Inflation, Factor Substitution and Growth

in Kredit und Kapital (2003)

Verteilung und Wirtschaftswachstum: Eine neoklassische Verallgemeinerung des Wachstumsmodells von Kaldor

in Menkhoff, Lukas; Sell, Friedrich (Eds.) Zur Theorie, Empirie und Politik der Einkommensverteilung (2002)

Weltwirtschaft und Wirtschaftsordnung: Festschrift für Jürgen Schneider zum 65. Geburtstag

in Gömmel, Rainer; Denzel, Markus A. (Eds.) Weltwirtschaft und Wirtschaftsordnung: Festschrift für Jürgen Schneider zum 65. Geburtstag (2002)

Trade, money and employment in intertemporal optimizing models of growth

in Journal of International Trade and Economic Development (2001), 10(4), 411-428

This paper unites elements of Sidrauski's (1967) monetary model of growth, Ventura's (1997) analysis of the effects of international trade on growth, and some work on the labour market implications of ... [more ▼]

This paper unites elements of Sidrauski's (1967) monetary model of growth, Ventura's (1997) analysis of the effects of international trade on growth, and some work on the labour market implications of growth by Barro and Sala-i-Martin (1995). It was shown by Ventura that, for a small economy, free international trade leads to an increase of the de facto elasticity of substitution between the domestic factors of production. The first part of the paper analyses how such an increase in the elasticity of substitution influences the steady state and the speed of convergence. From the Sidrauski model we know that money is super-neutral in the long-run but that monetary policy can have real effects along the transition path as long as the intertemporal elasticity of substitution is not equal to one. In the second part of this paper, it is shown how these results also depend on the elasticity of substitution between factors of production. The results give some important insights into possible interactions between monetary and trade policy in the long and short run. The last part of the paper deals with a modified version of the monetary growth model, which includes endogenous labour supply as in Klump (1993) or Barro and Sala-i-Martin (1995). In this context, international trade, by increasing the elasticity of substitution, leads to lower domestic employment in the long run whereas monetary policy may be able to increase employment at least in the short run. Thus, under certain circumstances, trade and monetary policy can be regarded as complementary with respect to their labour market effects. © 2001 Taylor & Francis Ltd. [less ▲]

Economic growth and the elasticity of substitution: Two theorems and some suggestions

in American Economic Review (2000), 90(1), 282-291

[No abstract available]

CES production functions and economic growth

in Scandinavian Journal of Economics (2000), 102(1), 41-56

We examine inconsistencies and controversies related to the use of CES production functions in growth models. First, we show that not all variants of CES functions commonly used are consistently specified ... [more ▼]

We examine inconsistencies and controversies related to the use of CES production functions in growth models. First, we show that not all variants of CES functions commonly used are consistently specified. Second, using a simple growth model, we find that a higher elasticity of substitution leads to a higher steady state and makes the emergence of permanent growth more probable. It is also pointed out that the effect of a higher elasticity of substitution on the speed of convergence depends on the relative scarcity of the factors of production. Finally, we discuss possible explanations of variations in the elasticity of substitution. [less ▲]

Erscheinungsbild und Erklärungsmuster der asiatischen Wirtschaftskrise

in Schubert, R. (Ed.) Ursachen und Therapien regionaler Entwicklungskrisen – Das Beispiel der Asienkrise (2000)

Dialogorientierte Wirtschaftspolitik – Ein Weg zu mehr Beschäftigung?

in Berg, H. (Ed.) Arbeitsmarkt und Beschäftigung: Deutschland im internationalen Vergleich (2000)

Geldzins, Güterpreise und das Gibson-Paradoxon: Besonderheiten und Implikationen des Erklärungsansatzes von Knut Wicksell

in Streissler, Erich W. (Ed.) Studien zur Entwicklung der ökonomischen Theorie XVIII: Knut Wicksells „Geldzins und Güterpreise“ (1999)

Die stolzesten Grafen sind die Polygraphen

in Baar, L.; Petzina, D. (Eds.) Wirtschaftlicher Strukturwandel, Innovationen und regionaler Wandel im geteilten Deutschland nach 1945 (1999)