In an interesting and influential paper Robert Lucas (1993) considering the experience of East Asian small economies, suggests that 'on the job' learning could be the principal engine of their miraculous growth in the last 20 years. In this paper I develop an overlapping generation model where...

In an interesting and influential paper Robert Lucas (1993) considering the experience of East Asian small economies, suggests that "on the job" learning could be the principal engine of their miraculous growth in the last 20 years. In this paper I develop an overlapping generation model where...

Our objective is to understand how fundamental uncertainty can affect the long-run growth rate and what factors determine the nature of the relationship. Qualitatively, we show that the relationship between volatility in fundamentals and policies and mean growth can be either positive or...

In an interesting and influential paper Robert Lucas (1993) considering the experience of East Asian small economies, suggests that on the job" learning could be the principal engine of their miraculous growth in the last 20 years. In this paper I develop an overlapping generation model where on...

This paper examines issues related to the estimation of the government spending multiplier (GSM) in a Dynamic Stochastic General Equilibrium context. We stress a potential source of bias in the GSM arising from the combination of Edgeworth complementarity/substitutability between private...

This paper analyzes the contribution of anticipated capital and labor tax shocks to business cycle volatility in an estimated New Keynesian DSGE model. While fiscal policy accounts for 12 to 20 percent of output variance at business cycle frequencies, the anticipated component hardly matters for...