IDEAS home Printed from https://ideas.repec.org/p/bwu/eiiwdp/disbei179.html
   My bibliography  Save this paper

New Open Economy Policy Perspectives: Modified Golden Rule and Hybrid Welfare

Author

Listed:
  • Paul J.J Welfens

    (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW))

Abstract

This paper raises several new issues in the context of a modified growth model and the golden rule, respectively. Key issues solved here include the role of long-run monetary policy - to some extent also fiscal policy - where the golden rule is considered as a serious point of reference for economic policymakers; this includes aspects of the Transatlantic Banking crisis. Also the role of negative external effects from C02 production is considered here in a straightforward manner. Finally, a new approach for a consistent transition between the Keynesian approach and the long-run neoclassical world is proposed.

Suggested Citation

  • Paul J.J Welfens, 2010. "New Open Economy Policy Perspectives: Modified Golden Rule and Hybrid Welfare," EIIW Discussion paper disbei179, Universitätsbibliothek Wuppertal, University Library.
    • Handle: RePEc:bwu:eiiwdp:disbei179
    as

    Download full text from publisher

    File URL: https://eiiw.wiwi.uni-wuppertal.de/fileadmin/eiiw/Daten/Publikationen/Gelbe_Reihe/disbei_179.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Michael Vogelsang, 2010. "Digitalization in Open Economies," Contributions to Economics, Springer, number 978-3-7908-2392-9.
    2. Kenneth A. Froot & Jeremy C. Stein, 1991. "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1191-1217.
    3. Paul Welfens, 2009. "Transatlantische Bankenkrise: Dynamik und neue Reformoptionen," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 89(10), pages 684-690, October.
    4. Paul Welfens & Jens Perret & Deniz Erdem, 2010. "Global economic sustainability indicator: analysis and policy options for the Copenhagen process," International Economics and Economic Policy, Springer, vol. 7(2), pages 153-185, August.
    5. Paul J. J. Welfens & Mathias Weske (ed.), 2007. "Digital Economic Dynamics," Springer Books, Springer, number 978-3-540-36030-8, December.
    6. Edward Graham & Nina Oding & Paul J.J. Welfens (ed.), 2005. "Internationalization and Economic Policy Reforms in Transition Countries," Springer Books, Springer, number 978-3-540-29047-6, December.
    7. Paul J. J. Welfens & Cillian Ryan & Suthiphand Chirathivat & Franz Knipping (ed.), 2009. "EU - Asean," Springer Books, Springer, number 978-3-540-87389-1, December.
    8. Yoon, Chang-Ho & Song, Young-Woong & Jun, Byoung Heon, 2005. "Efficient capacity pricing of the internet services," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 46(2), pages 149-158, December.
    9. Paul J.J. Welfens & Anna Wziątek-Kubiak (ed.), 2005. "Structural Change and Exchange Rate Dynamics," Springer Books, Springer, number 978-3-540-28526-7, December.
    10. Raghuram G. Rajan, 2005. "Has financial development made the world riskier?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 313-369.
    11. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    12. Paul J.J. Welfens & John T. Addison (ed.), 2009. "Innovation, Employment and Growth Policy Issues in the EU and the US," Springer Books, Springer, number 978-3-642-00631-9, December.
    13. Paul J. J. Welfens, 2008. "Digital Integration, Growth and Rational Regulation," Springer Books, Springer, number 978-3-540-74595-2, December.
    14. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    15. Paul J.J. Welfens & Franz Knipping & Suthiphand Chirathivat & Cillian Ryan (ed.), 2006. "Integration in Asia and Europe," Springer Books, Springer, number 978-3-540-28730-8, December.
    16. ., 2005. "Internationalization of the Business Firm," Chapters, in: Managing the Embedded Multinational, chapter 5, Edward Elgar Publishing.
    17. Harry G. Broadman & Tiiu Paas & Paul J.J. Welfens (ed.), 2006. "Economic Liberalization and Integration Policy," Springer Books, Springer, number 978-3-540-31183-6, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Grigori Feiguine & Julia Solovjova, 2013. "ICT Investment and Internationalization of the Russian Economy," EIIW Discussion paper disbei196, Universitätsbibliothek Wuppertal, University Library.
    2. Miklós Szanyi, 2010. "Industrial Clusters: Concepts and Empirical Evidence from East-Central Europe," EIIW Discussion paper disbei181, Universitätsbibliothek Wuppertal, University Library.
    3. Stanislaw Kubielas & Magdalena Olender-Skorek, 2014. "ICT Modernization in Central and Eastern Europe," EIIW Discussion paper disbei197, Universitätsbibliothek Wuppertal, University Library.
    4. Paul J.J. Welfens & Tony Irawan, 2014. "Trade and Foreign Direct Investment: New Theoretical Approach and Empirical Findings for US Exports and European Exports," EIIW Discussion paper disbei204, Universitätsbibliothek Wuppertal, University Library.
    5. Jens K. Perret, 2010. "A Core-Periphery Pattern in Russia - Twin Peaks or a Rat's Tail," EIIW Discussion paper disbei178, Universitätsbibliothek Wuppertal, University Library.
    6. Paul Welfens & Christian Lutz, 2012. "Green ICT dynamics: key issues and findings for Germany," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 24(2), pages 155-163, June.
    7. Grigori Feiguine & Julia Solovjova, 2014. "ICT Modernization and Globalization: Russian Perspectives," EIIW Discussion paper disbei199, Universitätsbibliothek Wuppertal, University Library.
    8. Christian Schröder, 2014. "Dynamics in ICT cooperation networks in selected German ICT clusters," International Economics and Economic Policy, Springer, vol. 11(1), pages 197-230, February.
    9. Balázs Lengyel, 2010. "Regional clustering tendencies of the Hungarian automotive and ICT industries in the first half of the 2000's," EIIW Discussion paper disbei184, Universitätsbibliothek Wuppertal, University Library.
    10. Angie Tan, 2014. "Harnessing the Power of ICT and Innovation Case Study Singapore," EIIW Discussion paper disbei201, Universitätsbibliothek Wuppertal, University Library.
    11. Paul J.J. Welfens, 2014. "Competition in Telecommunications and Internet Services: Problems with Asymmetric Regulations," EIIW Discussion paper disbei205, Universitätsbibliothek Wuppertal, University Library.
    12. Paul Welfens & Jens Perret, 2014. "Information & communication technology and true real GDP: economic analysis and findings for selected countries," International Economics and Economic Policy, Springer, vol. 11(1), pages 5-27, February.
    13. Paul J.J Welfens, 2010. "European and Global Reform Requirements for Overcoming the Banking Crisis," EIIW Discussion paper disbei180, Universitätsbibliothek Wuppertal, University Library.
    14. Grigori Feiguine & Julia Solovjova, 2014. "Significance of Foreign Direct Investment for the Development of Russian ICT sector," EIIW Discussion paper disbei198, Universitätsbibliothek Wuppertal, University Library.
    15. Tony Irawan, 2013. "ICT and Economic Development:Conclusion from IO Analysis for Selected ASEAN Member States," EIIW Discussion paper disbei192, Universitätsbibliothek Wuppertal, University Library.
    16. Vladimir Udalov, 2014. "Political-Economic Aspects of Renewable Energy: Voting on the Level of Renewable Energy Support," EIIW Discussion paper disbei202, Universitätsbibliothek Wuppertal, University Library.
    17. Andrea Szalavetz, 2010. "The Hungarian automotive sector - a comparative CEE perspective with special emphasis on structural change," EIIW Discussion paper disbei182, Universitätsbibliothek Wuppertal, University Library.
    18. Paul J.J Welfens, 2010. "Toward a New Concept of Universal Services: The Role of Digital Mobile Services and Network Neutrality," EIIW Discussion paper disbei177, Universitätsbibliothek Wuppertal, University Library.
    19. Paul J.J. Welfens, 2011. "The Twin Crisis: From the Transatlantic Banking Crisis to the Euro Crisis?," EIIW Discussion paper disbei187, Universitätsbibliothek Wuppertal, University Library.
    20. Paul J.J. Welfens, 2012. "Towards a Euro Fiscal Union: Reinforced Fiscal and Macroeconomic Coordination and Surveillance is Not Enough," EIIW Discussion paper disbei191, Universitätsbibliothek Wuppertal, University Library.

    More about this item

    Keywords

    new open economy; growth model; welfare;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • R13 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General Equilibrium and Welfare Economic Analysis of Regional Economies
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bwu:eiiwdp:disbei179. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Frank Hoffmann (email available below). General contact details of provider: http://elpub.bib.uni-wuppertal.de .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.