The Segerstrom Model: Stability, Speed of Convergence and Policy Implications
AbstractThis short paper presents a simple analytical stability proof for the well-known Segerstrom (1998) model of endogenous growth. Moreover, a calibrated version of the model is employed to assess the speed of convergence. The result shows that transitional dynamics are important and, hence, the policy ineffectiveness proposition of non-scale endogenous growth models must be qualified.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 15 (2003)
Issue (Month): 4 ()
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- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
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