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Neoclassical Factors
Chen, Long - 2007
Building on neoclassical reasoning, we propose a new multi-factor model that consists of the market factor and factor mimicking portfolios based on investment and productivity. The neo- classical three-factor model outperforms traditional factor models in explaining the average returns across...
Persistent link: https://www.econbiz.de/10012776451
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Trevor Swan and the Neoclassical Growth Model
Dimand, Robert W. - 2010
Trevor Swan independently developed the neoclassical growth model. Swan (1956) was published ten months later than Solow (1956), but included a more complete analysis of technical progress, which Solow treated separately in Solow (1957). Reference is sometimes made to the quot;Solow-Swan growth...
Persistent link: https://www.econbiz.de/10012759369
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Capital Mobility in Neoclassical Models of Growth
Barro, Robert J.; Mankiw, N. Gregory; Sala-i-Martin, Xavier - 2021
The empirical evidence reveals conditional convergence in the sense that economies grow faster per capita if they start further below their steady-state positions. For a homogeneous group of economies - like the U.S. states, regions of western European countries, and the GECD countries - the...
Persistent link: https://www.econbiz.de/10013221302
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Neoclassical vs. Endogenous Growth Analysis : An Overview
McCallum, Bennett T. - 2021
This paper begins with an exposition of neoclassical growth theory, including several analytical results such as the …
Persistent link: https://www.econbiz.de/10013222908
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Myopia and Inconsistency in the Neoclassical Growth Model
Barro, Robert J. - 2021
The neoclassical growth model is modified to allow for a non-constant rate of time" preference. If the household cannot commit future choices of consumption and if utility is" logarithmic, then an equilibrium is found that resembles the standard results of the neoclassical" model. In this...
Persistent link: https://www.econbiz.de/10013234935
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Transitional Dynamics and Economic Growth in the Neoclassical Model
King, Robert G.; Rebelo, Sergio T. - 2021
An understanding of the qualitative nature of the transitional dynamics of the neociassical model - the process of convergence from an initial capital stock to a steady state growth path - is a key part of the shared knowledge of most economists. It forms the basis, for example, of the...
Persistent link: https://www.econbiz.de/10013239967
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Lecture Notes on Economic Growth(I) : Introduction to the Literature and Neoclassical Models
Sala-i-Martin, Xavier - 2021
This is a survey of the literature on Economic Growth. In the introduction we analyze the main differences between exogenous and endogenous growth models using fixed savings rate analysis. We argue that in order to have endogenous growth there must be constant returns to the factors that can be...
Persistent link: https://www.econbiz.de/10013211661
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Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence from World War Ii
McGrattan, Ellen R.; Ohanian, Lee E. - 2021
fiscal shocks. We test the theory using data from World War II, which is by far the largest fiscal shock in the history of … data. Our main finding is that the theory quantitatively accounts for macroeconomic activity during this big fiscal shock …
Persistent link: https://www.econbiz.de/10013246088
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Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
McGrattan, Ellen R. - 2015
goods and find that the 1990s are not puzzling in light of this new theory. There is compelling micro and macro evidence for … our extension, and the predictions of the theory are in conformity with U.S. national products, incomes, and capital gains …. We use the theory to compare current accounting measures for labor productivity and investment with the corresponding …
Persistent link: https://www.econbiz.de/10012750319
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Technological Diffusion, Convergence, and Growth
Barro, Robert J. - 2012
growth model. In the long run, the world growth rate is driven by discoveries in the technologically leading economies …
Persistent link: https://www.econbiz.de/10012756001