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Monetary policy cooperation and multiple equilibria

✍ Scribed by Henrik Jensen

Publisher
Elsevier Science
Year
1999
Tongue
English
Weight
172 KB
Volume
23
Category
Article
ISSN
0165-1889

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Multiple equilibria, fiscal policy, and
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✍ Jaime Alonso-Carrera; Marı́a JesΓΊs Freire-SerΓ©n πŸ“‚ Article πŸ“… 2004 πŸ› Elsevier Science 🌐 English βš– 301 KB

This paper shows that in a three-sector model of endogenous growth with physical and human capital accumulation, taxation policy can generate indeterminacy under plausible parameterizations. The key for this result is that the accumulation of human capital is a non-market activity in which individua