Stokey, Nancy - In: Journal of Economic Growth 20 (2015) 1, pp. 1-36
<Para ID="Par1">This paper studies the interaction between technology, a public input that flows in from abroad, and … the economy keeps pace with the technology frontier. The other is stagnation, where the economy converges to a minimal … technology level that is independent of the world frontier. In a calibrated version of the model, transition paths after a policy …