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Steady-State Growth and the Elasticity of Substitution
Irmen, Andreas - 2010
In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the assessment of Klump and de La Grandville (2000) that the...
Persistent link: https://www.econbiz.de/10011422204
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Factor substitution, income distribution, and growth in a generalized neoclassical model
Irmen, Andreas; Klump, Rainer - 2007
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
Persistent link: https://www.econbiz.de/10010264251
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Something out of nothing? : Neoclassical growth and the "Trivial" steady State
Hakenes, Hendrik; Irmen, Andreas - 2006
A common perception about the neoclassical growth model is that an economy devoid of capital cannot evolve to strictly positive levels of output if capital is essential. We challenge this view by positing a broad class of production functions, encompassing the neoclassical production function,...
Persistent link: https://www.econbiz.de/10010265652
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Steady-state growth and the elasticity of substitution
Irmen, Andreas - 2010
In a neoclassical economy with endogenous capital- and labor-augmenting technical change the steady-state growth rate of output per worker is shown to increase in the elasticity of substitution between capital and labor. This confirms the assessment of Klump and de La Grandville (2000) that the...
Persistent link: https://www.econbiz.de/10010266084
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Factor Substitution, Income Distribution, and Growth in a Generalized Neoclassical Model
Irmen, Andreas; Klump, Rainer - 2007
We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...
Persistent link: https://www.econbiz.de/10011422161
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Home market effects and the single-sector Melitz model
Felbermayr, Gabriel J.; Jung, Benjamin - 2011
Increasing-returns-to-scale imperfect competition trade models predict a more than proportionate relationship between the larger country's share in world endowments and its share in producing firms: the so called home market effect (HME). While this result plays a key role in empirical testing,...
Persistent link: https://www.econbiz.de/10010280839
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Net worth ratio and financial instability
Watanabe, Toshio - In: Journal of Economic Structures 2 (2013), pp. 1-18
formulate a model of financing. New Keynesian theory emphasizes that a firm's net worth influences investment decisions and … banks lending reaction to the net worth ratio is more elastic than investment reaction. When the steady state is the saddle …
Persistent link: https://www.econbiz.de/10011551998
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Horizontal Multinational Firms, Vertical Multinational Firms and Domestic Investment
Namini, Julian Emami; Pennings, Enrico - 2009
endogenous domestic and foreign investment. It is found that horizontal multinational activity always leads to a complementary … relationship between domestic and foreign investment. Vertical multinational activity, in contrast, leads to either a … substitutional or complementary relationship between domestic and foreign investment, depending on the firms' technologies. We test …
Persistent link: https://www.econbiz.de/10010325782
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Limits to industrial agglomeration
Junius, Karsten - 1996
This paper presents an economic geography model to show the spatial effects of economic integration. While other authors mainly focused on the explanation of cumulative causation effects that lead to complete concentration or absolutely equal dispersion of industries, this paper explains why...
Persistent link: https://www.econbiz.de/10010275288
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Cities and Satellites: Spatial Effects and Unobserved Heterogeneity in the Modeling of Urban Growth
Vance, Colin; Iovanna, Rich - 2008
The confluence of factors driving urban growth is highly complex, resulting from a combination of ecological and social determinants that co-evolve over time and space. Identifying these factors and quantifying their impact necessitates models that capture both why urbanization happens as well...
Persistent link: https://www.econbiz.de/10010264714