Growth models often give rise to saddle-point stable dynamic systems with multi-dimensional stable manifolds. It is argued that standard solution procedures used to numerically approximate the transition process are generally inadequate when the (stable) eigenvalues differ substantially in...

Maintaining optimal levels of unemployment and external debt remains a significant challenge for ensuring consistent economic growth in many developing countries. Despite persistent economic difficulties marked by political instability, high unemployment, external debt, inflation, and limited...

Fertility rates have declined dramatically across almost all highincome countries over the past decades. This has raised concerns about future economic prospects. Indeed, fully- and semi-endogenous growth models imply that a shrinking workforce would lead to declining income growth and perhaps...