Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/286179 
Title (translated): 
Time, population and economic growth model
Year of Publication: 
2019
Citation: 
[Journal:] Revista de Métodos Cuantitativos para la Economía y la Empresa [ISSN:] 1886-516X [Volume:] 28 [Year:] 2019 [Pages:] 278-300
Publisher: 
Universidad Pablo de Olavide, Sevilla
Abstract (Translated): 
This paper presents an analysis of the implications it has on standard growth models assume an alternative hypothesis to the exponential growth of the population and how modeling time can alter the dynamic behavior of these models. An extension (in continuous time and discrete time) of the Mankiw-Romer-Weil growth model is also studied by departing from the standard assumption of the constant population growth rate. More concretely, this rate is assumed to be decreasing over time and a general population growth law verifying this characteristic is introduced. In this setup, the model can be represented by a three dimensional dynamical system which admits a unique solution for any initial condition. It is shown that there is a unique nontrivial equilibrium which is a global attractor. In addition, the speed of convergence to the steady state is characterized, showing that in this framework this velocity is lower than in the original model.
Subjects: 
Mankiw-Romer-Weil economic growth model
discrete time
continuous time
decreasing population growth rate
speed of convergence
JEL: 
F17
F15
C16
C13 C62
O41
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-sa Logo
Document Type: 
Article

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