From Keynes to Solow to optimal growth: An encompassing model of monetary and fiscal policy
Abbreviated Journal Title
J. Econ. Behav. Organ.
Growth; Out-of-equilibrium; Monetary and fiscal policy; Revealed social; preference; EQUILIBRIUM; Economics
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 of Economic Behavior & Organization
"From Keynes to Solow to optimal growth: An encompassing model of monetary and fiscal policy" (2009). Faculty Bibliography 2000s. 1459.