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On the Welfare Properties of the Lucas and Romer Endogenous Growth Models

Author

Listed:
  • Tiago Neves Sequeira

    (Universidade da Beira Interior and INOVA, Fac. Economia, Universidade Nova de LIsboa)

  • Alexandra Ferreira-Lopes

    (ISCTE - IUL (Lisbon University Institute), Economics Department and UNIDE.)

Abstract

We present results from quantitative exercises using the Lucas and Romer endogenous growth models, from which we calculate welfare losses from the distortions presented in the Romer model. Moreover, comparing the models to data, we show that an economy governed by the Romer model would attain a higher welfare than one governed by the Lucas model, contrary to what can be interpreted from some previous theoretical contributions.

Suggested Citation

  • Tiago Neves Sequeira & Alexandra Ferreira-Lopes, 2010. "On the Welfare Properties of the Lucas and Romer Endogenous Growth Models," Economics Bulletin, AccessEcon, vol. 30(3), pages 2143-2150.
    • Handle: RePEc:ebl:ecbull:eb-10-00429
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    File URL: http://www.accessecon.com/Pubs/EB/2010/Volume30/EB-10-V30-I3-P198.pdf
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    Cited by:

    1. Jana Šimáková, 2014. "The Effects of Exchange Rate Change on the Trade Balance of Slovakia," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2014(3), pages 50-66.

    More about this item

    Keywords

    Endogenous Growth; Human Capital; R&D; Welfare.;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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