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The Effect of Financial Development on Convergence : Theory and Evidence
Aghion, Philippe - 2004
We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology … transfer. The theory predicts that the growth rate of any country with more than some critical level of financial development … long-run growth rate. The theory also predicts that in a country that converges to the frontier growth rate, financial …
Persistent link: https://www.econbiz.de/10012468335
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R&D, Implementation and Stagnation : A Schumpeterian Theory of Convergence Clubs
Howitt, Peter - 2002
We construct a Schumpeterian growth theory consistent with the divergence in per-capita income that has occurred … second half of the 20th Century. The theory assumes that technological change underwent a transformation late in the 19th …
Persistent link: https://www.econbiz.de/10012469607
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Optimal Capital Versus Labor Taxation with Innovation-Led Growth
Aghion, Philippe - 2013
Chamley (1986) and Judd (1985) showed that, in a standard neoclassical growth model with capital accumulation and infinitely lived agents, either taxing or subsidizing capital cannot be optimal in the steady state. In this paper, we introduce innovation-led growth into the Chamley-Judd...
Persistent link: https://www.econbiz.de/10012459575
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What Do We Learn From Schumpeterian Growth Theory?
Aghion, Philippe - 2013
Schumpeterian growth theory has "operationalized" Schumpeter''s notion of creative destruction by developing models … growth institutions; (iv) the emergence and impact of long-term technological waves. In each case Schumpeterian growth theory …
Persistent link: https://www.econbiz.de/10012459838
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Disequilibrium Growth Theory : The Kaldor Model
Ito, Takatoshi - 1978
Disequilibrium macroeconomic theory [e.g. Clower, and Barroand Grossman] is extended to deal with capital accumulation …
Persistent link: https://www.econbiz.de/10012478870
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Economic Development as Self-Discovery
Hausmann, Ricardo - 2002
In the presence of uncertainty about what a country can be good at producing, there can be great social value to discovering costs of domestic activities because such discoveries can be easily imitated. We develop a general-equilibrium framework for a small open economy to clarify the analytical...
Persistent link: https://www.econbiz.de/10012469762
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A Schumpeterian Model of Top Income Inequality
Jones, Charles I. - 2014
Top income inequality rose sharply in the United States over the last 35 years but increased only slightly in economies like France and Japan. Why? This paper explores a model in which heterogeneous entrepreneurs, broadly interpreted, exert effort to generate exponential growth in their incomes....
Persistent link: https://www.econbiz.de/10012458028
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Cross-Sectoral Variation in The Volatility of Plant-Level Idiosyncratic Shocks
Castro, Rui - 2011
We estimate the volatility of plant-level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy-wide factors, or by establishments' characteristics. Consistent...
Persistent link: https://www.econbiz.de/10012460998
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Keynesian Macroeconomics without the LM Curve
Romer, David - 2000
Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...
Persistent link: https://www.econbiz.de/10012471315
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Keynesian, New Keynesian, and New Classical Economics
Greenwald, Bruce C. - 1987
Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads …
Persistent link: https://www.econbiz.de/10012476909