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The Dynamics of the Jones R&D Growth Model

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  • Lutz G. Arnold

    (University of Regensburg)

Abstract

The dynamics of most prominent endogenous growth models are well understood. One notable exception is the Jones (1995) R&D growth model. 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 (2005), this result can be used to characterize the dynamic behavior of the multi-country open-economy version of the model. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/j.red.2005.09.001
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 9 (2006)
Issue (Month): 1 (January)
Pages: 143-152

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Handle: RePEc:red:issued:v:9:y:2006:i:1:p:143-152

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Related research

Keywords: growth without scale effects; transitional dynamics;

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References

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  1. Charles I. Jones, . "Sources of U.S. Economic Growth in a World of Ideas," Working Papers, Stanford University, Department of Economics 98009, Stanford University, Department of Economics.
  2. Mulligan, Casey B & Sala-i-Martin, Xavier, 1993. "Transitional Dynamics in Two-Sector Models of Endogenous Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 108(3), pages 739-73, August.
  3. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  4. Steger Thomas M., 2005. "Non-Scale Models of R&D-based Growth: The Market Solution," The B.E. Journal of Macroeconomics, De Gruyter, De Gruyter, vol. 5(1), pages 1-30, February.
  5. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 103(4), pages 759-84, August.
  6. Benhabib Jess & Perli Roberto, 1994. "Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth," Journal of Economic Theory, Elsevier, Elsevier, vol. 63(1), pages 113-142, June.
  7. Ladron-de-Guevara, Antonio & Ortigueira, Salvador & Santos, Manuel S., 1997. "Equilibrium dynamics in two-sector models of endogenous growth," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 21(1), pages 115-143, January.
  8. Lutz G. Arnold, 2000. "Endogenous technological change: a note on stability," Economic Theory, Springer, Springer, vol. 16(1), pages 219-226.
  9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  10. Asada, Toichiro & Semmler, Willi & Novak, Andreas J., 1998. "Endogenous growth and the balanced growth equilibrium," Research in Economics, Elsevier, Elsevier, vol. 52(2), pages 189-212, June.
  11. Mino, Kazuo, 1996. "Analysis of a Two-Sector Model of Endogenous Growth with Capital Income Taxation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 227-51, February.
  12. Faig, Miquel, 1995. "A simple economy with human capital: Transitional dynamics, technology shocks, and fiscal policies," Journal of Macroeconomics, Elsevier, Elsevier, vol. 17(3), pages 421-446.
  13. Caballe, Jordi & Santos, Manuel S, 1993. "On Endogenous Growth with Physical and Human Capital," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(6), pages 1042-67, December.
  14. Eric W. Bond & Ping Wang & Chong K. Yip, 1993. "A general two sector model of endogenous growth with human and physical capital," Research Paper, Federal Reserve Bank of Dallas 9303, Federal Reserve Bank of Dallas.
  15. Eicher, Theo S. & Turnovsky, Stephen J., 2001. "Transitional dynamics in a two-sector non-scale growth model," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 25(1-2), pages 85-113, January.
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Citations

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Cited by:
  1. Guido Cozzi, 2008. "Why the rich should like R&D less," Working Papers, Business School - Economics, University of Glasgow 2008_18, Business School - Economics, University of Glasgow, revised Aug 2008.
  2. Jakub, GROWIEC & Ingmar, SCHUMACHER, 2007. "Technological opportunity, long-run growth and convergence," Discussion Papers (ECON - Département des Sciences Economiques), Université catholique de Louvain, Département des Sciences Economiques 2007034, Université catholique de Louvain, Département des Sciences Economiques.
  3. Christian Groth & Karl-Josef Koch & Thomas M. Steger, 2006. "Rethinking the Concept of Long-Run Economic Growth," Discussion Papers, University of Copenhagen. Department of Economics 06-06, University of Copenhagen. Department of Economics.
  4. Koichi Futagami & Takeo Hori, 2010. "Technological Progress And Population Growth: Do We Have Too Few Children?," The Japanese Economic Review, Japanese Economic Association, Japanese Economic Association, vol. 61(1), pages 64-84.
  5. Christian Groth & Karl-Josef Koch & Thomas M. Steger, 2009. "When economic growth is less than exponential," Volkswirtschaftliche Diskussionsbeiträge, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht 129-09, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
  6. Chu, Angus C., 2007. "Optimal Patent Breadth: Quantifying the Effects of Increasing Patent Breadth," MPRA Paper 3910, University Library of Munich, Germany.
  7. Hiroaki Sasaki, 2008. "North-South Asymmetry in Returns to Scale, Uneven Development, and the Population Puzzle," TERG Discussion Papers, Graduate School of Economics and Management, Tohoku University 238, Graduate School of Economics and Management, Tohoku University.
  8. Maurizio Iacopetta, 2009. "Formal Education and Public Knowledge," DEGIT Conference Papers, DEGIT, Dynamics, Economic Growth, and International Trade c014_012, DEGIT, Dynamics, Economic Growth, and International Trade.
  9. Sasaki, Hiroaki & Hoshida, Keisuke, 2014. "Semi-Endogenous R&D Growth Model with Negative Population Growth," MPRA Paper 53833, University Library of Munich, Germany.

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