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Descrição Detalhada da Publicação
Título Revista
Metroeconomica
Ano (publicação definitiva)
2010
Língua
Inglês
País
Estados Unidos da América
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Abstract/Resumo
Resorting to an endogenous growth framework, the paper studies the implications of taking market clearing as a long term possibility rather than an every period implicit assumption, as is conventional in growth analysis. Under the proposed setup, the system may converge to a market equilibrium outcome in the same way it can converge to a state of constant growth; however, local instability may deviate the economy from the long run stable result. The underlying main assumption respects to an adjustment mechanism in which: (i) transitional dynamics are characterized by the persistence of an accumulated market imbalance; (ii) monetary authorities are able to guarantee price stability. The implications of this modelling structure are the following: (a) a market clearing equilibrium may co-exist with other equilibrium points; (b) several types of stability outcomes are obtainable; (c) monetary policy becomes relevant for growth.
Agradecimentos/Acknowledgements
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Classificação Fields of Science and Technology
- Economia e Gestão - Ciências Sociais