LONG-TERM GROWTH AND SHORT-TERM VOLATILITY: THE LABOUR MARKET NEXUS

被引：3

作者：

Annicchiarico, Barbara ^{[1
]}

Corrado, Luisa ^{[2
]}

Pelloni, Alessandra ^{[1
]}

机构：

[1] Univ Roma Tor Vergata, Dept Econ, Rome, Italy

[2] Univ Cambridge, Cambridge CB2 1TN, England

来源：

MANCHESTER SCHOOL | 2011年 / 79卷

关键词：

ENDOGENOUS GROWTH; OUTPUT GROWTH; INTERTEMPORAL SUBSTITUTION; INFLATION UNCERTAINTY; STABILIZATION POLICY; MODELS; FLUCTUATIONS; VARIABILITY; EXPLORATION; MONETARY;

D O I：

10.1111/j.1467-9957.2010.02180.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the relationship between growth and variability in a growth DSGE model with nominal rigidities and learning-by-doing. We show this relationship may be positive or negative depending on the source of fluctuations. A key role is played by labour market features. We find that monetary shocks volatility will generally have a negative effect on growth, while the opposite is true for fiscal and productivity shocks. These findings are consistent with empirical evidence, as data show an ambiguous relationship between output growth and its variance, but a negative relationship between output growth and nominal variability.

引用

页码：646 / 672

页数：27

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