On Extended Versions of the Solow-Swan Model
This paper considers extensions of the neoclassical growth model with one, two, and three types of capital. The models are solved in their loglinear approximations. The dynamics of the models involve one or two negative eigenvalues. A combination of the neoclassical model with technological diffusion may lead to a nonmonotonic behavior of output. In an open-economy setup, the speed of convergence is sensitive to the specification of capital inflows. Two-capital models may result in an empirically plausible imbalance effect between human and physical capital.
Volume (Year): 10 (2003)
Issue (Month): 19 ()
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