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Endogenous growth, semi-endogenous growth... or both? A simple hybrid model

Listed author(s):
  • Cozzi, Guido

First generation endogenous growth models had the counterfactual implication that the long-term growth of per-capita GDP increased with the population size. Two influential growth paradigms, the semi-endogenous and the second generation fully endogenous, eliminated this strong scale effect. Both solutions have useful aspects and insights, but very different policy implications. This paper combines both approaches into a single hybrid model class, and shows that no matter the weight assigned to each paradigm, the long-run predictions of the semi-endogenous policy dominate with high enough population growth rates, while the long-run predictions of the fully endogenous policy dominate at low population growth rates.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176517300642
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 154 (2017)
Issue (Month): C ()
Pages: 28-30

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Handle: RePEc:eee:ecolet:v:154:y:2017:i:c:p:28-30
DOI: 10.1016/j.econlet.2017.02.019
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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