2 edition of Stabilization policy, learning by doing, and economic growth found in the catalog.
Stabilization policy, learning by doing, and economic growth
|Statement||Philippe Martin and Carol Ann Rogers.|
|Series||Discussion paper series / Centre for Economic Policy Research -- No. 1130|
|Contributions||Rogers, Carol Ann., Centre for Economic Policy Research.|
R.A. Mundell (), ‘Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates’ Robert A. Mundell (), ‘The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability’ Arthur M. Okun (), ‘Rational-Expectations-with-Misperceptions as a Theory of the Business Cycle’ In Creating a Learning Society, Joseph E. Stiglitz and Bruce C. Greenwald cast light on the significance of this insight for economic theory and policy. Taking as a starting point Kenneth J. Arrow's paper "Learning by Doing," they explain why the production of knowledge differs from that of other goods and why market economies alone.
We start with the AK model (Rebelo ()) and argue that all endogenous growth models can be viewed as variations or microfoundations of it. We then examine the Barro () model of government spending and growth. Next we look at the Arrow-Sheshinskj-Romer model of learning by doing . Learning by Doing is a valuable contribution to business managers, historians, and economists alike."—Scott Alan Carson and Paul E. Hodges, Turkish Economic Review ISBN: Publication Date: Ap
alone cannot explain economic growth. Part II is dedicated to productivity in the “engineering sense”. The main question is how the technological level is determined and why it differs across the space. The theories addressed include the learning by doing, the Schumpeterian model of economic growth and a model of technological catch up. In , he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization an is considered to have been one of the most influential economists of the 20th century, and regarded as the intellectual impetus behind the fall of Communism in Eastern .
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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. The authors introduce stochastic productivity shocks into a model in which productivity is augmented through learning-by-doing.
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, along the transition path.
We introduce symmetric productivity shocks into a model in which productivity is augmented through learning by doing. STABILIZATION POLICY, LEARNING-BY-DOING, Stabilization policy ECONOMIC GROWTH PHILIPPE MARTIN * The Graduate Institute of International Studies.
Geneva, CEPII, Paris, and CEPR, London. STABILIZATION POLICY, LEARNING-BY-DOING, AND ECONOMIC GROWTH, Oxford Economic Papers, Vol Issue 2, AprilPages –, Cited by: 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, along the transition path.
We introduce symmetric productivity shocks into a model in which productivity is augmented through learning by : Philippe Martin and Carol Ann Rogers.
Topics: 05D - Economics, economic theory, 05Z - Banking, finance, taxation, Stabilization policy, learning by doing and economic growth [ Recession, Fiscal policy]. Thus, there is firm-specific learning-by-doing. For certain parameterizations of the model and appropriate initial distributions of technologies and expertise, equilibria are characterized by positive and constant growth of per capita output and positive but nonconstant growth of each firm′s output.
The former presents a model of imperfect competition with nominal rigidities in which monetary stabilization policy has a negative effect on long-run growth. The latter consider a real model of the economy with perfect competition in which fiscal stabilization policy has a positive effect on long-run growth.
Stabilization policy is a strategy enacted by a government or its central bank that is aimed at maintaining a healthy level of economic growth and minimal price changes. Sustaining a stabilization. Martin, P. and Rogers, C. () Stabilization policy, learning-by-doing, and economic growth.
Oxford Economic Pap – CrossRef | Google Scholar Martin, P. and Rogers, C. () Long-term growth and short-term economic instability. This book offers an up-to-date critical review of the most important economic issues in new growth theory and discusses its empirical evidence, optimality and usefulness in national policy making.
This chapter examines the effect of the cyclical pattern of fiscal and monetary policies on economic growth. Economists generally see no connection between the way stabilization policies are implemented and the average speed at which the affected economy grows.
If anything, growth theories tend to highlight the importance of stable and consistent policies as exemplified by recommendations. A stabilization policy is a package or set of measures introduced to stabilize a financial system or term can refer to policies in two distinct sets of circumstances: business cycle stabilization or credit cycle stabilization.
In either case, it is a form of discretionary policy. Business cycle stabilization “Stabilization” can refer to correcting the normal behavior of the. Learning-by-doing is a concept in economic theory by which productivity is achieved through practice, self-perfection and minor example is a factory that increases output by learning how to use equipment better without adding workers or investing significant amounts of capital.
The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises.
The issue has also been widely discussed by researchers in the social sciences, including in economics. 1 In this paper, we develop a multi-sector model of economic growth in which technological progress is driven by learning by doing in expanding emerging sectors that benefit in particular from middle-class-led consumption.
The economic implications of learning by doing. Review of Economic Studies, –, CrossRef Google Scholar. Optimal stabilization policy in the presence of learning by doing. Discussion PaperCenter for Economic Policy Research, Collard F. () Public Investment, Stabilization and Growth. In: Hairault JO.
Learning by Doing is highly accessible and information dense. It requires no prior knowledge of labor economics or technology policy, but challenges much of the academic consensus on human capital formation. Business and political leaders seeking to understand the future of work should study the lessons of this slim s: References on Economic Growth Charles I.
Jones January 7, This collection of references is, by its nature, incomplete and always growing. Feel free to suggest additions.
Basic References Barro, Robert J. and Xavier Sala-i-Martin, Economic Growth, McGraw-Hill, Jones, Charles I., Introduction to Economic Growth, New York: W.W. Start studying Stabilization Policy. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Search. the two types of stabilization policy. legislation intended to encourage short run economic growth; shifts AD rightward; creates government debt, increases government spending, and decreases taxes. One question concerns stabilization policy -- keeping the economy as close as possible to the long-run growth path -- and the other is growth policy, i.e.
policy. Faculty of Business Administration and Economics − Bielefeld − Germany P.O. Box 10 01 31 Bielefeld University ISSN − Working Papers in Economics and Management No. June Stabilization Policies and Long Term Growth: Policy Implications from an Agent-based Macroeconomic Model Philipp Harting.Created Date: 3/24/ PM.
This book develops a new theoretical framework to examine the issues of economic growth and development. Providing analysis of economic dynamics in a competitive economy under government intervention in infrastructure and income distribution, the book develops a unique analytical framework under the influence of traditional neoclassical growth theory.