Arnold, Lutz G. and Kornprobst, Wolfgang (2008) Comparative Statics and Dynamics of the Romer R&D Growth Model with Quality Upgrading. MACROECONOMIC DYNAMICS, 12 (5). pp. 702-716. ISSN 1365-1005,
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This paper replaces increasing product variety with quality upgrading in the Romer model [Romer, Paul M., Journal of Political Economy 98 (1990), S71-S102]. We show that the range of parameters for which a steady state exists can be divided into two subspaces with well-behaved comparative statics and saddle-point dynamics in one subspace, but with "perverse" comparative-statics properties and either equilibrium indeterminacy or instability in the other subspace. These results for the closed economy can also be used to characterize the dynamics of the M-country open-economy version of the model.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | ENDOGENOUS TECHNOLOGICAL-CHANGE; ECONOMIC-INTEGRATION; STABILITY; Endogenous Growth; Transitional Dynamics; Indeterminacy |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Theoretische Volkswirtschaft (Prof. Dr. Lutz Arnold) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 21 Oct 2020 07:14 |
| Last Modified: | 21 Oct 2020 07:14 |
| URI: | https://pred.uni-regensburg.de/id/eprint/30126 |
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