The Galor-Weil Model Revisited: A Quantitative Exercise
Abstract: The long-run growth model of Galor and Weil (AER 2000) is examined quantitatively. We first give parametric forms to some functions which were only given on general form in the original article. We then choose numerical parameter values in line with calibrations of related long-run growth models, and with data. Finally, we simulate the model. We find, inter alia, that the time paths for population, and other variables, display oscillatory behavior: they move in endogenous cycles. As the economy transits from Malthusian stagnation to modern growth these oscillations die out. This is consistent with population growth rates fluctuating considerably in historical data, but having stabilized in modern economies. We also show that these cycles are not an artifact of the two-period life setting: allowing adults to live on after the second period of life with some probability does not make the oscillations go away. Rather, the cycles are driven by fertility being proportional to per-capita income minus the parental subsistence requirement. When population is large, and per-capita incomes close to subsistence, fertility is therefore sensitive to changes in population levels. (Copyright: Elsevier)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 9 (2006)
Issue (Month): 1 (January)
|Contact details of provider:|| Postal: |
Web page: http://www.EconomicDynamics.org/red/
More information through EDIRC
|Order Information:|| Web: https://www.economicdynamics.org/subscription-information/ Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tamura, Robert, 2006.
"Human capital and economic development,"
Journal of Development Economics,
Elsevier, vol. 79(1), pages 26-72, February.
- David N. Weil & Oded Galor, 2000. "Population, Technology, and Growth: From Malthusian Stagnation to the Demographic Transition and Beyond," American Economic Review, American Economic Association, vol. 90(4), pages 806-828, September.
- Brander, James A & Taylor, M Scott, 1998. "The Simple Economics of Easter Island: A Ricardo-Malthus Model of Renewable Resource Use," American Economic Review, American Economic Association, vol. 88(1), pages 119-38, March.
- Azariadis, Costas & Bullard, James & Ohanian, Lee, 2004.
"Trend-reverting fluctuations in the life-cycle model,"
Journal of Economic Theory,
Elsevier, vol. 119(2), pages 334-356, December.
- Costas Azariadis & James B. Bullard & Lee E. Ohanian, 2001. "Trend-reverting fluctuations in the life-cycle model," Working Papers 1998-015, Federal Reserve Bank of St. Louis.
- Gary D. Hansen & Edward C. Prescott, 1998.
"Malthus to Solow,"
NBER Working Papers
6858, National Bureau of Economic Research, Inc.
- Oded_Galor, 2004.
"From Stagnation to Growth:Unified Growth Theory,"
2004-15, Brown University, Department of Economics.
- repec:oup:qjecon:v:117:y:2002:i:4:p:1133-1191 is not listed on IDEAS
- David DE LA CROIX & Matthias DOEPKE, 2002.
"Public versus Private Education When Diferential Fertility Matters,"
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
2002013, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- de la Croix, David & Doepke, Matthias, 2004. "Public versus private education when differential fertility matters," Journal of Development Economics, Elsevier, vol. 73(2), pages 607-629, April.
- de la CROIX, David & DOEPKE, Matthias, 2002. "Public versus private education when differential fertility matters," CORE Discussion Papers 2002022, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- David de la Croix & Matthias Doepke, 2002. "Public versus Private Education when Differential Fertility Matters," UCLA Economics Working Papers 816, UCLA Department of Economics.
- DE LA CROIX, David & DOEPKE, Matthias, . "Public versus private education when differential fertility matters," CORE Discussion Papers RP 1727, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Antonio Merlo & Cristina Echevarria, 1997.
"Gender differences in education in a dynamic household bargaining model,"
Working Papers. Serie AD
1997-25, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Echevarria, Cristina & Merlo, Antonio, 1999. "Gender Differences in Education in a Dynamic Household Bargaining Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 265-86, May.
- Cristina Echevarria & Antonio Merlo, 1995. "Gender differences in education in a dynamic household bargaining model," Staff Report 195, Federal Reserve Bank of Minneapolis.
- Tomas Kögel & Alexia Prskawetz, 2000.
"Agricultural productivity growth and escape from the Malthusian trap,"
MPIDR Working Papers
WP-2000-002, Max Planck Institute for Demographic Research, Rostock, Germany.
- Kogel, Tomas & Prskawetz, Alexia, 2001. " Agricultural Productivity Growth and Escape from the Malthusian Trap," Journal of Economic Growth, Springer, vol. 6(4), pages 337-57, December.
- Fürnkranz-Prskawetz, Alexia & Kögel, Tomas, 2000. "Agricultural Productivity Growth and Escape from the Malthusian Trap," CEPR Discussion Papers 2485, C.E.P.R. Discussion Papers.
- Galor, Oded & Weil, David, 1999.
"From Malthusian Stagnation to Modern Growth,"
CEPR Discussion Papers
2082, C.E.P.R. Discussion Papers.
- L. Rachel Ngai, 2003.
"Barriers and the transition to modern growth,"
LSE Research Online Documents on Economics
3530, London School of Economics and Political Science, LSE Library.
- Liwa Rachel Ngai, 2000. "Barriers and the Transition to Modern Growth," Econometric Society World Congress 2000 Contributed Papers 1578, Econometric Society.
- L. Rachel Ngai, 2003. "Barriers and the Transition to Modern Growth," CEP Discussion Papers dp0561, Centre for Economic Performance, LSE.
- Tamura, Robert, 2002. "Human capital and the switch from agriculture to industry," Journal of Economic Dynamics and Control, Elsevier, vol. 27(2), pages 207-242, December.
- Matthias Doepke, 2004.
"Accounting for Fertility Decline During the Transition to Growth,"
Journal of Economic Growth,
Springer, vol. 9(3), pages 347-383, 09.
- Matthias Doepke, 2001. "Accounting for Fertility Decline During the Transition to Growth," UCLA Economics Working Papers 804, UCLA Department of Economics.
- Michele Boldrin & Larry E. Jones, 2002. "Mortality, Fertility, and Saving in a Malthusian Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(4), pages 775-814, October.
- Grossman, Herschel I. & Mendoza, Juan, 2003. "Scarcity and appropriative competition," European Journal of Political Economy, Elsevier, vol. 19(4), pages 747-758, November.
- Jeremy Greenwood & Ananth Seshadri & Guillaume Vandenbroucke, 2005.
"The Baby Boom and Baby Bust,"
American Economic Review,
American Economic Association, vol. 95(1), pages 183-207, March.
- Grossman, Herschel I & Kim, Minseong, 1995. "Swords or Plowshares? A Theory of the Security of Claims to Property," Journal of Political Economy, University of Chicago Press, vol. 103(6), pages 1275-88, December.
- Tamura, Robert, 1996. "From decay to growth: A demographic transition to economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 20(6-7), pages 1237-1261.
When requesting a correction, please mention this item's handle: RePEc:red:issued:v:9:y:2006:i:1:p:116-142. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Zimmermann)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.