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Title:Transitional dynamics in R&D-based models of endogenous growth PDF Logo
Authors:Steger, Thomas M.
Issue Date:2002
Series/Report no.:Wirtschaftswissenschaftliche Diskussionspapiere // Ernst-Moritz-Arndt-Universität Greifswald, Rechts- und Staatswissenschaftliche Fakultät 04/2002
Abstract:This paper offers a comprehensive study on transitional dynamics within R&D-based models of endogenous growth. There are two main motivations. First, the complete dynamic system for the market solution is derived in general form. Second, using this dynamic system as a unifying framework the adjustment process is analysed. In order to answer the question for the relative importance of transitional dynamics vis-à-vis balanced-growth dynamics, special emphasis is given to the rate of convergence. The investigations show that the models under study can reproduce empirically relevant pattern of development including over- and undershooting as well as growth cycles. The paper demonstrates an alternative route to growth cycles, which does not require complex eigenvalues.
Subjects:Transitional dynamics
R&D-based growth
rate of convergence
dynamic systems
growth cycles
JEL:O0
O3
O31
O33
O41
Document Type:Working Paper
Appears in Collections:Wirtschaftswissenschaftliche Diskussionspapiere, Universität Greifswald

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