Theoretical Investigation on Endogenous Technical Progress and Economic Growth

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This year is the second and the last year of our research project on theoretical investigations on growth models which involve endogenous technological progress. This year, we have been mostly concerned with various applications of growth models with endogenous technocal progress. In the paper enttitled, "Threshold Externalities...." (published in Economics Letters), we introduce threshold externalities of technological spillovers in the standard growth model and show that growth process will be significantly different from that of the model without threshold extenalities : cyclical growth and indeterminacy of growth paths may easily emerge in ouf framework. In the second paper, "Monetary Policy, ....." (to be published in Economica), we consider the effects of money supply policy on long-run growth rate and patters of growth of the economy by use of an endogenous technical progress due to externalities. In addition, we wrote an accompanid paper (which is now submitted to a specialized journal) that deals with welfare effects of monetary policy in an endogenously grouwing monetary economy.We also analyze models of endogenous growth that explicitly formulate R&D behavior of firms. Here, our central concern is to examine the effects of international technological spillovers in the context of two-country model of economic growth. Using a model of 'horizontal product expansion', we study how international technological spillovers affect the long-run growth rate of the world economy as well as the long-run position of current account of each country. Research on this issue has been summarized as an unpublished paper that is now under revision for submission to an appropriate journal.