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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