Dualism and Macroeconomic Volatility

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Dualism and Macroeconomic Volatility

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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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  • FAS Scholarly Articles [7262]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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