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Estimating the dynamics of R&D-based growth models

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  • YATSENKO, Yuri
  • BOUCEKKINE, Raouf

    (Université catholique de Louvain (UCL). Center for Operations Research and Econometrics (CORE))

  • HRITONENKO, Natali

Abstract

Several R&D-based models of endogenous economic growth are investigated under the Solow-like assumption of fixed allocation of resources across activities. We identify model parameters that lead to explosive dynamics and analyze various economic techniques to avoid it. The techniques include adding stricter constraints on model trajectories and limiting factors in technology equation. In particular, we demonstrate that our vintage version of the well known R&D-based model of economic growth (Jones, 1995) exhibits the same balanced dynamics as the original model.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2008052.

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Date of creation: 01 Sep 2008
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Handle: RePEc:cor:louvco:2008052

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Related research

Keywords: vintage capital models; endogenous technological change; R&D investment; explosive dynamics; nonlinear Volterra integral equations.;

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  1. Boucekkine, Raouf & Licandro, Omar & Paul, Christopher, 1997. "Differential-difference equations in economics: On the numerical solution of vintage capital growth models," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 347-362.
  2. Raouf, BOUCEKKINE & Natali, HRITONENKO & Yuri, YATSENKO, 2008. "Optimal firm behavior under environmental constraints," Discussion Papers (ECON - Département des Sciences Economiques) 2008017, Université catholique de Louvain, Département des Sciences Economiques.
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