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Estimating the Dynamics of R&D-based Growth Models

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Author Info
Yuri, YATSENKO
Raouf, BOUCEKKINE (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))
Natali, HRITONENKO

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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 analyse 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, 1955) exhibits the same balanced dynamics as the original model

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Publisher Info
Paper provided by Université catholique de Louvain, Département des Sciences Economiques in its series Discussion Papers (ECON - Département des Sciences Economiques) with number 2008034.

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Length: 19
Date of creation: 03 Dec 2008
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Handle: RePEc:ctl:louvec:2008034

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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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Find related papers by JEL classification:
E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
C60 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - General

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  1. BOUCEKKINE, Raouf & HRITONENKO, Natali & YATSENKO, Yuri, 2008. "Optimal firm behavior under environmental constraints," CORE Discussion Papers 2008024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
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  2. Raouf Boucekkine & David de la Croix & Omar Licandro, 2006. "Vintage Capital," Economics Working Papers ECO2006/8, European University Institute. [Downloadable!]
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  3. Raouf Boucekkine & Omar Licandro & Christopher Paul, . "Differential-Difference Equations in Economics: On the Numerical Solution of Vintage Capital Growth Models," Computing in Economics and Finance 1996 _036, Society for Computational Economics. [Downloadable!]
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