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Monetary Stabilisation Policy and Long-run Growth

Author

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  • Galindev Ragchaasuren

    (Department of Economics University of Essex)

Abstract

This paper presents a stochastic monetary growth model with nominal rigidities and active monetary policy in which technological change contains both deliberate (internal) and serendipitous (external) learning mechanisms. The model is used to describe how the implications of monetary stabilization policy for the long-run economic performance could change due to the ambiguity on the relationship between secular growth and cyclical volatility

Suggested Citation

  • Galindev Ragchaasuren, 2007. "Monetary Stabilisation Policy and Long-run Growth," Money Macro and Finance (MMF) Research Group Conference 2006 48, Money Macro and Finance Research Group.
    • Handle: RePEc:mmf:mmfc06:48
    as

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    File URL: http://repec.org/mmf2006/up.21948.1144658999.pdf
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    References listed on IDEAS

    as
    1. Stadler, George W, 1990. "Business Cycle Models with Endogenous Technology," American Economic Review, American Economic Association, vol. 80(4), pages 763-778, September.
    2. repec:bla:econom:v:63:y:1996:i:251:p:477-94 is not listed on IDEAS
    3. Fatas, Antonio, 2000. "Endogenous growth and stochastic trends," Journal of Monetary Economics, Elsevier, vol. 45(1), pages 107-128, February.
    4. Ireland, Peter N., 2001. "Sticky-price models of the business cycle: Specification and stability," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 3-18, February.
    5. Pelloni, Alessandra, 1997. "Nominal Shocks, Endogenous Growth and the Business Cycle," Economic Journal, Royal Economic Society, vol. 107(441), pages 467-474, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    growth; cyclies; money; stabilisation policy;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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