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1 mai 2015
- handle: 10670/1.f4r65q
- hal: hal-03459896
- SCIENCESPO: 2441/3d1rt55ran82d86guhaponket6
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Mots-clés
Macroeconomic policy Potential growth Human capital accumulation Innovation and technology EurozoneSujets proches
Applied science Arts, Useful Useful arts Science, Applied Human assets Human beings--Economic value Human resourcesCiter ce document
Jérôme Creel et al., « Macroeconomic policy and potential growth », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.f4r65q
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Résumé
We make the case for investigating the gap between the potential and the actual level of production, and review contributions that point to the reduced power of standard policy in- struments in presence of a prolonged gap. We also highlight di¢ culties in measuring where an economy stands relative to its potential. We review links between human capital accumulation and technology, and sketch a basic Schumpeterian model that puts at the center stage of the growth process investments in innovation and the foundation of new Örms, arguably two key sources of growth that could revitalize the faltering European Economies. The gap between the short and long run behavior is illustrated through quantitative experiments.