Macroeconomic growth determining

Coordinating macroeconomic policy in a simple AK growth model

Modern theories of government finance stress the importance of an economy s fiscal deficits in determining the course of monetary policy. Modern growth theory stresses the role of monetary factors in economic growth. This paper explores how these two are interrelated, using a simple AK growth model, one with money, reserve requirements, and government debt. We provide a comprehensive look at th...

Using Patents in Growth Models

This paper argues that macroeconomic models of endogenous growth driven by technological change could be much improved by drawing lessons from the microeconomic literature of intellectual property design. Growth models use overly simplistic and sometimes incorrect assumptions regarding the intellectual property regime. Microeconomic theory and empirical work are reviewed to demonstrate that det...

Some Dynamics of Global Inequality and Growth

This paper combines “emerging twin peaks” distribution dynamics for percapita incomes across countries, with personal income distributions within countries over time. The result is a picture of worldwide income distribution dynamics across people. The paper finds that for determining world inequalities, the forces assuming first-order importance are those macroeconomic ones that determine cross...

Effects of Financial Liberalization on Macroeconomic Volatilities: Applications to Economic Growth, Exchange Rate and Exchange Rate Pass-Through

Structural Barriers to Trade in Africa

The economic performance of Sub-Saharan Africa (SSA) over the past two decades has been disappointing. The initial explanation for this poor performance focussed on deficient macroeconomic policies. However a number of SSA countries have undertaken and sustained a reasonable measure of macroeconomic reform and still see no significant expansion in the growth of manufactured exports. This sugges...