29 documents found, page 1 of 3

International spillovers of unconventional monetary policy: a meta-analysis

The impacts of the unconventional monetary policy measures adopted by central banks after the 2007 fnancial crisis have been the focus of an increasing number of empirical studies. While some studies have focused on the impacts on the domestic economy, others have examined the international spillover efects of the policies adopted by the major central banks. The latter studies have, however, reported heterogene...

Local and global indeterminacy and transition dynamics in a growth model with p...

This paper studies local and global indeterminacy and transition dynamics in an endogenous growth model where public goods increase production and the household’s utility. We study the impact on economic growth in the face of valuing public goods and socially conscious economic agents. When public goods are undervalued, the economy steadily converges to a unique low-growth equilibrium. As the utility share of p...

The Effect of Inflation on Wage Inequality: A North–South Monetary Model of End...

This study analyzes the e ects of in ation on intra- and inter-county wage inequality, specialization, and growth, using a North-South endogenous growth model with international trade and money. The relationship between in ation and intra-country wage inequality de- pends on rms' credit constraints and on the in ation levels. Our results indicate that in a- tion decreases specialization in skilled-production an...

The effects of automation and lobbying in wage inequality: a directed technical...

We devise a Directed Technical Change (DTC) multisector Schumpeterian growth model in which both wage inequality and wage polarization are analysed. To that end, we introduced tasks in the model, some of which can be automated – replaced by robots or machines –, thus combining the DTC and task-based growth literature in an unified framework. This model produces positive relationships both (i) between the relati...

Inflation, Complexity and Endogenous Growth

In this article, we argue that inflation increases complexity pertaining to knowledge production (or R&D). Then, we expand a recently developed complexity index based on entropy to include the effect of inflation. As a result of this new mechanism in an endogenous growth model, inflation is no longer superneutral. In the model, inflation can decrease economic growth in a nonlinear way, a sudden upward shock on ...

Directed technical change and environmental quality

We propose a directed technical change model with two sectors, clean and dirty, to analyze the impact of the degree of substitutability between sectors and the degree of scale effects on the environmental quality. The technological knowledge is biased towards the clean sector; i.e., the environmental quality is improved whenever the elasticity of substitution between inputs in both sectors increases and, along ...

Tradable and nontradable directed technical change

A North-South monetary model of endogenous growth with international trade

We devise a North-South endogenous growth model with international trade and money to study the effects of inflation (and monetary policy) on wage inequality,specialization, and growth. The relationship between monetary policy and wage inequality depends on the fact that skilled-production firms are less credit constrained than unskilled-production firms. Interestingly, inflation affects the structure of produc...

Wage Inequality and Lobbying: a directed technical change approach

We devise a generalized Directed Technical Change growth model in which firms spend resources in lobbying activity. As expected, the presence of lobbying distorts the skill premium and economic growth. Lobbying also contributes to a lower technological-knowledge bias toward the skill-sector and constitutes a possible explanation for the diverging empirical evidence on the relationship between the skill premium ...

Inflation, Complexity and Endogenous Growth

In this article, we argue that inflation increases complexity pertaining to knowledge production (or R&D). Then, we expand a recently developed complexity index based on entropy to include the effect of inflation. As a result of this new mechanism in an endogenous growth model, inflation is no longer superneutral. In the model, inflation can decrease economic growth in a nonlinear way, a sudden upward shock on ...