English, Article, Journal or magazine article edition: Endogenous Growth, Price Stability and Market Disequilibria Orlando Gomes

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Bookmark: http://trove.nla.gov.au/version/162040
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Endogenous Growth, Price Stability and Market Disequilibria
Author
  • Orlando Gomes
Physical Description
  • preprint
Notes
  • 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.
  • Endogenous Growth, Non-equilibrium Models, Keynesian Macroeconomics, Local Stability analysis, monetary policy.
  • RePEc:isc:wpaper:ercwp0608
Language
  • English
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