Government Spending in a Monetary Model of Endogenous Growth
AbstractFew endogenous growth models are able to encompass unbalanced transitional dynamics. In Barro (1990) public spending is a productive externality and growth is only regular. The second best tax rate equals the public spending return. We provide a monetary version of Barro (1990), where short-run fluctuations are due to money and long-run effects to technology. Barro’s rule is found to be surprisingly robust within transition.
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Bibliographic InfoArticle provided by Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore in its journal Rivista Internazionale di Scienze Sociali.
Volume (Year): 112 (2004)
Issue (Month): 3 ()
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cash-in-advance; endogenous growth; indeterminacy.;
Find related papers by JEL classification:
- D90 - Microeconomics - - Intertemporal Choice - - - General
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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