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.
Transitional Dynamics and Endogenous Growth Revisited. The Case of Public Capital
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.
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.
Phases of Economic Development and the Transitional Dynamics of an Innovation-Education Growth Model
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.
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.
Transitional Dynamics & Indeterminacy of Equilibria in an Endogenous Growth Model with Public Input
Author: Chong-kee Yip
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 23
Book Description
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 23
Book Description
A Portfolio Approach to Endogenous Growth
Author: Giancarlo Corsetti
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 40
Book Description
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 40
Book Description
Transitional Dynamics and Indeterminacy of Equilibria in an Endogenous Growth Model with a Public Input
Author: Theodore Palivos
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 21
Book Description
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 21
Book Description
Essays on Microeconomics and Industrial Organisation
Author: Pablo Coto-Millán
Publisher: Springer Science & Business Media
ISBN: 3790826707
Category : Business & Economics
Languages : en
Pages : 385
Book Description
Essays on Microeconomics and Industrial Organisation aim to serve as a source and work of reference and consultation for the field of Microeconomics in general and of Industrial Organisation in particular. Traditionally, Microeconomics is essentially taught as theory and hardly ever an estimation of a demand, production and cost function is offered . Over the last two decades, however, Microeconomics has greatly broadened its field of empirical application. Therefore, this text combines microeconomic theories with a variety of empirical cases. The standardised microeconomic analysis of demand, production and costs is set forth along with appropriate econometric techniques. The text consists of four parts: Demand, Production and Costs (Supply), Market and Industrial Structure and Failure of Market and Industrial Regulation. It includes eleven new chapters with respect to the first edition.
Publisher: Springer Science & Business Media
ISBN: 3790826707
Category : Business & Economics
Languages : en
Pages : 385
Book Description
Essays on Microeconomics and Industrial Organisation aim to serve as a source and work of reference and consultation for the field of Microeconomics in general and of Industrial Organisation in particular. Traditionally, Microeconomics is essentially taught as theory and hardly ever an estimation of a demand, production and cost function is offered . Over the last two decades, however, Microeconomics has greatly broadened its field of empirical application. Therefore, this text combines microeconomic theories with a variety of empirical cases. The standardised microeconomic analysis of demand, production and costs is set forth along with appropriate econometric techniques. The text consists of four parts: Demand, Production and Costs (Supply), Market and Industrial Structure and Failure of Market and Industrial Regulation. It includes eleven new chapters with respect to the first edition.
Public Policy in a Two Sector Model of Endogenous Growth
Author: Alessandra Pelloni
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 40
Book Description
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 40
Book Description
Supply-side Economics, Transitional Dynamics and Endogenous Growth
Author: Wai-Leung Leung
Publisher:
ISBN:
Category : Deficit financing
Languages : en
Pages : 146
Book Description
Publisher:
ISBN:
Category : Deficit financing
Languages : en
Pages : 146
Book Description
Handbook of Economic Growth
Author: Philippe Aghion
Publisher: Newnes
ISBN: 0444535470
Category : Business & Economics
Languages : en
Pages : 1172
Book Description
Volumes 2A and 2B of The Handbook of Economic Growth summarize recent advances in theoretical and empirical work while offering new perspectives on a range of growth mechanisms, from the roles played by institutions and organizations to the ways factors beyond capital accumulation and technological change can affect growth. Written by research leaders, the chapters summarize and evaluate recent advances while explaining where further research might be profitable. With analyses that are provocative and controversial because they are so directly relevant to public policy and private decision-making, these two volumes uphold the standard for excellence in applied economics set by Volumes 1A and 1B (2005). Offers definitive theoretical and empirical scholarship about growth economics Empowers readers to evaluate the work of other economists and to plan their own research projects Demonstrates the value of empirical testing, with its implicit conclusion that our understanding of economic growth will help everyone make better decisions
Publisher: Newnes
ISBN: 0444535470
Category : Business & Economics
Languages : en
Pages : 1172
Book Description
Volumes 2A and 2B of The Handbook of Economic Growth summarize recent advances in theoretical and empirical work while offering new perspectives on a range of growth mechanisms, from the roles played by institutions and organizations to the ways factors beyond capital accumulation and technological change can affect growth. Written by research leaders, the chapters summarize and evaluate recent advances while explaining where further research might be profitable. With analyses that are provocative and controversial because they are so directly relevant to public policy and private decision-making, these two volumes uphold the standard for excellence in applied economics set by Volumes 1A and 1B (2005). Offers definitive theoretical and empirical scholarship about growth economics Empowers readers to evaluate the work of other economists and to plan their own research projects Demonstrates the value of empirical testing, with its implicit conclusion that our understanding of economic growth will help everyone make better decisions
Growth and Structural Transformation
Author: Kwang Suk Kim
Publisher: BRILL
ISBN: 1684172195
Category : History
Languages : en
Pages : 224
Book Description
This study provides a comprehensive overview of Korea’s macroeconomic growth and structural change since World War II, and traces some of the roots of development to the colonial period. The authors explore in detail colonial development, changing national income patterns, relative price shifts, sources of aggregate growth, and sources of sectoral structural change, comparing them with other countries.
Publisher: BRILL
ISBN: 1684172195
Category : History
Languages : en
Pages : 224
Book Description
This study provides a comprehensive overview of Korea’s macroeconomic growth and structural change since World War II, and traces some of the roots of development to the colonial period. The authors explore in detail colonial development, changing national income patterns, relative price shifts, sources of aggregate growth, and sources of sectoral structural change, comparing them with other countries.