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Author: Harald Hagemann Publisher: Routledge ISBN: 9780203888704 Category : Business & Economics Languages : en Pages : 288
Book Description
In the words of Robert M. Solow traverse analysis "is the easiest part of skiing, but the hardest part of economics". The aim of this volume is to assess the state and scope of modern traverse analysis as it had been initiated by John Hicks in his pioneering contribution Capital and Time (1973). The analysis of an economy which originally had been in a growth equilibrium which was disturbed by technical progress is one of the most challenging problems in economics. This book takes Hicks’ work as the point of departure for theoretical work on the macroeconomic theory of capital dynamics along transition non-steady state paths The original contributions in this volume explore the manifold theoretical roots of traverse analysis in classical and post-classical literature, its features as a specific method of economic dynamics, and its applications in a variety of fields from monetary economics to development and international economics. The essays thereby focus on the ways ahead from Capital and Time that have been suggested and actively pursued by a number of scholars in recent years. Its central theme is the role of capital structures as critical factors in determining the actual dynamics of any given economic system. This volume is inspired by the belief that this state of affairs is not a satisfactory one, and outlines a new agenda for capital theory. Contributors include Edwin Burmeister, Jean-Luc Gaffard and Heinz Kurz.
Author: Harald Hagemann Publisher: Routledge ISBN: 9780203888704 Category : Business & Economics Languages : en Pages : 288
Book Description
In the words of Robert M. Solow traverse analysis "is the easiest part of skiing, but the hardest part of economics". The aim of this volume is to assess the state and scope of modern traverse analysis as it had been initiated by John Hicks in his pioneering contribution Capital and Time (1973). The analysis of an economy which originally had been in a growth equilibrium which was disturbed by technical progress is one of the most challenging problems in economics. This book takes Hicks’ work as the point of departure for theoretical work on the macroeconomic theory of capital dynamics along transition non-steady state paths The original contributions in this volume explore the manifold theoretical roots of traverse analysis in classical and post-classical literature, its features as a specific method of economic dynamics, and its applications in a variety of fields from monetary economics to development and international economics. The essays thereby focus on the ways ahead from Capital and Time that have been suggested and actively pursued by a number of scholars in recent years. Its central theme is the role of capital structures as critical factors in determining the actual dynamics of any given economic system. This volume is inspired by the belief that this state of affairs is not a satisfactory one, and outlines a new agenda for capital theory. Contributors include Edwin Burmeister, Jean-Luc Gaffard and Heinz Kurz.
Author: Harald Hagemann Publisher: Routledge ISBN: 1134158033 Category : Business & Economics Languages : en Pages : 287
Book Description
This innovative volume presents a comprehensive appraisal of John Hicks' Capital and Time (1973) thirty years on from its original publication. Contributors include Walter Eltis, Heinz Kurz and Maghnad Desai.
Author: Casey B. Mulligan Publisher: ISBN: Category : Capital Languages : en Pages : 96
Book Description
The steady state and transitional dynamics of two-sector models of endogenous growth are analyzed in this paper. We describe necessary conditions for endogenous growth. The conditions allow us to reduce the dynamics of the solution to a system with one state-like and two control-like variables. We analyze the determinants of the long run growth rate. We use the Time-Elimination Method to analyze the transitional dynamics of the models. We find that there are transitions in real time if the point-in-time production possibility frontier is strictly concave, which occurs, for example, if the two production functions are different or if there are decreasing point-in-time returns in any of the sectors. We also show that if the models have a transition in real time, the models are globally saddle path stable. We find that the wealth or consumption smoothing effect tends to dominate the substitution or real wage effect so that the transition from relatively low levels of physical capital is carried over through high work effort rather than high savings. We develop some empirical implications. We show that the models predict conditional convergence in that, in a cross section, the growth rate is predicted to be negatively related to initial income but only after some measure of human capital is held constant. Thus, the models are consistent with existing empirical cross country evidence.
Author: Blanca Sanchez-Robles Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This paper explores some applications of the time elimination technique to models of endogenous growth that include two kinds of inputs (private and public capital). Two alternative specifications of the production function are considered: i.e. a CES and a Jones-Manuelli technology. Because of the homogeneity of degree one of both production functions on private and public capital considered together, these new models predict endogenous growth, but the main difference with the standard model (Barro, 1990) is that these new specifications allow for transitional dynamics towards the steady state. First, the steady state rate of growth of output is obtained for both models, by means of applying the traditional optimal control techniques. Next, the models are calibrated and simulated by applying the time elimination technique. This numerical method allows us to understand the transitional dynamics more deeply. It also provides some insights about the speed of convergence of the model towards the steady state under each of the production function settings and for various values of the parameters. Basic results show that the speed of convergence is slower if we use a CES specification, whereas the transition is faster and less smooth if a Jones-Manuelli production function is assumed. Finally, the technique enables us to compare the results using different values of some parameters of the models.
Author: Suleyman H. Kal Publisher: ISBN: 9781303088063 Category : Languages : en Pages : 70
Book Description
In this paper, I investigated the effects of cross border capital flows induced by the rate of risk adjusted excess returns (Sharpe ratio) on the transitional dynamics of the nominal exchange rate's deviation from its fundamental value. For this purpose, a two state time varying transition probability Markov (TVTPM) regime switching process is added to the sticky price exchange rate model with shares (SPERS). I estimated this model using quarterly data on the four most active floating rate currencies for the years 1973 to 2009: the Australian Dollar (AUD), the Canadian Dollar (CAD), the Japanese Yen (JPY) and the British Pound (UKP). The results provide evidence that the Sharpe ratios of debt and equity investments influence the evolution of transitional dynamics of the currencies' deviation from their fundamental values. In addition, I found that the relationship between economic fundamentals and the nominal exchange rates vary depending on the overvaluation or undervaluation of the currencies.
Author: Maurizio Iacopetta Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper extends earlier analysis of the transitional dynamics of a growth model in which both human capital and innovation drive income expansion. Funke and Strulik [2000]. On endogenous growth with physical capital, human capital and product variety. European Economic Review 44 [491-515] suggest that the typical advanced economy follows three development phases, characterized in a temporal order by physical capital accumulation, human capital formation, and innovation, and that the transitional dynamics of the model reproduce such a sequencing. I argue that other sequences of the phases of development are possible and show that the model can generate a trajectory in which innovation precedes human capital formation. This trajectory accords with the observation that the rise in formal education followed with a considerable lag the process of industrialization. U.S. income and educational time series data are used to corroborate the innovation-education trajectory.
Author: Mauro L. Baranzini Publisher: Cambridge University Press ISBN: 1316299724 Category : Business & Economics Languages : en Pages : 521
Book Description
Economists since the First Industrial Revolution have been interested in the links between economic growth and resources, often pointing to resource scarcities as a hindrance to growth. Offering a counter perspective, this volume highlights the positive role that scarcities can play in inducing technical progress and economic growth. It outlines a structural framework for the political economy of scarcity and rents, and offers a novel way of organizing the evidence concerning the role of resources in industrial growth. This book proposes a major shift in the treatment of scarcity issues by focusing on bottlenecks and opportunities arising within the production system, and will appeal to economists and policy makers interested in the role of resources as triggers of structural change.
Author: Harald Hagemann
Author: Harald Hagemann
Author: Harald Hagemann
Author: Casey B. Mulligan
Author: Blanca Sanchez-Robles
Author: Suleyman H. Kal
Author: Maurizio Iacopetta
Author: Klaus Wälde
Author: Mauro L. Baranzini
Author: Satyajit Chatterjee
Author: Joseph F. Francois