motives), in which a low-income economy enjoys a high growth rate relative to a high-income economy, thanks to importing … technologies (or 'machines') invented in the high- income economy. Following Romer (1990), the growth of an economy is sustained by … productivity advances. The model can generate the growth paths of the U.S. and the South Korea. …

This paper looks at the linkages between growth and business cycles by bringing together two strands of literature. We … incorporate a quality ladders engine of growth into an otherwise standard real business cycle model. Our fundamental question is …

The objective of this work is to try to define and calculate the optimal growth path, in the presence of exogenous … relation between the marginal rate of substitution between bequest and heritage and the growth rate, relation which is a … of optimal growth II: Pareto-optimality and some economic interpretations » …

capital are confined to the investment goods sector. We show that this setup, an endogenous growth extension to the model of … decrease output growth if the elasticity of intertemporal substitution is larger than the saving rate. …

The paper analyses a two-sector model of endogenous growth with two common features of economic development: stages of … sustained growth and underdevelopment traps. The model also demonstrates the transitional issues of a temporary underdevelopment … trap, seemingly sustainable growth, and a slowdown in productivity growth. The temporary underdevelopment trap occurs when …

The "linearity critique" of endogenous growth models is presented in a general context of an arbitrary growth model and … reassessed. It is argued, that presence of linearities is not a valid criterion for rejecting growth models. Existence of … exponential/geometrical steady- state growth (i.e. of a balanced growth path with strictly positive growth rates) necessarily …

aggregate relations. This paper establishes a bridge between the aggregation and the inequality and growth literature by … applying a log-linear aggregation method to a simple heterogeneous AK growth model. The aggregation effect is explicitly … captured in the growth equation by the changes of the mean logarithmic deviation (MLD or Theil’s second measure) of the income …

distribution, growth and international specialization. The model is explored both for the steady- state properties and the … transitory dynamics of integrated economies. Income inequality affects the patterns of growth and international specialization as …

utility functions are both in this class. The implications of the PRA utility functions are explored in the context of growth … rates if they start with different levels of capital stock. Thus diversity in growth performance across countries occurs …