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IMF Staff papers, Volume 41 No. 1
Author:
International Monetary Fund. Research Dept.
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Series:
IMF Staff Papers
Volume/Issue:
Volume 1994: Issue 001
Language:
English
Publication Date:
01 Jan 1994
DOI:
https://doi.org/10.5089/9781451957037.024
ISBN:
9781451957037
ISSN:
1020-7635
Pages:
181
Keywords:
SP; IMF working papers Policy Analasis; IMF paper; priority mail delivery; research paper; market exchange rate; Real exchange rates; Exchange rates; Currency swaps; Capital productivity; Sub-Saharan Africa; Africa; Global; West Africa; Western Europe; unification of foreign exchange markets
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This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of the exogenous rates of technical change and population growth.
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Cover IMF Staff Papers
IMF Staff Papers
ISSN:
1020-7635
Publisher:
International Monetary Fund