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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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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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A Contribution to the Empirics of Economic Growth
Mankiw, N. Gregory - 2010
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The...
Persistent link: https://www.econbiz.de/10013138393
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Public Policy and Economic Growth : Developing Neoclassical Implications
King, Robert G.; Rebelo, Sergio T. - 2021
Why do the countries of the world display considerable disparity in long term growth rates? This paper examines the hypothesis that the answer lies in differences in national public policies which affect the incentives that individuals have to accumulate capital in both its physical and human...
Persistent link: https://www.econbiz.de/10013216119
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Solow and the States : Capital Accumulation, Productivity and Economic Growth
Holtz-Eakin, Douglas - 2021
National, state, and local policy makers have increasingly focused their attention on policies toward economic growth, especially efforts to raise the rate of investment. Recent studies of economic growth have raised a debate over the role played by the investment rate in the long-run...
Persistent link: https://www.econbiz.de/10013230786
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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