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The Segerstrom Model: Stability, Speed of Convergence and Policy Implications

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  • Thomas M. Steger

    ()
    (Swiss Federal Institute of Technology (Zurich))

Abstract

This 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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File URL: http://www.accessecon.com/pubs/EB/2003/Volume15/EB-03O00002A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 15 (2003)
Issue (Month): 4 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-03o00002

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  1. Basu, Susanto, 1996. "Procyclical Productivity: Increasing Returns or Cyclical Utilization?," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 719-51, August.
  2. Lutz G. Arnold, 2002. "On the Effectiveness of Growth-Enhancing Policies in a Model of Growth Without Scale Effects," German Economic Review, Verein für Socialpolitik, vol. 3(3), pages 339-346, 08.
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Cited by:
  1. Koichi Futagami & Takeo Hori, 2009. "Technological Progress and Population Growth: Do we have too few children?," Discussion Papers in Economics and Business 09-21, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  2. Gabriel Felbermayr, 2004. "Does trade cause divergence? Dynamic panel data evidence," Economics working papers 2004-07, Department of Economics, Johannes Kepler University Linz, Austria.
  3. Simon Wiederhold, 2012. "The Role of Public Procurement in Innovation: Theory and Empirical Evidence," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 43.

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