The paper studies the contribution of human capital on economic growth through its impact on the rate of innovation by … formulating an endogenous growth model that combines elements from Romer (1990), Aghion and Howitt (1992), and van Zon and …-the-job training on the innovative capacity of an economic system that is the ultimate cause of output growth. In our set-up, general …

We characterize the dynamic equilibrium of a two-sector endogenous growth model with constant returns to scale. We … this model, economies with the same fundamentals but different endowments of capitals will converge to a common growth rate …

This paper presents a tractable endogenous two-sector growth model with non-Gorman intra-temporal preferences and …. According to Engel’s law, growth in income increases the expenditure share of the luxury sector. Biased technical change … equilibrium consists of a nonbalanced constant growth path along which the Kaldor facts hold, and growth is mainly driven by the …

productivity of the sector producing the infrastructure. We show that this economy displays perpetual growth whenever the share of … conditions under which the tax rate is growth maximizing. …

We introduce wage setting via efficiency wages in the neoclassical one-sector growth model to study the growth effects … that the model with wage inertia can explain some growth patterns that cannot be explained when wages are flexible. We also … study the growth effects of permanent technological and fiscal policy shocks in these two economies. During the transition …

negative relationship between growth and income inequality observed in the cross-country data and the positive relationship … observed within countries over time. The model employs a dual-economy structure with formal and informal sectors. Growth is … growth rate and increase inequality. Redistributive taxation lowers inequality but blunts the incentive to accumulate …

We investigate the Ramsey-like dynamics of nonrenewable resource abundance on economic growth and welfare in a two … result of Rodríguez and Sachs (1999) that the initial stock of the resource influences negatively the GDP growth of the … effect on the growth rate of the resource-rich country provided the elasticity of the initial price of the resource with …

We analyze the transitional dynamics of an endogenous growth model with heterogeneous consumption goods. In this model …, convergence is driven by two different forces: the diminishing returns to capital and the growth of the relative price between … two-sector growth model with a unique consumption good. First, the initial growth effect of a shock in one of the capital …

effect of animal spirits on the balanced-growth-path (BGP) level of per-capita consumption without impacting on economic … growth and on aggregate vertical R&D. However, transition is slower under "waves of enthusiasm", implying a longer period in … which growth rates are higher than the BGP level. An economy that is subject to expectations shocks then converges at a time …