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Titel
Fiscal and monetary policy in a basic endogenous growth model / Alfred Greiner
VerfasserGreiner, Alfred
ErschienenBielefeld, Germany : Universität Bielefeld, Faculty of Business Administration and Economics, March 2013
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (21 Seiten)
SerieWorking papers in economics and management ; No. 10-2013
SchlagwörterFinanzpolitik / Geldpolitik / Wachstumsmodell / Endogenes Wirtschaftswachstum
URNurn:nbn:de:hbz:6:2-127906 
DOI10.4119/unibi/2562662 
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Fiscal and monetary policy in a basic endogenous growth model [0.18 mb]
Zusammenfassung

We present a monetary endogenous growth model and analyze the effects of fiscal and monetary policy with real money as an argument in the utility function. We show that a balanced government budget gives a higher balanced growth rate and lower inflation than a situation with permanent public deficits. It also leads to higher welfare compared to a situation with permanent deficits where the overnment does not put a high weight on stabilizing debt. However, when governments run deficits with a high weight on stabilizing debt, comparative welfare effects depend on the initial conditions with respect to public debt. Further, for a given monetary policy a stricter debt policy yields higher growth, lower inflation and higher welfare. A rise in the nominal money supply can compensate the negative growth effects of a loose debt policy up to a certain point but only at the cost of higher inflation and lower welfare.

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