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Growth, volatility and learning

Author

Listed:
  • K Blackburn
  • R Galindev

Abstract

This paper presents a simple stochastic growth model in which productivity improvements are the result of both internal (deliberate) and external (serendipitous) learning behaviour. The model is used to illustrate how these different mechanisms of endogenous technological change can lead to different implications for the correlation between output growth and output variability.

Suggested Citation

  • K Blackburn & R Galindev, 2003. "Growth, volatility and learning," Centre for Growth and Business Cycle Research Discussion Paper Series 25, Economics, The Univeristy of Manchester.
  • Handle: RePEc:man:cgbcrp:25
    as

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    File URL: http://hummedia.manchester.ac.uk/schools/soss/cgbcr/discussionpapers/dpcgbcr25.pdf
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    References listed on IDEAS

    as
    1. Martin, Philippe & Ann Rogers, Carol, 2000. "Long-term growth and short-term economic instability," European Economic Review, Elsevier, vol. 44(2), pages 359-381, February.
    2. Larry E. Jones & Rodolfo E. Manuelli & Ennio Stacchetti, 1999. "Technology (and Policy) Shocks in Models of Endogenous Growth," NBER Working Papers 7063, National Bureau of Economic Research, Inc.
    3. Martin, Philippe & Rogers, Carol Ann, 1997. "Stabilization Policy, Learning-by-Doing, and Economic Growth," Oxford Economic Papers, Oxford University Press, vol. 49(2), pages 152-166, April.
    4. Aghion, Philippe & Saint-Paul, Gilles, 1991. "On the Virtue of Bad Times: An Analysis of the Interaction between Economic Fluctuations and Productivity Growth," CEPR Discussion Papers 578, C.E.P.R. Discussion Papers.
    5. Philippe Aghion & Gilles Saint-Paul, 1998. "Uncovering Some Causal Relationships Between Productivity Growth and the Structure of Economic Fluctuations: A Tentative Survey," LABOUR, CEIS, vol. 12(2), pages 279-303, July.
    6. de Hek, Paul A, 1999. "On Endogenous Growth under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 727-744, August.
    7. repec:hrv:faseco:30752799 is not listed on IDEAS
    8. Kneller, Richard & Young, Garry, 2001. "Business Cycle Volatility, Uncertainty and Long-Run Growth," Manchester School, University of Manchester, vol. 69(5), pages 534-552, Special I.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    business cycles; growth; volatility; learning;

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