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Macroeconomic Effects of Growth-enhancing Measures in the Euro Area

Alessandro CantelmoAlessandro NotarpietroMassimiliano Pisani

出版	Banca d'Italia, 2022
URL	http://books.google.com.hk/books?id=m2v6zwEACAAJ&hl=&source=gbs_api

註釋

We evaluate the short- and long-term effects of different growth-enhancing policy measures implemented in the euro area by simulating a calibrated New Keynesian model featuring endogenous growth via the private sector's R&D accumulation. We find that higher public investment in infrastructures, pro-competition reforms in the product market, and subsidies to R&D have a positive effect on long-term growth and raise the natural rate of interest. In the short term, these measures can have mildly negative effects on inflation through their positive effect on aggregate supply.Creation-Date: 2022-10.