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The Jones R&D Growth Model: Comment on Stability

  • Arnold, Lutz G.

    ()

The dynamics of most prominent endogenous growth models are well understood. One notable exception is the Jones (1995) R&D growth model. This paper provides an analytical treatment of this model's transitional dynamics. It is shown that, given constant returns to labor in R&D (as conventionally assumed in R\&D growth models), a unique trajectory converging to the balanced growth path exists. The equilibrium growth path can be monotonic or oscillatory. Moreover, applying a theorem from Arnold (2004), this result can be used to characterize the dynamic behavior of the multi-country open-economy version of the model. Von den meisten wichtigen Modellen endogenen Wachstums ist das dynamische Verhalten abschließend untersucht und wohlbekannt. Eine wichtige Ausnahme ist das Jones- (1995) F&E-Wachstumsmodell. In diesem Paper wird gezeigt, dass unter der üblichen Annahme konstanter Grenzerträge von Arbeit in F&E ein eindeutiger Wachstumspfad existiert, der die Jones-Ökonomie in ihr stationäres Gleichgewicht führt. Dieser Gleichgewichtspfad kann monoton sein oder gedämpft oszillieren. Durch die Anwendung eines Theorems aus einer verwandten Arbeit folgt darüber hinaus, dass dieses Stabilitätsergebnis auch auf die Mehr-Länder-Version des Jones-Modells übertragen werden kann.

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File URL: http://epub.uni-regensburg.de/4520/1/jones_model_dynamics.pdf
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Paper provided by University of Regensburg, Department of Economics in its series University of Regensburg Working Papers in Business, Economics and Management Information Systems with number 405.

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Date of creation: 2005
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Handle: RePEc:bay:rdwiwi:478
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