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Estimating the Dynamics of R&D-based Growth Models

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  • Yuri, YATSENKO
  • Raouf, BOUCEKKINE

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • Natali, HRITONENKO

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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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: 01 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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  1. Raouf Boucekkine & Natali Hritonenko & Yuri Yatsenko, . "Optimal Firm Behavior under Environmental Constraints," Working Papers 2008_11, Business School - Economics, University of Glasgow.
  2. 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.
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