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Trade and the Neoclassical Growth Model

Listed author(s):
  • Ben-David, Dan


    (Tel Aviv University, NBER, and CEPR)

  • B. Loewy, Michael


    (University of South Florida)

The model developed in this paper expands upon the traditional neoclassical exogenous growth model by facilitating a long-run growth analysis of the impact of openness to trade within a multi-country framework. Openness affects growth by impacting the extent of knowledge spillovers from abroad. This feature effectively converts the traditional closed-economy exogenous growth model into a multi-country, open-economy endogenous growth model. Nevertheless, the conditional convergence and identical growth predictions of the neoclassical model are preserved here with the extent of trade now playing a role in determining the relative heights of the countries’ parallel output paths.

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Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

Volume (Year): 18 (2003)
Issue (Month): ()
Pages: 1-16

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Handle: RePEc:ris:integr:0223
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