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Equilibrium Dynamics in Two-Sector Models of Endogenous Growth

  • Antonio Ladron de Guevara

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

  • Salvador Ortigueira

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

  • Manuel S. Santos

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

Recent research has focused on the dynamics of the Lucas-Uzawa model of endogenous growth (e.g., Caballé-Santos (1993), Chamley (1993) and Faig (1993)). This model allows for permanent growth of both consumption and investment, propelled by a human capital technology. In contrast to the standard neoclassical growth model, the level of technological progress or education is determined by the decision process of economic agents, and thus the dynamics of growth is not driven by an exogenous force external to the economy. The model then yields certain specific predictions on the determinants of long-term growth, and on the interaction of physical and human capital in the transition off steady states. Also, this framework provides a useful setting to assess the effects of economic policies on the process of physical and human capital accumulation.

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Paper provided by Centro de Investigacion Economica, ITAM in its series Working Papers with number 9403.

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Length: 41 pages
Date of creation: May 1994
Date of revision:
Handle: RePEc:cie:wpaper:9403
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Web page: http://cie.itam.mx/
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  1. Rustichini, Aldo & Schmilz, James Jr., 1991. "Research and imitation in long-run growth," Journal of Monetary Economics, Elsevier, vol. 27(2), pages 271-292, April.
  2. Salvador Ortigueira & Manuel Santos, 1996. "On convergence in endogenous growth models," Discussion Paper / Institute for Empirical Macroeconomics 110, Federal Reserve Bank of Minneapolis.
  3. Becker, Gary S, 1993. "Nobel Lecture: The Economic Way of Looking at Behavior," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 385-409, June.
  4. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : I. The basic neoclassical model," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 195-232.
  5. Caballe, Jordi & Santos, Manuel S, 1993. "On Endogenous Growth with Physical and Human Capital," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1042-67, December.
  6. Nancy L. Stokey & Sergio Rebelo, 1993. "Growth Effects of Flat-Rate Taxes," NBER Working Papers 4426, National Bureau of Economic Research, Inc.
  7. Christophe Chamley, 1992. "The Welfare Cost of Taxation and Endogenous Growth," Boston University - Institute for Economic Development 30, Boston University, Institute for Economic Development.
  8. Casey B. Mulligan & Xavier Sala-i-Martin, 1992. "Transitional Dynamics in Two-Sector Models of Endogenous Growth," NBER Working Papers 3986, National Bureau of Economic Research, Inc.
  9. Salvador Ortigueira, 1997. "A Dynamic Analysis of an Endogenous Growth Model with Leisure," Working Papers 9705, Centro de Investigacion Economica, ITAM.
  10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  11. Eric W. Bond & Ping Wang & Chong K. Yip, 1993. "A general two-sector model of endogenous growth with human and physical capital: balanced growth and transitional dynamics," Research Paper 9324, Federal Reserve Bank of Dallas.
  12. Ladron-de-Guevara, Antonio & Ortigueira, Salvador & Santos, Manuel S, 1999. "A Two-Sector Model of Endogenous Growth with Leisure," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 609-31, July.
  13. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June.
  14. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 485-517, June.
  15. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  16. Bronwyn Hall, 1992. "R&D Tax Policy During the Eighties: Success or Failure?," NBER Working Papers 4240, National Bureau of Economic Research, Inc.
  17. Mino, Kazuo, 1996. "Analysis of a Two-Sector Model of Endogenous Growth with Capital Income Taxation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 227-51, February.
  18. Faig, Miquel, 1995. "A simple economy with human capital: Transitional dynamics, technology shocks, and fiscal policies," Journal of Macroeconomics, Elsevier, vol. 17(3), pages 421-446.
  19. Benveniste, L. M. & Scheinkman, J. A., 1982. "Duality theory for dynamic optimization models of economics: The continuous time case," Journal of Economic Theory, Elsevier, vol. 27(1), pages 1-19, June.
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