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On convergence in endogenous growth models

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Author Info
Salvador Ortigueira
Manuel Santos

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Abstract

In this paper we analyze the rate of convergence to a balanced path in a class of endogenous growth models with physical and human capital. We show that such rate depends locally on the technological parameters of the model, but does not depend on those parameters related to preferences. This result stands in sharp contrast with that of the one-sector neoclassical growth model, where both preferences and technologies determine the speed of convergence to a steady-state growth path.

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Paper provided by Federal Reserve Bank of Minneapolis in its series Discussion Paper / Institute for Empirical Macroeconomics with number 110.

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Date of creation: 1996
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Handle: RePEc:fip:fedmem:110

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Keywords: Economic development Econometric models

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  1. Hendricks, Lutz, . "Taxation and Long-Run Growth," Working Papers 96/2, Arizona State University, Department of Economics. [Downloadable!]
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  2. James Heckman & Lance Lochner & Christopher Taber, 1998. "Explaining Rising Wage Inequality: Explanations With A Dynamic General Equilibrium Model of Labor Earnings With Heterogeneous Agents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 1-58, January. [Downloadable!] (restricted)
    Other versions:
  3. Lutz Hendricks, . "Growth, Death, and Taxes," Working Papers 97/7, Arizona State University, Department of Economics. [Downloadable!]
    Other versions:
  4. Alejandro Diaz Bautista & Mauro Diaz Dominguez, 2004. "Capital Humano y Crecimiento Económico en México (1970-2000). Human Capital and Economic Growth in Mexico," Urban/Regional 0405008, EconWPA. [Downloadable!]
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