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Facts and distortions in an endogenous growth model with physical capital, human capital and varieties

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  • Tiago Sequeira

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Abstract

This article studies a model with physical and human capital accumulation and varieties. The model includes several distortions: duplication effects, spillovers, creative destruction, surplus appropriability, and an erosion effect. We show that the duplication effect in R&D is essential to make the model replicate several stylized facts linked with R&D. We evaluate the distance to the optimal solution, comparing the strength of each distortion. Copyright Springer-Verlag 2012

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File URL: http://hdl.handle.net/10.1007/s10258-012-0083-6
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Bibliographic Info

Article provided by Springer in its journal Portuguese Economic Journal.

Volume (Year): 11 (2012)
Issue (Month): 3 (December)
Pages: 171-188

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Handle: RePEc:spr:portec:v:11:y:2012:i:3:p:171-188

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Web page: http://link.springer.de/link/service/journals/10258/index.htm

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Related research

Keywords: Endogenous growth models; Convergence; Distortions; O11; O15; O31; O33; O41;

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References

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  9. Arnold, Lutz G., 2000. "Endogenous growth with physical capital, human capital and product variety: A comment," European Economic Review, Elsevier, vol. 44(8), pages 1599-1605, August.
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  12. Gómez Manuel A. & Sequeira Tiago Neves, 2012. "The Transitional Dynamics of an Endogenous Growth Model: Generalizing Production Functions," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 16(5), pages 1-27, December.
  13. Benassy, Jean-Pascal, 1998. "Is there always too little research in endogenous growth with expanding product variety?," European Economic Review, Elsevier, vol. 42(1), pages 61-69, January.
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  15. Arnold, Lutz G., 1998. "Growth, Welfare, and Trade in an Integrated Model of Human-Capital Accumulation and Research," Journal of Macroeconomics, Elsevier, vol. 20(1), pages 81-105, January.
  16. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  17. Samuel S. Kortum, 1997. "Research, Patenting, and Technological Change," Econometrica, Econometric Society, vol. 65(6), pages 1389-1420, November.
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  19. de Groot, Henri L. F. & Nahuis, Richard, 1998. "Taste for diversity and the optimality of economic growth," Economics Letters, Elsevier, vol. 58(3), pages 291-295, March.
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