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The Solow¡¯S Model With Endogenous Population: A Neoclassical Growth Cycle Model

Author

Listed:
  • Luciano Fanti

    (Dipartimento di Scienze Economiche and Dipartimento di Statistica e Matematica Applicata all Economia)

  • Piero Manfredi

    () (Dipartimento di Scienze Economiche and Dipartimento di Statistica e Matematica Applicata all Economia)

Abstract

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.

Suggested Citation

  • Luciano Fanti & Piero Manfredi, 2003. "The Solow¡¯S Model With Endogenous Population: A Neoclassical Growth Cycle Model," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 28(2), pages 103-115, December.
  • Handle: RePEc:jed:journl:v:28:y:2003:i:2:p:103-115
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    References listed on IDEAS

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    1. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
    2. 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.
    3. Invernizzi, Sergio & Medio, Alfredo, 1991. "On lags and chaos in economic dynamic models," Journal of Mathematical Economics, Elsevier, vol. 20(6), pages 521-550.
    4. Robert Tamura, 2000. "Growth, fertility and human capital: A survey," Spanish Economic Review, Springer;Spanish Economic Association, vol. 2(3), pages 183-229.
    5. 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.
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    Citations

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    Cited by:

    1. Akio Matsumoto & Ferenc Szidarovszky, 2013. "Asymptotic Behavior of a Delay Differential Neoclassical Growth Model," Sustainability, MDPI, Open Access Journal, vol. 5(2), pages 1-16, January.
    2. I. Stamova & A. Stamov, 2013. "On the stability of the solutions of an impulsive Solow model with endogenous population," Economic Change and Restructuring, Springer, vol. 46(2), pages 203-217, May.
    3. Manfredi, Piero & Fanti, Luciano, 2004. "Cycles in dynamic economic modelling," Economic Modelling, Elsevier, vol. 21(3), pages 573-594, May.
    4. Fanti, Luciano & Manfredi, Piero, 2009. "Neoclassical production theory and growth with unemployment: The stability issue revisited," Structural Change and Economic Dynamics, Elsevier, vol. 20(2), pages 126-135, June.
    5. Marco Guerrazzi, 2005. "Notes on Continuous Dynamic Models: the Benhabib-Farmer Condition for Indeterminacy," Discussion Papers 2005/54, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

    More about this item

    Keywords

    Solow¡¯s Balanced Growth Model; Endogenous Population; Neoclassical Growth-Cycle Model;

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • J0 - Labor and Demographic Economics - - General

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