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The Jones R&D Growth Model: Comment on Stability

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Author Info
Arnold, Lutz G.

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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 (2004), this result can be used to characterize the dynamic behavior of the multi-country open-economy version of the model.

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Paper provided by University of Regensburg, Department of Economics in its series Regensburger Diskussionsbeiträge zur Wirtschaftswissenschaft with number 405.

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Date of creation: 01 Mar 2005
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Handle: RePEc:bay:rdwiwi:478

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Related research
Keywords: endogenous growth; stability; Endogenes Wirtschaftswachstum; Dynamische Stabilität;

Find related papers by JEL classification:
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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  1. Sequeira, Tiago Neves, 2008. "R&D Spillovers in an Endogenous Growth Model with Physical Capital, Human Capital and Varieties," FEUNL Working Paper Series wp532, Universidade Nova de Lisboa, Faculdade de Economia. [Downloadable!]
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This page was last updated on 2009-12-9.

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