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Stabilization Policy, Learning-by-Doing, and Economic Growth

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Martin, Philippe
Rogers, Carol Ann

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Abstract

This paper shows that fiscal policy, when used for stabilization purposes, can have a positive effect on the economy's growth, on human capital accumulation, and on welfare. The authors introduce stochastic productivity shocks into a model in which productivity is augmented through learning-by-doing. If future benefits of learning-by-doing are not fully internalized by workers, then recessions are periods in which opportunities for acquiring experience are foregone. The authors identify configurations of disturbances and other parameters for which a countercyclical policy maximizes growth and welfare. Copyright 1997 by Royal Economic Society.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 49 (1997)
Issue (Month): 2 (April)
Pages: 152-66
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Handle: RePEc:oup:oxecpp:v:49:y:1997:i:2:p:152-66

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  3. Valerie Cerra & Sweta C. Saxena, 2005. "Growth Dynamics: The Myth of Economic Recovery," Macroeconomics 0508008, EconWPA. [Downloadable!]
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  4. repec:bep:mactop:v:6:y:2006:i:2:p:1458-1458 is not listed on IDEAS
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  6. Barbara Annicchiarico & Luisa Corrado & Alessandra Pelloni, 2008. " Long-Term Growth and Short-Term Volatility: The Labour Market Nexus," CDMA Working Paper Series 0806, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
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  7. Imbs, Jean, 2002. "Why the Link Between Volatility and Growth is Both Positive and Negative," CEPR Discussion Papers 3561, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  8. Campbell leith & Chol-Won Li, 2001. "Unemployment and the Productivity Slowdown: A Labour Supply Perspective," Working Papers 2001_13, Department of Economics, University of Glasgow. [Downloadable!]
  9. Keith Blackburn & Dimitrios Varvarigos, 2008. "Human capital accumulation and output growth in a stochastic environment," Economic Theory, Springer, vol. 36(3), pages 435-452, September. [Downloadable!] (restricted)
  10. Lopez , J. Humberto & Perry, Guillermo, 2008. "Inequality in Latin America : determinants and consequences," Policy Research Working Paper Series 4504, The World Bank. [Downloadable!]
  11. K Blackburn & A Pelloni, 2001. "On the Relationship Between Growth and Volatility in Learning-by-Doing Economies," Centre for Growth and Business Cycle Research Discussion Paper Series 01, Economics, The Univeristy of Manchester. [Downloadable!]
  12. Gomes, Orlando, 2007. "On the stability of endogenous growth models: an evaluation of the agents’ response to output fluctuations," MPRA Paper 2891, University Library of Munich, Germany. [Downloadable!]
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  13. Galindev, Ragchaasuren, 2007. "Uncertainty, learning and growth," MPRA Paper 7398, University Library of Munich, Germany, revised Jan 2008. [Downloadable!]
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  14. Maria Antoinette Silgoner & Gerhard Reitschuler & Jesús Crespo-Cuaresma, 2003. "The Fiscal Smile: The Effectiveness and Limits of Fiscal Stabilizers," IMF Working Papers 03/182, International Monetary Fund. [Downloadable!]
  15. Antonio Fatás, 2002. "The Effects of Business Cycles on Growth," Working Papers Central Bank of Chile 156, Central Bank of Chile. [Downloadable!]
  16. Amitava Krishna Dutt, 2006. "Aggregate Demand, Aggregate Supply and Economic Growth," International Review of Applied Economics, Taylor and Francis Journals, vol. 20(3), pages 319-336, July. [Downloadable!] (restricted)
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