This paper preserves many of the primary features of the standard neoclassical framework while introducing some modifications that transform it into an open economy endogenous growth model with knowledge accumulation. The accumulation of knowledge is determined in part by the extent of knowledge spillovers from abroad which, in turn, are affected by commercial policy that regulates the extent of trade between countries. The model predicts that trade liberalization will increase steady-state output in all countries while benefitting the liberalizaing country the most in terms of relative income levels.
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Paper provided by Tel Aviv - the Sackler Institute of Economic Studies in its series Papers with number
3-97.
Length: 23 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:teavsa:3-97
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Find related papers by JEL classification: E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
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