The Solow¡¯S Model With Endogenous Population: A Neoclassical Growth Cycle Model
It is shown here that the Solow (1956) neo-classical growth paradigm not only explains the ¡°first¡± stylised fact of economic growth, namely the existence of a globally stable state of balanced growth, but, once endowed with a demographically founded formulation of the labour supply, is also capable to endogenously explain a second main stylised fact of growth, i.e., the generation of globally stable oscillations around the path of balanced growth.
Volume (Year): 28 (2003)
Issue (Month): 2 (December)
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- Gary S. Becker & Kevin M. Murphy & Robert Tamura, "undated".
"Human Capital, Fertility, and Economic Growth,"
University of Chicago - Population Research Center
90-5a, Chicago - Population Research Center.
- Becker, Gary S & Murphy, Kevin M & Tamura, Robert, 1990. "Human Capital, Fertility, and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 12-37, October.
- Gary S. Becker & Kevin M. Murphy & Robert Tamura, 1994. "Human Capital, Fertility, and Economic Growth," NBER Chapters, in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 323-350 National Bureau of Economic Research, Inc.
- Bajo-Rubio, Oscar, 2000. "A further generalization of the Solow growth model: the role of the public sector," Economics Letters, Elsevier, vol. 68(1), pages 79-84, July.
- Robert J. Barro, 1995.
"Inflation and Economic Growth,"
NBER Working Papers
5326, National Bureau of Economic Research, Inc.
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- Robert Tamura, 2000. "Growth, fertility and human capital: A survey," Spanish Economic Review, Springer;Spanish Economic Association, vol. 2(3), pages 183-229.
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