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Something out of nothing? : Neoclassical growth and the "Trivial" steady State
Hakenes, Hendrik; Irmen, Andreas - 2006
A common perception about the neoclassical growth model is that an economy devoid of capital cannot evolve to strictly positive levels of output if capital is essential. We challenge this view by positing a broad class of production functions, encompassing the neoclassical production function,...
Persistent link: https://www.econbiz.de/10010265652
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Cross-country income differences and technology diffusion in a competitive world
Irmen, Andreas - 2008
This paper develops a new open-economy endogenous growth model where technology diffusion allows for a stable and non-degenerate world income distribution. In accordance with the empirical literature, I find that country characteristics such as the social infrastructure, the degree of openness,...
Persistent link: https://www.econbiz.de/10010264520
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Factor substitution, income distribution, and growth in a generalized neoclassical model
Irmen, Andreas; Klump, Rainer - 2007
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
Persistent link: https://www.econbiz.de/10010264251
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Population, pensions, and endogenous economic growth
Heer, Burkhard; Irmen, Andreas - 2008
We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor...
Persistent link: https://www.econbiz.de/10010264503
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Steady-state growth and the elasticity of substitution
Irmen, Andreas - 2010
In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the assessment of Klump and de La Grandville (2000) that the...
Persistent link: https://www.econbiz.de/10010266084
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Alternative Measures of Price Inflation and the Perception of Real Income in Germany
Israel, Karl-Friedrich; Schnabl, Gunther - 2020
estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of … the euro. Real economic growth as well as median wage developments are reexamined in light of the alternative inflation …
Persistent link: https://www.econbiz.de/10012314870
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Alternative Measures of Price Inflation and the Perception of Real Income in Germany
Israel, Karl-Friedrich; Schnabl, Gunther - 2021
estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of … the euro. Real economic growth as well as median wage developments are reexamined in light of the alternative inflation …
Persistent link: https://www.econbiz.de/10013315286
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Real Convergence, Price Level Convergence and Inflation Differentials in Europe
Égert, Balázs - 2021
root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors … descriptive statistics. Subsequently, we set out the possible mismatches between price level convergence and inflation rates … factors on observed inflation rates first in an accounting framework and then by relying on panel estimations. Our estimation …
Persistent link: https://www.econbiz.de/10013316808
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Tasks, Technology, and Factor Prices in the Neoclassical Production Sector
Irmen, Andreas - 2020
This paper introduces tasks into the neoclassical production sector. Competitive firms choose the profit-maximizing amounts of factor-specific tasks that determine their factor demands and output supplies. We show that the effect of factor-augmenting technical change on relative and absolute...
Persistent link: https://www.econbiz.de/10012830998
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Automation, Economic Growth, and the Labor Share - A Comment on Prettner (2019) -
Heer, Burkhard; Irmen, Andreas - 2019
Prettner (2019) studies the implications of automation for economic growth and the labor share in a variant of the Solow-Swan model. The aggregate production function allows for two types of capital, traditional and automation capital. Traditional capital and labor are imperfect substitutes...
Persistent link: https://www.econbiz.de/10012052836