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The dynamics of the Romer R & D growth model with quality upgrading

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Author Info
Arnold, Lutz G.
Kornprobst, Wolfgang

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Abstract

This paper replaces increasing product variety with quality upgrading in the Romer (1990) model. We show that the range of parameters for which a steady state exists can be divided into two subspaces with well-behaved comparative statics and saddle-point dynamics in one subspace, but with "perverse" comparative-statics properties and either equilibrium indeterminacy or instability in the other subspace. In the latter subspace, a parameter change possibly leads to a Hopf bifurcation. Using a theorem in Arnold (in press), these results for the closed economy can also be used to characterize the dynamics of the M-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 413.

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Date of creation: 29 Jun 2006
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Handle: RePEc:bay:rdwiwi:673

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Related research
Keywords: endogenous growth; transitional dynamics; indeterminacy; open economy; Wachstumstheorie / Endogenes Wirtschaftswachstum; Dynamische Stabilität; Wachstumstheorie;

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. Lutz Arnold, 2007. "A generalized multi-country endogenous growth model," International Economics and Economic Policy, Springer, vol. 4(1), pages 61-100, April. [Downloadable!] (restricted)
  2. Benhabib Jess & Perli Roberto, 1994. "Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 63(1), pages 113-142, June. [Downloadable!] (restricted)
  3. Devereux, Michael B & Lapham, Beverly J, 1994. "The Stability of Economic Integration and Endogenous Growth," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 299-305, February. [Downloadable!] (restricted)
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  4. Arnold, Lutz G., 2000. "Stability of the Market Equilibrium in Romer's Model of Endogenous Technological Change: A Complete Characterization," Journal of Macroeconomics, Elsevier, vol. 22(1), pages 69-84, January. [Downloadable!] (restricted)
  5. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  6. Rivera-Batiz, Luis A & Romer, Paul M, 1991. "Economic Integration and Endogenous Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 531-55, May. [Downloadable!] (restricted)
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