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Long-run Growth (long-run + growth)
Terms modified by Long-run Growth Selected AbstractsDEMAND POLICIES FOR LONG-RUN GROWTH: BEING KEYNESIAN BOTH IN THE SHORT AND IN THE LONG RUN?METROECONOMICA, Issue 1 2007Article first published online: 8 FEB 200, Marco Missaglia ABSTRACT The idea of demand-led growth is defended by neo-Kaleckians and neo-Keynesians using very specific assumptions. In their models the paradox of costs is always valid in the long run. The central message of this paper is that these specific and strong assumptions are not needed to defend the Kaleckian perspective of a demand-driven long-run growth. What is needed is simply a less demanding theory of flexible mark-ups in an open economy. The formal model developed in this paper shows that long-run growth may be demand driven even when the paradox of costs does not hold in the long run. [source] COLONIALISM AND LONG-RUN GROWTH IN AUSTRALIA: AN EXAMINATION OF INSTITUTIONAL CHANGE IN VICTORIA'S WATER SECTOR DURING THE NINETEENTH CENTURYAUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 3 2008Edwyna Harris colonialism; democracy; economic growth; institutional efficiency; water rights Institutional change in water rights in the nineteenth century Australian colony of Victoria raised institutional efficiency, which contributed to long-run economic growth. High-quality human capital and the extension of voting rights (franchise) were crucial for efficient institutional change in the water sector. Quality human capital (literacy) appeared to increase the rural population's awareness of the economic impact of the existing structure of water rights that may have constrained growth in the agricultural sector and reduced investment incentives. Extension of the franchise allowed the rural population to exert political pressure for enactment of change in water rights, which resulted in efficiency-enhancing policies and efficient institutions. The findings show these two factors were more important than Victoria's British colonial heritage in determining whether growth-enhancing institutional change took place. [source] Business Cycle Volatility, Uncertainty and Long-run GrowthTHE MANCHESTER SCHOOL, Issue 5 2001Richard Kneller Using data for 24 OECD economies from 1961 to 1997 we investigate whether the empirical relationship between business cycle volatility and long-run growth is positive, as Blackburn (Economic Journal, Vol. 109, No. 1 (1999), pp. 67,77) suggests, or negative, the view of the UK and other governments. The existing empirical literature is ambiguous on this issue. Here we account for the disparate results and find a significant negative relationship. This relationship is found to depend crucially on the time dimension of the data. We also find that oil price volatility and inflation uncertainty, as indicators of world and general shocks, are robustly correlated with growth. [source] Price Rigidities, Inflationary Finance and Long-run Growth*BULLETIN OF ECONOMIC RESEARCH, Issue 1 2000Christopher Tsoukis The paper considers a monopolistically competitive intertemporally optimizing monetary economy featuring long-term growth. Inflation is generated through sluggish price-setting and contributes to budgetary finance through seignorage. This setup permits exploration of the interaction between inflation and growth in a tractable way. Superneutrality holds in the long but not the short run. The budget deficit fuels inflation with a hysteresis. Growth and inflation are negatively correlated in the long run, with causality running from the former to the latter, and positively correlated in the short run regardless of the origin of shocks. Price flexibility precipitates adjustment but appears also to destabilize output. [source] DEMAND POLICIES FOR LONG-RUN GROWTH: BEING KEYNESIAN BOTH IN THE SHORT AND IN THE LONG RUN?METROECONOMICA, Issue 1 2007Article first published online: 8 FEB 200, Marco Missaglia ABSTRACT The idea of demand-led growth is defended by neo-Kaleckians and neo-Keynesians using very specific assumptions. In their models the paradox of costs is always valid in the long run. The central message of this paper is that these specific and strong assumptions are not needed to defend the Kaleckian perspective of a demand-driven long-run growth. What is needed is simply a less demanding theory of flexible mark-ups in an open economy. The formal model developed in this paper shows that long-run growth may be demand driven even when the paradox of costs does not hold in the long run. [source] The Australian Growth Experience, 1960,2000: Human Capital, R&D or Steady-State Growth?THE AUSTRALIAN ECONOMIC REVIEW, Issue 4 2003Yuan K. Chou This article examines the sources of economic growth in Australia from 1960 to 2000 by adapting a framework developed in Jones (2002), whereby long-run growth is driven by the global discovery of new ideas, which in turn is tied to world population growth. We find that, contrary to the conventional view as suggested by sustained growth rates and a stable capital,output ratio over the last several decades, Australia is clearly not on its steady,state balanced growth path. Australia has benefited from increases in educational attainment and research intensity: 42 per cent of Australian growth between 1960 and 2000 is attributable to the rise in educational attainment, about 20 to 40 per cent is attributable to increasing research intensity, while only 10 to 30 per cent is due to long-run population growth in the idea-producing countries. [source] HUMAN CAPITAL ACCUMULATION, HOME PRODUCTION AND EQUILIBRIUM DYNAMICS*THE JAPANESE ECONOMIC REVIEW, Issue 3 2008YUNFANG HU In this paper, we construct a three-sector endogenous growth model in which long-run growth is propelled by human capital accumulation. We show that although the addition of a home sector to the standard two-sector endogenous growth model preserves the well-behaved balanced growth equilibrium properties, it generates new transitional dynamics around the balanced growth path. It is shown that, when there is a positive shock to physical capital, our model is more likely to exhibit paradoxical growth than are standard multisector endogenous growth models that exclude home production. Our analysis adds new results to those from the related literature on leisure. [source] Growth Effects of Free Trade under Increasing ReturnsTHE JAPANESE ECONOMIC REVIEW, Issue 4 2002Ilaria Ossella-Durbal This paper addresses the long-term sustainability of the growth effects from trade, within the context of a dynamic optimization model where the investment sector exhibits an initial phase of increasing returns. It is proved that the qualitative properties of trade and growth remain valid, even for decreasing, rather than constant, returns to scale in the consumption sector. That is, trade enables an economy to escape a "poverty trap" and enjoy unbounded growth. Moreover, the asymptotic long-run growth rate of the optimal consumption levels with trade is determined, establishing that trade has a beneficial effect on long-run growth. JEL Classification Numbers: O41, F12. [source] Business Cycle Volatility, Uncertainty and Long-run GrowthTHE MANCHESTER SCHOOL, Issue 5 2001Richard Kneller Using data for 24 OECD economies from 1961 to 1997 we investigate whether the empirical relationship between business cycle volatility and long-run growth is positive, as Blackburn (Economic Journal, Vol. 109, No. 1 (1999), pp. 67,77) suggests, or negative, the view of the UK and other governments. The existing empirical literature is ambiguous on this issue. Here we account for the disparate results and find a significant negative relationship. This relationship is found to depend crucially on the time dimension of the data. We also find that oil price volatility and inflation uncertainty, as indicators of world and general shocks, are robustly correlated with growth. [source] | ||||||||||