From Keynes to Solow to optimal growth: An encompassing model of monetary and fiscal policy

被引：3
|
作者：
Day, Richard H. [2 ]
Yang, Chengyu [1 ]
机构：
[1] Univ Cent Florida, Coll Business Adm, Dept Econ, Orlando, FL 32816 USA
[2] Univ So Calif, Dept Econ, Los Angeles, CA 90089 USA
来源：
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2009年 / 72卷 / 02期
关键词：
Growth; Out-of-equilibrium; Monetary and fiscal policy; Revealed social preference; ECONOMIC-GROWTH; EQUILIBRIUM;
D O I：
10.1016/j.jebo.2009.08.004
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A dynamic, out-of-equilibrium model of aggregate demand and supply is specified. The existence of, and convergence to, a macroeconomic equilibrium is derived, and the existence of a supporting revealed social utility function is established. Empirical estimates for three recent historical 'eras' suggest the model's explanatory power is impressive. Implications for possible policy repercussions include striking shifts in effect. (C) 2009 Elsevier B.V. All rights reserved.
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页码：780 / 795
页数：16
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