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Adjustment Costs in a Two-Capital Growth Model

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  • Petr Duczynski

    (CERGE-EI)

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    Abstract

    The paper analyzes the convergence dynamics of a log-linearized open- economy neoclassical growth model under the assumptions of large adjustment costs for human capital investment, moderate adjustment costs for physical capital investment, and perfect capital mobility. The model can be calibrated for sufficiently slow conditional convergence. The model's dynamics turn out to be richer than the dynamics of the basic neoclassical model due to the imbalance effect between human and physical capital.

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    File URL: http://128.118.178.162/eps/mac/papers/0012/0012018.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 0012018.

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    Length: 22 pages
    Date of creation: 19 Feb 2001
    Date of revision:
    Handle: RePEc:wpa:wuwpma:0012018

    Note: Type of Document - Acrobat PDF; pages: 22 + 2 ; figures: In a separete file
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    Web page: http://128.118.178.162

    Related research

    Keywords: Adjustment costs; Capital mobility; Convergence; Human capital; Neoclassical growth;

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    References

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    1. Robert J. Barro & N. Gregory Mankiw & Xavier Sala-i-Martin, 1994. "Capital mobility in Neoclassical models of growth," Economics Working Papers 82, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
    3. Blanchard, Olivier & Rhee, Changyong & Summers, Lawrence, 1993. "The Stock Market, Profit, and Investment," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 115-36, February.
    4. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-24, January.
    5. Petr Duczynski, 1997. "Convergence In Neoclassical Models With Capital Mobility And Two Kinds Of Capital," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 4(6).
    6. Mulligan, Casey B & Sala-i-Martin, Xavier, 1993. "Transitional Dynamics in Two-Sector Models of Endogenous Growth," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 739-73, August.
    7. Caballe, Jordi & Santos, Manuel S, 1993. "On Endogenous Growth with Physical and Human Capital," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1042-67, December.
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