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Transitional dynamics in the Solow-Swan growth model with AK technology and logistic population change

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  • Alberto BUCCI

    ()

  • Luca GUERRINI

    ()

Abstract

This paper offers an alternative way, based on the logistic population growth hypothesis, to yield transitional dynamics in the standard AK model with exogenous savings rate. Within this framework, we show that the dynamics of the capital stock per person and its growth rate can be non-monotonic over time. Moreover, even in the presence of negative growth, the capital stock per-capita can converge to a strictly positive level (different from the initial level) when time goes to infinity. In general, the analysis allows us to conclude that the dynamics of the Solow-Swan model with linear technology and logistic population growth is richer than the one with exponential population growth.

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Paper provided by Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano in its series Departmental Working Papers with number 2008-44.

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Date of creation: 19 Dec 2008
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Handle: RePEc:mil:wpdepa:2008-44

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Keywords: Transitional dynamics; AK model; Economic growth; Population dynamics; Physical capital investment;

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  1. Kocherlakota, Narayana R & Yi, Kei-Mu, 1996. "A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 126-34, February.
  2. Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-38, October.
  3. Gómez, Manuel A., 2008. "Convergence speed in the Ak endogenous growth model with habit formation," Economics Letters, Elsevier, vol. 100(1), pages 16-21, July.
  4. Christopher D. Carroll & Jody Overland & David N. Weil, 1997. "Comparison Utility in a Growth Model," NBER Working Papers 6138, National Bureau of Economic Research, Inc.
  5. Sergio T. Rebelo, 1990. "Long Run Policy Analysis and Long Run Growth," NBER Working Papers 3325, National Bureau of Economic Research, Inc.
  6. Guerrini, Luca, 2006. "The Solow-Swan model with a bounded population growth rate," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 14-21, February.
  7. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  8. Kocherlakota, Narayana R. & Yi, Kei-Mu, 1995. "Can convergence regressions distinguish between exogenous and endogenous growth models?," Economics Letters, Elsevier, vol. 49(2), pages 211-215, August.
  9. Daron Acemoglu & Jaume Ventura, 2001. "The World Income Distribution," NBER Working Papers 8083, National Bureau of Economic Research, Inc.
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Cited by:
  1. Steinbuks, Jevgenijs & Hertel, Thomas W., 2014. "Confronting the food-energy-environment trilemma : global land use in the long run," Policy Research Working Paper Series 6928, The World Bank.
  2. Guerrini, Luca, 2010. "Transitional dynamics in the Ramsey model with AK technology and logistic population change," Economics Letters, Elsevier, vol. 109(1), pages 17-19, October.
  3. Marsiglio, Simone & La Torre, Davide, 2012. "Population dynamics and utilitarian criteria in the Lucas–Uzawa Model," Economic Modelling, Elsevier, vol. 29(4), pages 1197-1204.

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