淡江大學機構典藏:Item 987654321/108694
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    题名: The indeterminacy of endogenous growth under stochastic model
    作者: Lai, Chin-Chang
    关键词: AK model;Indeterminacy;Superneutrality;inflation uncertainty
    日期: 2016-07-04
    上传时间: 2016-12-03 02:11:02 (UTC+8)
    出版者: International Business Academics Consortium
    摘要: This paper mainly shows that the indeterminacy of endogenous growth may exist even though the intertemporal elasticity of substitution in consumption is smaller than unity when inflation uncertainty allowed. Besides, we can derive a close-form solution to demonstrate that the relationship between inflation uncertainty and economic growth may display positive or negative relationship whether intertemporal elasticity of substitution in consumption is smaller than unity. The intuition behind this paper comes from the fact that substitution and income effect work together to affect capital evolution when facing risk.
    Through the analyses in this paper, it was noticed that, although quantitative easing monetary policy can contribute to economic growth, it would also cause the economic system to be at a higher level of real balance to capital. Therefore, the risk-bearing capacity of citizens would reduce, and would cause future decline in economic growth if risks escalate.
    關聯: 2016 International Conference on Business and Information
    显示于类别:[國際企業學系暨研究所] 會議論文

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