Arnold, Lutz G. (2006) The dynamics of the Jones R & D growth model. REVIEW OF ECONOMIC DYNAMICS, 9 (1). pp. 143-152. ISSN 1094-2025,
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The dynamics of most prominent endogenous growth models are well understood. One notable exception is the Jones R & D growth model [Jones, C.I., 1995. R & D based models of economic growth. Journal of Political Economy 103, 759-784]. This paper provides an analytical treatment of this model's transitional dynamics. It is shown that, given constant returns to labor in R & D (as conventionally assumed in R & D growth models), a unique trajectory converging to the balanced growth path exists. The equilibrium growth path can be monotonic or oscillatory. Moreover, applying a theorem from [Arnold, L.G., 2005. The dynamics Of multi-country R & D growth models. University of Regensburg Discussion Papers in Economics, No. 404. February], this result can be used to characterize the dynamic behavior of the multi-country open-economy version of the model. (c) 2005 Elsevier Inc. All rights reserved.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | ENDOGENOUS TECHNOLOGICAL-CHANGE; TRANSITIONAL DYNAMICS; ECONOMIC-GROWTH; 2-SECTOR MODEL; EQUILIBRIUM; STABILITY; growth without scale effects; transitional dynamics |
| 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: | 03 Mar 2021 10:23 |
| Last Modified: | 03 Mar 2021 10:23 |
| URI: | https://pred.uni-regensburg.de/id/eprint/35274 |
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