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Stabilization Policy, Growth and Learning by Doing

Author

Listed:
  • Carol Ann Rogers

    (GU - Georgetown University [Washington])

  • Philippe Martin

    (CEPR - Center for Economic Policy Research - CEPR)

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. We 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. We identify configurations of disturbances and other parameters for which a countercyclical policy maximizes growth and welfare.

Suggested Citation

  • Carol Ann Rogers & Philippe Martin, 1997. "Stabilization Policy, Growth and Learning by Doing," Post-Print hal-03416319, HAL.
    • Handle: RePEc:hal:journl:hal-03416319
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