumption inequality
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  5. Public policies and long-run growth in a model with environmental degradation
    Author: Bonatti, Luigi; Lorenzetti, Lorenza Alexandra
    Published: January 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We study how public policies affects an economy where production emits pollutants and investment in productive assets raises the economy’s overall productivity. We explore two hypotheses about how the accumulation of pollutants affects human... more

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    We study how public policies affects an economy where production emits pollutants and investment in productive assets raises the economy’s overall productivity. We explore two hypotheses about how the accumulation of pollutants affects human well-being. Under the first one, there is no limit to the possibility for households to defend themselves against environmental degradation by increasing the use of manmade artifacts, while under the second one there is a threshold beyond which the effects of the accumulation of pollutants cannot be offset by devoting more output to this scope. Under both hypotheses, we compare the laissez-faire (LF) to the socially optimal (SO) path. Then, we check whether the latter can be decentralized by using the policy instruments available to the government. Under the first hypothesis, GDP and pollutants grow slower along the SO balanced growth path (BGP) than along the LF BGP, while people's well-being is greater along the former. Therefore, green policies driving the economy along its OP tend to reduce GDP growth. Under the second hypothesis, LF may lead to a "climate catastrophe" by determining unbounded growth, which - without incentives to invest in green technology - drives the amount of pollutants beyond its maximum compatible with life on earth.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/252056
    Series: CESifo working paper ; no. 9539 (2022)
    Subjects: endogenous growth; green policies; global warming; externalities; human well being; climate catastrophe; defensive expenditures
    Scope: 1 Online-Ressource (circa 31 Seiten)
  6. R&D capital
    an engine of growth
    Author: Growiec, Jakub
    Published: May 2022
    Publisher:  Warsaw School of Economics, Collegium of Economic Analysis, [Warsaw]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Collegium of Economic Analysis working paper series ; number: 077 (2022)
    Subjects: R&D capital; long-run economic growth; growth engine; endogenous growth; secular stagnation
    Scope: 1 Online-Ressource (circa 10 Seiten)