Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10071/10479
Autoria: | Gomes, O. |
Data: | 2010 |
Título próprio: | Endogenous Growth, Price Stability and Market Disequilibria |
Volume: | 61 |
Número: | 1 |
Paginação: | 3-34 |
ISSN: | 0026-1386 |
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. |
Arbitragem científica: | Sim |
Acesso: | Acesso Aberto |
Aparece nas coleções: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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post_print_Gomes.pdf | 271,21 kB | Adobe PDF | Ver/Abrir |
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