Endogenous Growth with Nominal Frictions View Full Text


Ontology type: schema:ScholarlyArticle      Open Access: True


Article Info

DATE

2004-09

AUTHORS

Alfred Maussner

ABSTRACT

This paper analyzes monetary business cycles in the framework of a two-sector endogenous growth model with nominal frictions, which stem from overlapping wage contracts. When the accumulation of human capital is considered as home production, it almost insulates the market sector from money supply shocks. Though small, the impulse responses of market output, investment, and paid hours of work are contrary to those observed both in models with exogenous growth and in the data. Both problems are resolved if the production of human capital is considered a market activity, too. This case also provides a better description of the data than a benchmark model with exogenous growth. The additional channel of intertemporal substitution provided by human capital accumulation however, does not introduce greater persistence of monetary shocks. More... »

PAGES

1-46

Journal

TITLE

Journal of Economics

ISSUE

1

VOLUME

83

Author Affiliations

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s00712-003-0062-6

DOI

http://dx.doi.org/10.1007/s00712-003-0062-6

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1002707034


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