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dc.contributor.author	Piketty, Thomas
dc.contributor.author	Banerjee, Abhijit
dc.contributor.author	Aghion, Philippe
dc.date.accessioned	2010-11-15T15:09:33Z
dc.date.issued	1999
dc.identifier.citation	Aghion, Philippe, Abhijit Banerjee, and Thomas Piketty. 1999. Dualism and macroeconomic volatility. Quarterly Journal of Economics 114(4): 1359-1397.	en_US
dc.identifier.issn	1531-4650	en_US
dc.identifier.issn	0033-5533	en_US
dc.identifier.uri	http://nrs.harvard.edu/urn-3:HUL.InstRepos:4554124
dc.description.abstract	This paper develops a simple macroeconomic model that shows that combining capital market imperfections together with unequal access to investment opportunities across individuals can generate endogenous and permanent fluctuations in aggregate GDP, investment, and interest rates. Reducing inequality of access may be a necessary condition for macroeconomic stabilization. Moreover, countercyclical fiscal policies have a role to play: in our model savings are underutilized in slumps because of the limited debt capacity of potential investors. Therefore, the government should issue public debt during recessions in order to absorb those idle savings and finance investment subsidies or tax cuts for investors.	en_US
dc.description.sponsorship	Economics	en_US
dc.language.iso	en_US	en_US
dc.publisher	MIT Press	en_US
dc.relation.isversionof	doi:10.1162/003355399556296	en_US
dash.license	LAA
dc.title	Dualism and Macroeconomic Volatility	en_US
dc.type	Journal Article	en_US
dc.description.version	Version of Record	en_US
dc.relation.journal	Quarterly Journal of Economics	en_US
dash.depositing.author	Aghion, Philippe
dc.date.available	2010-11-15T15:09:33Z

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