Growth, volatility and learning
AbstractThis paper presents a simple stochastic growth model in which productivity improvements are the result of both internal (deliberate) and external (serendipitous) learning behaviour. The model is used to illustrate how these different mechanisms of endogenous technological change can lead to different implications for the correlation between output growth and output variability.
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Bibliographic InfoPaper provided by Economics, The Univeristy of Manchester in its series Centre for Growth and Business Cycle Research Discussion Paper Series with number 25.
Length: 7 pages
Date of creation: 2003
Date of revision:
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business cycles; growth; volatility; learning;
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- Philippe Aghion & Gilles Saint-Paul, 1998.
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CEIS, vol. 12(2), pages 279-303, 07.
- Philippe Aghion & Gilles Saint-Paul, 1993. "Uncovering Some Causal Relationships between Productivity Growth and the Structure of Economic Fluctuations: A Tentative Survey," NBER Working Papers 4603, National Bureau of Economic Research, Inc.
- Aghion, Philippe & Saint-Paul, Gilles, 1991.
"On the Virtue of Bad Times: An Analysis of the Interaction between Economic Fluctuations and Productivity Growth,"
CEPR Discussion Papers
578, C.E.P.R. Discussion Papers.
- Aghion, P. & Saint-Paul, G., 1991. "On The Virtue of Bad Times: An Analysis of the Interaction Between Economic Fluctuations and Productivity Growth," DELTA Working Papers 91-23, DELTA (Ecole normale supérieure).
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