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Endogenous Cyclical Growth With A Sigmoidal Diffusion Of Innovations

Author

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  • Julio Sanchez-Choliz
  • Francisco Fatas-Villafranca
  • Gloria Jarne
  • Isabel Perez-Grasa

Abstract

The model we propose in this paper is an extension of the one described in Freeman et al. [Freeman, S., Hong, D. and Peled, D. (1999) Endogenous Cycles and Growth with Indivisible Technological Developments. Review of Economics Dynamics, 2, 403-432]. In our model, we incorporate the process of diffusion of major innovations and analyze macroeconomic effects on consumption, capital and aggregate output. Following Bresnahan and Trajtenberg [Bresnahan, T. and Trajtenberg, M. (1995) General Purpose Technologies: Engines of Growth?. Journal of Econometrics, 65, 83-108.], Helpman [Helpman, E. (ed.) (1998) General Purpose Technologies and Economic Growth. MIT Press] and Lipsey et al. [Lipsey, R.G., Carlaw, K. and Bekar, C. (2005) Economic Transformations: General Purpose Technologies and Long Term Economic Growth. Oxford University Press.] we assimilate major innovations with the emergence of certain GPTs, and we suggest that the diffusion process for these technologies, at a large scale, might follow an S-shaped pattern. The proposed model presents optimum stationary solutions which are cyclical and have a wave dynamic within each cycle. The cycles are characterized by certain co-movements in consumption, R&D investment, capital accumulation and output. Consideration of the innovation diffusion process highlights new aspects of endogenous cycles and long-run growth.

Suggested Citation

  • Julio Sanchez-Choliz & Francisco Fatas-Villafranca & Gloria Jarne & Isabel Perez-Grasa, 2008. "Endogenous Cyclical Growth With A Sigmoidal Diffusion Of Innovations," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(3), pages 241-268.
    • Handle: RePEc:taf:ecinnt:v:17:y:2008:i:3:p:241-268
    DOI: 10.1080/10438590601153910
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    1. Lipsey, Richard G. & Carlaw, Kenneth I. & Bekar, Clifford T., 2005. "Economic Transformations: General Purpose Technologies and Long-Term Economic Growth," OUP Catalogue, Oxford University Press, number 9780199290895, Decembrie.
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    Cited by:

    1. Francisco Fatás-Villafranca & Gloria Jarne & Julio Sánchez-Chóliz, 2012. "Innovation, cycles and growth," Journal of Evolutionary Economics, Springer, vol. 22(2), pages 207-233, April.
    2. Liu, Taoxiong & Liu, Zhuohao, 2022. "A growth model with endogenous technological revolutions and cycles," Journal of Mathematical Economics, Elsevier, vol. 103(C).

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