Can Stabilisation Policy Reduce Long‐run Growth?
用一个包含名义刚性和内生技术的随机模型，分析短期稳定政策对长期增长的影响，发现更平滑的经济周期可能伴随更低的长期增长趋势。
This paper presents an analysis of the long-run implications of short-term stabilisation policy. The analysis is based on a simple, stochastic model of an imperfectly competitive economy with nominal rigidities and an endogenous technology. By virtue of the latter, temporary shocks have permanent effects such that the cyclical and secular properties of output are related. In particular, smoother cyclical fluctuations may be associated with flatter secular trends, implying a trade-off between short-term stabilisation and long-term growth.