The level of R&D spending in the variety-based endogenous growth model

We show that equilibrium endogenous growth may be excessive in the variety-based endogenous growth modelà la5 . This result is obtained by relaxing the assumption on the constant elasticity of the demand function for intermediate goods.     

The relation between the speed of demand saturation and the dynamism of the labour market

The purpose of this paper is to examine the medium run effect of the speed of demand saturation on the dynamism of the labour market which involves factors such as the growth of employment and real wage rate, using a computer simulation of the stochastically multi-sectoral pure labour model with a logistic demand function. From the simulation, we obtain the evolutions of the expectation of the employment rate and the real wage rate, supposing three cases where the speed of demand saturation for a product that stochastically emerges is, ceteris paribus, different. As a result, it is demonstrated that the faster growth of demand for a product that emerges stochastically accelerates the growth of employment, but decelerates the growth of real wage rate. The result depends on the heterogeneity of the agents, which is neglected by mainstream economics.     

Consumption taxation, social status and indeterminacy in models of endogenous growth with elastic labor supply

In this paper, we examine the effects of consumption taxation on long-run growth in an infinitely lived representative-agent model of endogenous growth with endogenous labor supply in which the desire for social status induces private agents to care about others’ wealth or consumption levels. This analysis shows that the increase in consumption taxation raises (reduces) the long-run growth rate when the equilibrium path is locally indeterminate (determinate), provided the desire for social status is not too strong in the relative wealth model. By contrast, in the consumption externalities model, the same result holds, if the Frisch labor supply and labor demand curves have the ‘normal’ slopes at their intersection point, while the result is reversed if these two curves have the ‘wrong’ slopes.     

KALDORIAN DEMAND FUNCTIONS AND THE RETURN TO CAPITAL: AN ANALYSIS IN A TRADE THEORETIC FRAMEWORK

Abstract.  This paper shows that under certain plausible conditions capital accumulation raises the return to capital. A three good trade theoretic model with Kaldorian demand functions is used to establish this result. This proposition is also independent of the assumption of diminishing return to capital a key feature of endogenous growth theory. Our result sheds light on the high rates of investment and growth that many East Asian economies have achieved.     

Finance,inequality and the poor

Financial development disproportionately boosts incomes of the poorest quintile and reduces income inequality. About 40% of the long-run impact of financial development on the income growth of the poorest quintile is the result of reductions in income inequality, while 60% is due to the impact of financial development on aggregate economic growth. Furthermore, financial development is associated with a drop in the fraction of the population living on less than $ 1 a day, a result which holds when conditioning on average growth. These findings emphasize the importance of the financial system for the poor.      

Phelps' technical progress model generalized

We generalize Phelps' technical progress function and make it more realistic, by weakening assumptions and by adding education and income as influences on technical progress. The result retains the simplicity of Phelps' result, and reinforces the heterodox conclusion that higher population growth implies faster economic growth and higher consumption.     

Capitalists,workers, and the burden of debt

Abstract

This paper analyzes the burden of debt in a growth model that combines overlapping generations of workers who save for life-cycle reasons and dynastic agents who save for bequest reasons (‘capitalists’). Ricardian Equivalence prevails, but capitalists regard the debt serviced out of taxes on workers as net wealth. In the long run, the Cambridge Theorem holds: the relationship between the rate of profit and rate of growth is determined by the capitalist saving function, independently of worker or government saving. Two alternative closures are considered. Under exogenous growth constrained by a fully employed labor force, debt and deficits result in temporary effects on the distribution of income but permanent effects on the distribution of wealth. Under endogenous growth constrained by a fully utilized capital stock, debt and deficits result in temporary effects on the growth rates of the components of wealth and permanent effects on the level and distribution of capital.     

人力资本、技术进步与内生经济增长

在内生增长理论中,卢卡斯认为人力资本积累是经济增长的原动力,罗默则认为技术进步是经济增长的源泉。本文构建了一个内生增长模型,以解释人力资本积累和技术进步共同推动经济增长的机制。     

经济增长方式理论辨析

本文认为经济增长具体表现为经济增长源泉，经济增长成果与经济增长效益三个基本层面，而经济增长方式就是这三个层面的整体表现形式或联动方式，源泉为手段，成果是目的，效益是关键。并由此逻辑地推出三对类型的经济增长方式，外延型经济增长与内涵经济增长，数量型经济增长与质量型经济增长，粗放型经济增长与集约型经济增长。     

基于仿生学的创新型中小企业高成长机制实证研究——来自中国中小上市公司的数据

笔者运用仿生学原理对创新型中小企业成长范式进行探讨,构建创新型中小企业高成长机制模型,提出模型由成长能力、生存状态和成长潜力三个维度组成。基于108家上市公司的实证检验结果表明,高、中低成长性两组企业的成长机制存在显著差异;高成长性企业要素水平明显高于中低成长性企业,生存状态和成长潜力对该组企业成长有双重影响作用;技术创新对高成长性企业有直接作用,技术创新和产品竞争能力对中低成长性企业影响不显著。     

Political instability and economic growth

This paper investigates the relationship between political instability and per capita GDP growth in a sample of 113 countries for the period 1950 through 1982. We define political instability as the propensity of a government collapse, and we estimate a model in which such a measure of political instability and economic growth are jointly determined. The main result of this paper is that in countries and time periods with a high propensity of government collapse, growth is significantly lower than otherwise. We also discuss the effects of different types of government changes on growth.     

Endogenous Growth and Trade Liberalization

We develop an endogenous growth model in which trade liberalization has a positive effect on growth. This effect does not depend on marginal re-allocations nor on knowledge-spillovers. Rather, it is due solely to the increase in market size following the integration of product markets. Our result contradicts a widely-help view that trade on physical goodsper sehas no consequences for long-run growth.[F15]     

稳态通货膨胀下经济增长率的估计

本文从产品市场价格变动出发,解释了经济增长影响通货膨胀的原因,并讨论了稳定通货膨胀的经济增长率的概念。同时,利用季度数据从实证的角度分析了过去1 4年中国经济增长与通货膨胀之间的变动情况,估计出2 0世纪90年代以来中国“稳定通货膨胀的经济增长率”(SIRG ,SteadyInflationRateofEconomicGrowth)大致维持在9.8%左右     

A century of economic growth in Latin America

This paper makes a contribution to the study of economic growth in developing countries by analyzing the six largest Latin American economies over 105 years within a two-equation framework. Confirming previous findings, physical and human capital prove to be key determinants of GDP per head growth. However, a more controversial result is an overall negative conditional correlation between trade openness and GDP per head growth — though openness has a positive link via investment. The evidence also shows that macroeconomic instability has been a drag on long-term growth in the region.     

When Environmental Policy is Superfluous: Growth and Polluting Resources

In a research–driven endogenous growth model, a non–renewable resource gives rise to pollution. Consumption may either grow or decline along the optimal balanced growth path, but the (flow) pollution level necessarily diminishes continuously. Any positive balanced growth path is sustainable. Utility may improve, even though consumption declines. Although positive growth is optimal, the market economy may nevertheless result in permanently declining consumption possibilities. At the same time, a growth–enhancing government policy may improve long–run environmental conditions. The pollution externality does not distort the decisions of the market economy, so that a specific environmental policy is superfluous.
JEL classification : O 41; Q 20; Q 28; Q 32     

Tax-spending policies and economic growth: Theoretical predictions and evidence from the OECD

We present an endogenous growth model to study the growth effects of the composition of government expenditure and the associated tax burden. When we use data from a set of 23 OECD countries during 1970–2000, our econometric results support the predictions of the theory. The share of productive government expenditure is associated with higher growth, and this result is more robust when we use effective average tax rates and statutory tax rates as measures of the tax burden. With respect to the tax burden, different tax rates have different growth effects.     

中国未来不同生育水平下的经济增长后果比较研究

对中国未来90年不同生育水平下的经济增长后果进行了人口-经济动态模拟。在生育水平过低导致劳动力减少过快、人口老龄化过重、劳动负担加重的情况下,将使经济增长大大放缓;而较高的生育水平下,虽然经济增长速度略快,但是人均GDP增长速度慢于中方案生育水平下的经济增长,并且人均GDP水平也具有较大差异。完善当前生育政策,使生育水平稳定在1.9-2.0之间,如此人口在本世纪缓慢地减少也将有利于我国的经济增长和人均生活水平的提高。同时,在低生育水平下,依靠劳动增加和资本积累的粗放型经济增长将不复存在,经济发展方式转变是必然选择,技术创新、技术进步将是未来经济增长首要源泉。     

The allocation of volatile aid and economic growth: Theory and evidence

We analyse, both theoretically and empirically, the growth effects associated with two components of volatile foreign financial assistance: ‘directly productive’ (or ‘tied’) aid and ‘pure’ aid. We find that scenarios in which aid can hurt the recipient's growth rate emerge only in cases where foreign aid is volatile. As a result, we conclude that it is only in conjunction with the presence of aid variability that aid allocation determines whether foreign aid hurts or promotes long-run growth.     

ECONOMIC GROWTH AND INCREASING HOUSE PRICES

Abstract.  Several cities and countries in Asia and North America have experienced large increases in housing prices. We extend the 1991 paper by S. Rebelo to simulate this situation. We show that growth in real housing prices can result as economic growth persists, even when population growth is zero. Another finding is that reported increases in housing prices might be underestimated. In particular, the growth rate of a relative price index may converge to zero even when house prices in real terms display sustained growth.     

Comparative dynamics in a productive asset oligopoly

We build a subgame perfect Nash equilibrium of a common property productive asset oligopoly and analyze separately the impact of a change in the implicit growth rate of the asset and a change in the number of firms exploiting the asset. We show that the steady state level of asset can be a decreasing function of the asset's implicit growth rate. This phenomenon arises when the initial stock of asset is below a certain threshold. In the short-run we show that firms’ exploitation rate can be a decreasing function of the implicit growth rate. We study the impact of a change in the number of firms that share access to the asset. Reducing the number of firms can result, in the long-run, in higher industry production. In the short-run, it can result in an increase of the industry's exploitation and a decrease of the level of the asset's stock.