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Stabilization Policy, Growth and Learning by Doing

Abstract : This paper shows that fiscal policy, when used for stabilization purposes, can have a positive effect on the economy's growth, on human capital accumulation, and on welfare. We introduce stochastic productivity shocks into a model in which productivity is augmented through learning-by-doing If future benefits of learning-by-doing are not fully internalized by workers, then recessions are periods in which opportunities for acquiring experience are foregone. We identify configurations of disturbances and other parameters for which a countercyclical policy maximizes growth and welfare.
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Submitted on : Friday, November 5, 2021 - 11:04:37 AM
Last modification on : Saturday, November 6, 2021 - 3:51:56 AM

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  • HAL Id : hal-03416319, version 1
  • SCIENCESPO : 2441/9307

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Carol Ann Rogers, Philippe Martin. Stabilization Policy, Growth and Learning by Doing. Oxford Economic Papers, Oxford University Press (OUP), 1997, 49 (2), pp.152 - 166. ⟨hal-03416319⟩

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