The dynamics of the Jones R & D growth model
The dynamics of the Jones R & D growth model
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DOI：
10.1016/j.red.2005.09.001
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发表时间：
2006-01-01
影响因子：
2
通讯作者：
Arnold, LG
中科院分区：
文献类型：
--
作者：
Arnold, LG
大多数著名的内生增长模型的动力学都很好理解。一个值得注意的例外是琼斯R & D增长模型[Jones，C.I.，1995.以研发为基础的经济增长模式。政治经济学杂志103，759-784。本文提供了一个分析处理这个模型的过渡动力学。它表明，在R & D劳动报酬不变（传统上假设在R & D增长模型），一个独特的轨迹收敛到平衡的增长路径存在。平衡增长路径可以是单调的或振荡的。此外，应用来自[Arnold，L.G.，2005.多国R & D增长模式的动态。里根斯堡大学经济学讨论论文，第404号。February]，这一结果可以用来刻画多国开放经济模型的动态行为。(c)2005年爱思唯尔公司All rights reserved.
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.