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This paper derives measures of potential output and capacity utilization for a number of OECD countries, using a method based on the cointegration relation between output and the capital stock. The intuitive idea is that economic capacity (potential output) is the aspect of output that co-varies...
Persistent link: https://www.econbiz.de/10008679838
1. Introduction -- 2. The microfoundations of long-run growth : controversies on capacity utilization and competition -- 3. A review of the literature on growth -- 4. A model of disequilibrium dynamics -- 5. Warranted growth and the role of the state -- 6. Conclusion : the relevance of...
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Based on neoclassical theory, cutting budget deficits has come to be seen as a principal way to increase long-run growth, but the empirical evidence is ambiguous on the outcome of this macropolicy. A new model, the classical growth cycles (CGC) model, offers an alternative theoretical framework...
Persistent link: https://www.econbiz.de/10009381193
This paper raises questions about austerity policies by investigating the effects of the state's tax and expenditure policies on the warranted growth rate. It proposes two mechanisms to raise the warranted growth rate in the event that there is long-run unemployment. First, it incorporates...
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