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Global Endogenous Growth and Distributional Dynamics

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  • Paulo Brito

Abstract

In this paper we deal with the global distribution of capital and output across time. We supply empirical support to model it as a partial differential equation, if the support of the distribution is related to an initial ranking of the economies. If we consider a distributional extension of the AK model we prove that it displays both global endogenous growth and transitional convergence in a distributional sense. This property can also be shared by a distributional extension of the Ramsey model. We conduct a qualitative analysis of the distributional dynamics and prove that If the technology displays mild decreasing marginal returns we can have long run growth if a diffusion induced bifurcation is crossed. This means that global growth can exist even in the case in which the local production functions are homogeneous and display decreasing returns to scale.

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Bibliographic Info

Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c017_053.

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Length: 44 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:deg:conpap:c017_053

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Keywords: optimal control of parabolic PDE; endogenous growth; diffusion induced bifurcation;

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References

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  1. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309.
  2. Robert E. Lucas, 2009. "Trade and the Diffusion of the Industrial Revolution," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 1-25, January.
  3. BOUCEKKINE, Raouf & CAMACHO, Carmen & ZOU, Benteng, 2006. "Bridging the gap between growth theory and the new economic geography: the spatial Ramsey model," CORE Discussion Papers 2006072, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Raouf Boucekkine & Carmen Camacho & Giorgio Fabbri, 2013. "Spatial dynamics and convergence: The spatial AK model," Documents de recherche 13-09, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
  5. repec:cup:cbooks:9780521805247 is not listed on IDEAS
  6. Mueller,Dennis C., 2003. "Public Choice III," Cambridge Books, Cambridge University Press, number 9780521894753, April.
  7. Caselli, G & Ventura, J, 1996. "A Representative Consumer Theory of Distribution," Papers 534, Harvard - Institute for International Development.
  8. repec:cup:cbooks:9780521801386 is not listed on IDEAS
  9. Paulo Brito, 2004. "The Dynamics of Growth and Distribution in a Spatially Heterogeneous World," Working Papers Department of Economics 2004/14, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  10. Klaus Desmet & Esteban Rossi-Hansberg, 2010. "On Spatial Dynamics," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 43-63.
  11. Chatterjee, Satyajit, 1994. "Transitional dynamics and the distribution of wealth in a neoclassical growth model," Journal of Public Economics, Elsevier, vol. 54(1), pages 97-119, May.
  12. Brock, William & Xepapadeas, Anastasios, 2008. "Diffusion-induced instability and pattern formation in infinite horizon recursive optimal control," Journal of Economic Dynamics and Control, Elsevier, vol. 32(9), pages 2745-2787, September.
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Cited by:
  1. William Brock & Anastasios Xepapadeas & Athanasios Yannacopoulos, 2014. "Optimal Agglomerations in Dynamic Economics," DEOS Working Papers 1403, Athens University of Economics and Business.
  2. Athanasios Yannacopoulos & Anastasios Xepapadeas & William Brock, . "Spatial Externalities and Agglomeration in a Competitive Industry," DEOS Working Papers 1336, Athens University of Economics and Business.
  3. Giorgio FABBRI, 2014. "Ecological Barriers and Convergence: a Note on Geometry in Spatial Growth Models," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2014014, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  4. William Brock & Anastasios Xepapadeas & Athanasios Yannacopoulos, 2014. "Optimal Control in Space and Time and the Management of Environmental Resources," DEOS Working Papers 1402, Athens University of Economics and Business.

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