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Transitional Dynamics in an Endogenous Growth Model with Physical Capital, Human Capital and R&D
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Manuel A Gómez
Veröffentlicht/Copyright:
14. März 2005
We analyze the transitional dynamics of an endogenous growth model with physical capital, human capital, and R&D. We provide conditions for the existence of a feasible steady state equilibrium with positive long-run growth. For appropriate parameter values, the transitional dynamics of the model is represented by a two-dimensional stable manifold. This provides much richer dynamics than that of the standard two-sector endogenous growth model which is characterized by a one-dimensional stable manifold. We also show how the adjustment paths can be correctly computed by noting that the continuity of the shadow prices involves the continuity of transitional paths.
Published Online: 2005-3-14
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Artikel in diesem Heft
- Article
- A Video Interview of Buz Brock
- A Practitioner's Guide to Lag Order Selection For VAR Impulse Response Analysis
- Small Sample Bias of Alternative Estimation Methods for Moment Condition Models: Monte Carlo Evidence for Covariance Structures
- Maximum Likelihood Estimation of a Unit Root Bilinear Model with an Application to Prices
- Transitional Dynamics in an Endogenous Growth Model with Physical Capital, Human Capital and R&D
- Wavelet Transforms and Commodity Prices
- Nonlinear Error-Correction Models for the FF/DM Rate
- Replication
- Inflation Dynamics of Turkey: A Structural Estimation
