| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3249 |
| DP3249 Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997 | |
| Mark Taylor; David Peel; LUCIO SARNO | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | It has been argued that concave models exhibit less ?endogeneity of growth? than models with increasing returns to scale. Here we study a simple model of factor saving technological improvement in a concave framework. Capital can be used either to reproduce itself, or, at some additional cost, to produce a higher quality of capital, which requires less labour input. If better quality capital can be produced quickly, we get a model of exogenous balanced growth as a special case of ours. If, however, better quality capital can be produced slowly, we get a model of ?endogenous growth? in which the growth rate of the economy and the rate of adoption of new technologies is determined by preferences, technology and initial conditions. Moreover, in the latter case, the process of growth is necessarily uneven, exhibiting a natural cycle with alternating periods of high and slow growth. Growth paths and technological innovations also exhibit dependence upon initial conditions. The model provides a step toward a theory of endogenous innovation under conditions of perfect competition. |
| 主题 | International Macroeconomics |
| 关键词 | One two and multisector growth models Measurement of economic growth Aggregate productivity Technological change Choices and consequences Innovation and invention Processes and incentives |
| URL | https://cepr.org/publications/dp3249 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532277 |
| 推荐引用方式 GB/T 7714 | Mark Taylor,David Peel,LUCIO SARNO. DP3249 Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
