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Ernst-Moritz-Arndt-Universität Greifswald >
Rechts- und Staatswissenschaftliche Fakultät, Universität Greifswald >
Wirtschaftswissenschaftliche Diskussionspapiere, Universität Greifswald >
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http://hdl.handle.net/10419/48912
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| Title: | | Transitional dynamics in R&D-based models of endogenous growth  |
| 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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