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On the Dynamics of Economic Growth

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  • Michael Sarel
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    Abstract

    This paper examines the dynamics of economic growth. First, it demonstrates that the standard neoclassical growth model with constant elasticity of intertemporal substitution is not consistent with the patterns of development we observe in the real world, once we consider the initial conditions. Second, it examines an alternative growth model, which is consistent with endogenously determined initial conditions and also generates dynamics that are in accord with the historical patterns of growth rates, capital flows, savings rates and labor supply. The alternative model is a generalized version of the neoclassical growth model, with increasing rates of intertemporal substitution due to a Stone-Geary type of utility.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 94/138.

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    Length: 34
    Date of creation: 01 Nov 1994
    Date of revision:
    Handle: RePEc:imf:imfwpa:94/138

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    Cited by:
    1. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1995. "Saving behavior in low- and middle-income developing countries," MPRA Paper 13757, University Library of Munich, Germany.
    2. Chen, T.N. & Kompas, T. & Vousden, N., 1999. "Incentives and Static and Dynamic Gains from Market Reform in an Emerging Profits Models," Papers 379, Australian National University - Department of Economics.

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