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Pirker R., The Constitution of Working Time, No. 43, Januar 1997. Nowotny E., Konsequenzen einer Globalisierung der Weltwirtschaft für unsere Gesellschaft, No. 44, Januar 1997. Grandner T., Territoriale Evolution von Kooperation in einem Gefangenendilemma, No. 45, February 1997. Häfke Ch., Sögner L., Asset Pricing under Asymmetric Information, No. 46, February 1997. Stiassny A., Die Relevanz von Effizienzlöhnen im Rahmen von Gewerkschaftsverhandlungsmodellen, No. 47, May 1997. Stiassny A., Unsicherheit bezüglich Preiselastizität der Güternachfrage als reale Rigidität, No. 48, May 1997. Klausinger H., Die Alternativen zur Deflationspolitik Brünings im Lichte zeitgenössischer Kritik, No. 49, May 1997. Wehinger G.D., Exchange Rate-Based Stabilization: Pleasant Monetary Dynamics?, No. 50, Aug. 1997. High inflation economies have ultimately been successful in stabilising their prices using the exchange rate as a nominal anchor. Besides stabilization, these recent examples have shown boom-recession cycles, contrary to what can be expected from (pure) money-based stabilizations. Various theoretical explanations of such boom-cycles are discussed and a model of aggregate supply and demand generating such an outcome is developed. There the boom dynamics depend mainly on a slump in real interest rates and wage flexibility. Wehinger G.D., Are Exchange Rate-Based Stabilization Expansionary: Theoretical Considerations and the Brazilian Case, No. 51, Aug. 1997. High inflation economies,
especially the Latin American cases like Argentina
and Brazil, have ultimately been successful in stabilising their prices
using the exchange rate as a nominal anchor. Contrary to conventional
wisdom
inflation in these cases has not been reduced at the cost of temporary
recessions, instead, they have shown positive output effects. Various
theoretical
explanations of such boom-cycles are discussed and a model generating
such
an outcome is developed. Huber C., Sögner, L., and Stern, A., Selbstselektierendes Strompreisregulierungsmodell, No. 52, Aug. 1997. Ragacs, Ch., and Zagler, M., Economic Policy in a Model of Endogenous Growth, No.53, September 1997. We develop a model of endogenous growth based on the division of labour in order to discuss policy issues. The engine of growth is the worker’s incentive to achieve higher income, thereby inducing an increase in the degree of specialisation. The genuine contribution of this paper is that both supply side and demand side policies may stimulate long-run economic growth, and do not only induce level shifts. On the supply side, an increase in productivity of innovative workers, alongside with investment in infrastructure, human capital, and improvements in the market setting may stimulate growth. On the demand side, we find that transfers to innovative workers, a reduction in consumption taxes, an increase of labour income taxation of the specialised workforce, and a redistribution towards specialised workers will foster economic growth. |
Engelbert.Stockhammer@wu-wien.ac.at
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