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- W2129138051 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 euctuations in aggregate GDP, investment, and interest rates. Reducing inequality of access may be a necessary condition for macroeconomic stabilization. Moreover, countercyclical escal 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 enance investment subsidies or tax cuts for investors. The most important single fact about saving and investment activities is that in our industrial society they are generally done by different people and for different reasons. (. . .) For years there might tend to be too little investment, leading to deeation, losses, excess capacity and unemployment. For other years, there might tend to be too much investment, leading to periods of chronic ineation—unless prudent and proper public policies in the escal and monetary eelds are followed [Paul A. Samuelson, Economics 8th edition, 1970, pp. 196‐198]." @default.
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- W2129138051 date "1999-11-01" @default.
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- W2129138051 title "Dualism and Macroeconomic Volatility" @default.
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