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Resource policy in an endogenously growing economy

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Titill: Resource policy in an endogenously growing economyResource policy in an endogenously growing economy
Höfundur: Lúðvík Elíasson 1969
URI: http://hdl.handle.net/10802/4759
Útgefandi: Central Bank of Iceland, Economics Department
Útgáfa: 09.2004
Ritröð: Central Bank of Iceland., Working papers ; 25
Efnisorð: Efnahagsmál; Efnahagsþróun; Líkön; Efnahagsstefna
ISSN: 1028-9445
Tungumál: Enska
Tengd vefsíðuslóð: http://www.sedlabanki.is/uploads/files/WP-25.pdf
Tegund: Skýrsla
Gegnir ID: 000832721
Athugasemdir: Útdráttur á enskuMyndefni: línurit, töflur
Útdráttur: In a decentralized open economy model with an endogenous growth sector and a renewable resource sector a steady state-balanced growth equilibrium will at best be attained by chance. An interior equilibrium where both sectors exist and the resource sector is in equilibrium while the other sector grows can be achieved by the help of government policy. The optimum equilibrium is unstable in the decentralized economy and active government policy is needed to enforce it. Apparently contradicting policies may be needed to first move the economy to the optimal equilibrium and then to keep it there. In the current model the resource good is exported in exchange for a foreign consumption good. Hence a tariff on imports will have the same qualitative effects as a harvest fee.


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