Heer, Burkhard; Irmen, Andreas - In: Journal of Economic Dynamics and Control 46 (2014) C, pp. 50-72
expensive and innovation investments that increase labor productivity are more profitable. We incorporate this channel in a new … dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the … model for the US economy and obtain the following results. First, the effect of a decline in population growth on labor …