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We discuss long-run growth in an economy which is subject to aggregate productivity shocks affecting all factors of production. We demonstrate that the presence of labor income risk unambiguously is an important determinant of long-run expected growth. The issue of dynamic inefficiency of the...
Persistent link: https://www.econbiz.de/10002242420
Persistent link: https://www.econbiz.de/10003895829
We discuss long-run growth in an economy which is subject toaggregate productivity shocks affecting all factors of production. Wedemonstrate that the presence of labor income risk unambiguously isan important determinant of long-run expected growth. The issue ofdynamic inefficiency of the...
Persistent link: https://www.econbiz.de/10005867611
Persistent link: https://www.econbiz.de/10015206532
Persistent link: https://www.econbiz.de/10009011957
Persistent link: https://www.econbiz.de/10003656049