The indeterminacy of endogenous growth under stochastic model
學年 104
學期 2
發表日期 2016-07-03
作品名稱 The indeterminacy of endogenous growth under stochastic model
作品名稱（其他語言）
著者 Chin-Chang Lai
作品所屬單位
出版者
會議名稱 2016 International Conference on Business and Information (BAI 2016)
會議地點 日本, 名古屋
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.
關鍵字 AK model;Indeterminacy;Superneutrality;inflation uncertainty
語言 en
收錄於
會議性質 國際
校內研討會地點 無
研討會時間 20160703~20160705
通訊作者
國別 JPN
公開徵稿
出版型式
出處 2016 International Conference on Business and Information
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/108694 )