Monetary Stabilisation Policy and Long-run Growth
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
|Date of creation:||02 Feb 2007|
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References listed on IDEAS
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- Ireland, Peter N., 2001.
"Sticky-price models of the business cycle: Specification and stability,"
Journal of Monetary Economics,
Elsevier, vol. 47(1), pages 3-18, February.
- Peter N. Ireland, 1999. "Sticky-Price Models of the Business Cycle: Specification and Stability," Boston College Working Papers in Economics 426, Boston College Department of Economics.
- Peter N. Ireland, 2000. "Sticky-Price Models of the Business Cycle: Specification and Stability," NBER Working Papers 7511, National Bureau of Economic Research, Inc.
- Pelloni, Alessandra, 1997. "Nominal Shocks, Endogenous Growth and the Business Cycle," Economic Journal, Royal Economic Society, vol. 107(441), pages 467-74, March.
- Stadler, George W, 1990. "Business Cycle Models with Endogenous Technology," American Economic Review, American Economic Association, vol. 80(4), pages 763-78, September.
- 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.
- Fatás, Antonio, 1996.
"Endogenous Growth and Stochastic Trends,"
CEPR Discussion Papers
1340, C.E.P.R. Discussion Papers.
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