کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098763 1376957 2011 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Volatility, growth, and welfare
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
Volatility, growth, and welfare
چکیده انگلیسی
This paper constructs an endogenous growth model driven by self-fulfilling expectation shocks to explain the stylized fact that the average growth rate of GDP is related negatively to volatility and positively to capacity utilization. The implied welfare gain from further stabilizing the U.S. economy is about a quarter of annual consumption, which is consistent in order of magnitude with estimates based on the empirical studies of Ramey and Ramey (1995) and Alvarez and Jermann (2004). Hence, policies designed to reduce fluctuations can generate large welfare gains because smaller fluctuations are associated with permanently higher rates of growth.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 35, Issue 10, October 2011, Pages 1696-1709
نویسندگان
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