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Monetary Stabilisation Policy and Long-run Growth

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Author Info
Galindev Ragchaasuren (Department of Economics University of Essex)

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Abstract

This paper presents a stochastic monetary growth model with nominal rigidities and active monetary policy in which technological change contains both deliberate (internal) and serendipitous (external) learning mechanisms. The model is used to describe how the implications of monetary stabilization policy for the long-run economic performance could change due to the ambiguity on the relationship between secular growth and cyclical volatility

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File URL: http://repec.org/mmf2006/up.21948.1144658999.pdf
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Publisher Info
Paper provided by Money Macro and Finance Research Group in its series Money Macro and Finance (MMF) Research Group Conference 2006 with number 48.

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Date of creation: 02 Feb 2007
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Handle: RePEc:mmf:mmfc06:48

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Web page: http://www.essex.ac.uk/afm/mmf/index.html

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Related research
Keywords: growth; cyclies; money; stabilisation policy;

Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Smith, R Todd, 1996. "Cyclical Uncertainty, Precautionary Saving and Economic Growth," Economica, London School of Economics and Political Science, vol. 63(251), pages 477-94, August. [Downloadable!] (restricted)
  2. Fatas, Antonio, 2000. "Endogenous growth and stochastic trends," Journal of Monetary Economics, Elsevier, vol. 45(1), pages 107-128, February. [Downloadable!] (restricted)
    Other versions:
  3. Stadler, George W, 1990. "Business Cycle Models with Endogenous Technology," American Economic Review, American Economic Association, vol. 80(4), pages 763-78, September. [Downloadable!] (restricted)
  4. Peter N. Ireland, 2000. "Sticky-Price Models of the Business Cycle: Specification and Stability," NBER Working Papers 7511, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Pelloni, Alessandra, 1997. "Nominal Shocks, Endogenous Growth and the Business Cycle," Economic Journal, Royal Economic Society, vol. 107(441), pages 467-74, March. [Downloadable!] (restricted)
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