New Open Economy Policy Perspectives: Modified Golden Rule and Hybrid Welfare

Paul Welfens

No disbei179, EIIW Discussion paper from Universitätsbibliothek Wuppertal, University Library

Abstract: This paper raises several new issues in the context of a modified growth model and the golden rule, respectively. Key issues solved here include the role of long-run monetary policy - to some extent also fiscal policy - where the golden rule is considered as a serious point of reference for economic policymakers; this includes aspects of the Transatlantic Banking crisis. Also the role of negative external effects from C02 production is considered here in a straightforward manner. Finally, a new approach for a consistent transition between the Keynesian approach and the long-run neoclassical world is proposed.

Keywords: new open economy; growth model; welfare (search for similar items in EconPapers)
JEL-codes: F43 I31 O4 R13 (search for similar items in EconPapers)
Pages: 27 Pages
Date: 2010-11
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Persistent link: https://EconPapers.repec.org/RePEc:bwu:eiiwdp:disbei179

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