From Keynes to Solow to optimal growth: An encompassing model of monetary and fiscal policy
A dynamic, out-of-equilibrium model of aggregate demand and supply is specified. The existence of, and convergence to, a macroeconomic equilibrium is derived, and the existence of a supporting revealed social utility function is established. Empirical estimates for three recent historical 'eras' suggest the model's explanatory power is impressive. Implications for possible policy repercussions include striking shifts in effect.
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- Kydland, Finn E & Prescott, Edward C, 1991.
" The Econometrics of the General Equilibrium Approach to Business Cycles,"
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- Chiarella,Carl & Flaschel,Peter & Franke,Reiner, 2011. "Foundations for a Disequilibrium Theory of the Business Cycle," Cambridge Books, Cambridge University Press, number 9780521369923, December.
- Chiarella,Carl & Flaschel,Peter & Franke,Reiner, 2005. "Foundations for a Disequilibrium Theory of the Business Cycle," Cambridge Books, Cambridge University Press, number 9780521850254, December.
- Day Richard H. & Yang Chengyu, 2005. "Economic Growth and Revealed Social Preference," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 9(2), pages 1-18, June. Full references (including those not matched with items on IDEAS)
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