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Endogenous fertility and cycles in Solow's growth model

Author

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  • Luciano Fanti
  • Piero Manfredi

Abstract

It is shown here that the Solow (1956) neo-classical growth paradigm not only explains the "first" stylised fact of economic growth, namely the existence of a globally stable state of balanced growth, but, once endowed with a demographically founded formulation of the labour supply, is also capable to endogenously explain a second main stylised fact of growth, i.e. the generation of globally stable oscillations around the path of balanced growth.

Suggested Citation

  • Luciano Fanti & Piero Manfredi, 2003. "Endogenous fertility and cycles in Solow's growth model," Discussion Papers 2003/8, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  • Handle: RePEc:pie:dsedps:2003/8
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    File URL: http://www.ec.unipi.it/documents/Ricerca/papers/2003-8.pdf
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    Keywords

    Solow's balanced growth model; endogenous population; neoclassical growth-cycle model;

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • J0 - Labor and Demographic Economics - - General

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