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We construct a rational expectations model in which aggregate growth alternates between a low growth and a high growth state. When all agents expect growth to be slow, the returns on investment are low, and little investment takes place. This slows growth and confirms the prediction that the...
Persistent link: https://www.econbiz.de/10013222964
Our purpose in this paper is to present a class of convex endogenous growth models, and to analyze their performance in terms of both growth and business cycle criteria. The models we study have close analogs in the real business cycle literature. In fact, we interpret the exogenous growth rate...
Persistent link: https://www.econbiz.de/10013228713
This paper, divided into seven sections, considers the development of economic growth theory in light of the …, "The Impact of the Asian Economic Miracle on Growth Theory," focuses on the theorizing about the likely impact of the …
Persistent link: https://www.econbiz.de/10013117048
This paper addresses three issues related to the relative rates of growth in the United States, the European Union, and China during the four decades between 2000 and 2040. The first concerns the source of the factors which make it likely that China will continue to grow at a high rate for...
Persistent link: https://www.econbiz.de/10013148098
This paper studies the distributive effects of growth when different agents' income is drawn from accumulated and non-accumulated factors of production in different proportions, notes that political interactions may contribute to determine factor shares and growth when income sources are...
Persistent link: https://www.econbiz.de/10014074308
We study a one-sector growth model which is standard except for the presence of an externality in the production function. The set of competitive equilibria is large. It includes constant equilibria, sunspot equilibria, cyclical and chaotic equilibria, and equilibria with deterministic or...
Persistent link: https://www.econbiz.de/10013217601
This paper discusses the consequences of introducing imperfectly competitive product markets into an otherwise standard neoclassical growth model. We pay particular attention to the consequences of imperfect competition for the explanation of fluctuations in aggregate economic activity. Market...
Persistent link: https://www.econbiz.de/10013232158
This paper discusses recent theoretical and empirical work on the interactions between growth and business cycles. One may distinguish two very different types of approaches to the problem of the influence of macroeconomic fluctuations on long-run growth. In the first type of approach, which...
Persistent link: https://www.econbiz.de/10013249365
We analyze the dynamics of a simple growth model in which production occurs with a delay while new capital is installed (time-to-build). The time-to-build technology is shown to yield a system of functional (delay) differential equations with a unique steady state. We demonstrate that the steady...
Persistent link: https://www.econbiz.de/10013249398
This paper develops the quantitative implications of optimal fiscal policy in a business cycle model. In a stationary equilibrium the ex ante tax rate on capital income is approximately zero. There is an equivalence class of ex post capital income tax rates and bond policies that support a given...
Persistent link: https://www.econbiz.de/10013114944