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Costly Financial Intermediation in Neoclassical Growth Theory
Mehra, Rajnish - 2008
in this intermediation amounted to at least 3.4 percent of GNP. The theory implies that financial intermediation services …
Persistent link: https://www.econbiz.de/10012464296
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Trevor Swan And The Neoclassical Growth Model
Dimand, Robert W. - 2008
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 "Solow-Swan growth...
Persistent link: https://www.econbiz.de/10012464699
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Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
McGrattan, Ellen R. - 2007
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/10012465147
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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/10012465369
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Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence From World War II
McGrattan, Ellen R. - 2006
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/10012466525
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Neoclassical Growth and the Adoption of Technologies
Comin, Diego - 2004
We introduce a growth model of technology diffusion and endogenous Total Factor Productivity (TFP) levels both at the sector and aggregate level. At the aggregate, the model behaves as the Neoclassical growth model. Our goal is for this model to bridge the gap between the theoretical and...
Persistent link: https://www.econbiz.de/10012467957
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Myopia and Inconsistency in the Neoclassical Growth Model
Barro, Robert J. - 1997
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/10012472497
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Neoclassical vs. Endogenous Growth Analysis : An Overview
McCallum, Bennett T. - 1996
This paper begins with an exposition of neoclassical growth theory, including several analytical results such as the …
Persistent link: https://www.econbiz.de/10012472984
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Technological Diffusion, Convergence, and Growth
Barro, Robert J. - 1995
We construct a model that combines elements of endogenous growth with the convergence implications of the neoclassical growth model. In the long run, the world growth rate is driven by discoveries in the technologically leading economies. Followers converge toward the leaders because copying is...
Persistent link: https://www.econbiz.de/10012473731
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Capital Mobility in Neoclassical Models of Growth
Barro, Robert J. - 1992
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/10012474759