Transitional dynamics in an R&D-based growth model with imitation: Comparing its predictions to the data
AbstractEmploying cross-country data, this paper evaluates the transitional dynamics predictions of a non-scale growth model of endogenous technology innovation and imitation. We show that, unlike the neoclassical growth framework, the transitional dynamics of the R&D-based growth model can account for growth "miracles". The additional convergence power provided by technology imitations allows the model to replicate rapid growth experiences for plausible real interest rates, and reasonable consumption and investment shares. Furthermore, our results can reconcile the big contribution of input factor accumulation to economic growth found by Young (1994, 1995a) with the importance of technology transfer.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Monetary Economics.
Volume (Year): 45 (2000)
Issue (Month): 2 (April)
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Web page: http://www.elsevier.com/locate/inca/505566
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- Fidel Perez Sebastian, 1998. "Transitional Dynamics In An R&D-Based Growth Model With Imitation: Comparing Its Predictions To The Data," Documentos de Trabajo - Lan Gaiak Departamento de EconomÃa - Universidad PÃºblica de Navarra 9802, Departamento de Economía - Universidad Pública de Navarra.
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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