Estimating the Dynamics of R&D-based Growth Models
AbstractSeveral 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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Bibliographic InfoPaper provided by Université catholique de Louvain, Département des Sciences Economiques in its series Discussion Papers (ECON - Département des Sciences Economiques) with number 2008034.
Date of creation: 01 Dec 2008
Date of revision:
Vintage capital models; Endogenous technological change; R&D investment; Explosive dynamics; Nonlinear Volterra integral equations;
Other versions of this item:
- YATSENKO, Yuri & BOUCEKKINE, Raouf & HRITONENKO, Natali, 2008. "Estimating the dynamics of R&D-based growth models," CORE Discussion Papers 2008052, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- E20 - Macroeconomics and Monetary Economics - - 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; Programming Models; Mathematical and Simulation Modeling - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-12-14 (All new papers)
- NEP-CSE-2008-12-14 (Economics of Strategic Management)
- NEP-DGE-2008-12-14 (Dynamic General Equilibrium)
- NEP-KNM-2008-12-14 (Knowledge Management & Knowledge Economy)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- 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).
- Raouf, BOUCEKKINE & Natali, HRITONENKO & Yuri, YATSENKO, 2008. "Optimal firm behavior under environmental constraints," Discussion Papers (ECON - DÃ©partement des Sciences Economiques) 2008017, Université catholique de Louvain, Département des Sciences Economiques.
- Raouf Boucekkine & Natali Hritonenko & Yuri Yatsenko, . "Optimal Firm Behavior under Environmental Constraints," Working Papers 2008_11, Business School - Economics, University of Glasgow.
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