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

    Authors

    R. H. Day;C. Y. Yang

    Comments

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    Abbreviated Journal Title

    J. Econ. Behav. Organ.

    Keywords

    Growth; Out-of-equilibrium; Monetary and fiscal policy; Revealed social; preference; EQUILIBRIUM; Economics

    Abstract

    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.

    Journal Title

    Journal of Economic Behavior & Organization

    Volume

    72

    Issue/Number

    2

    Publication Date

    1-1-2009

    Document Type

    Article

    Language

    English

    First Page

    780

    Last Page

    795

    WOS Identifier

    WOS:000272365200011

    ISSN

    0167-2681

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