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Stability under learning: the neo-classical growth problem

Gomes, Orlando - In: Economics Bulletin 29 (2009) 4, pp. 3186-3193

A local stability condition for the standard neo-classical Ramsey growth model is derived. The proposed setting is …

Persistent link: https://www.econbiz.de/10008562926

Power Law Scaling in the World Income Distribution

Guilmi, Corrado Di; Gallegati, Mauro; Gaffeo, Edoardo - In: Economics Bulletin 15 (2003) 6, pp. 1-7

growth process appears to be scale invariant but for countries in the tails of the world income distribution, and that the … relative volatility of smaller countries' growth processes have increased over time. …

Persistent link: https://www.econbiz.de/10010836047

Corruption, aid volatility & growth

Kathavate, Jay - In: Economics Bulletin 33 (2013) 2, pp. 1159-1169

This paper revisits the debate on foreign aid effectiveness from a different perspective by analysing the role of institutional corruption on the effect of aid volatility on the output of developing nations. A simple political economy model is developed to show the effect of corruption on...

Persistent link: https://www.econbiz.de/10010836231

Power Law Scaling in the World Income Distribution

Guilmi, Corrado Di; Gallegati, Mauro; Gaffeo, Edoardo - In: Economics Bulletin 15 (2003) 6, pp. 1-7

Persistent link: https://www.econbiz.de/10005094837

Do institutions rule? The role of heterogeneity in the institutions vs. geography debate

Kourtellos, Andros; Stengos, Thanasis; Tan, Chih ming - In: Economics Bulletin 30 (2010) 3, pp. 1710-1719

We uncover evidence of substantial heterogeneity in the growth experience of countries using a structural threshold … versus geography debate in growth are potentially misleading …

Persistent link: https://www.econbiz.de/10008520882

Policy implications of learning from more accurate central bank forecasts

Hubert, Paul - In: Economics Bulletin 35 (2015) 1, pp. 466-474

How might central bank communication of its internal forecasts assist the conduct of monetary policy? The literature has shown that heterogeneous expectations may have destabilizing effects on aggregate dynamics. This paper analyzes through adaptive learning the policy implications of central...

Persistent link: https://www.econbiz.de/10011199640

The timing of information updates: a stability result

Gomes, Orlando - In: Economics Bulletin 29 (2009) 4, pp. 2860-2869

We assume an environment where the current value of an aggregate nonstationary variable is generated by weighting the behavior of a large set of agents who choose to form expectations resorting to more or less outdated information concerning the state of the economy. Agents using recent...

Persistent link: https://www.econbiz.de/10008563082

Diffusion Paths: Fixed Points, Periodicity and Chaos

Gomes, Orlando - In: Economics Bulletin 30 (2010) 3, pp. 2413-2424

It is common to recognize that ideas, technology and information disseminate across the economy following some kind of diffusion pattern. Typically, the process of adopting a new piece of knowledge will be translated into an s-shaped trajectory for the adoption rate. This type of process of...

Persistent link: https://www.econbiz.de/10008642499

Non-separable utility, wealth effects, and economic growth in a monetary economy

Hosoya, Kei - In: Economics Bulletin 15 (2002) 10, pp. 1-7

This paper investigates the effects of wealth-enhanced social status using an optimizing monetary growth model with non … wealth effects, an increase in the rate of money growth does not stimulate the steady-state growth rate. Moreover, in the … case of existing wealth effects, we show that an increase in the rate of money growth has a negative effect on the long …

Persistent link: https://www.econbiz.de/10005416797

Communication costs, network externalities, and long-run growth

Davis, Colin - In: Economics Bulletin 15 (2007) 5, pp. 1-9

that while a decrease in communication costs leads to growth in aggregate output, this growth is only transitional with the … growth rate falling to zero in the long run as the result of a congestion effect. …

Persistent link: https://www.econbiz.de/10005416799