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Journal articles on the topic 'Endogenous growth (Economics) – Mathematical models'

Author: Grafiati

Published: 4 June 2021

Last updated: 5 February 2022

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1

Gallardo Pérez, Henry de Jesús, and Mawency Vergel Ortega. "Mathematical economics in the explanation of economic growth in economies with endogenous and exogenous technological change." Revista Boletín Redipe 10, no. 5 (May 1, 2021): 101–9. http://dx.doi.org/10.36260/rbr.v10i5.1287.

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Economic growth is a function of the interactions between the different productive factors framed in the economic policy of an economy, in particular, it can be expressed in terms of labour force, productive resources (land, capital) and technology, among others. The present work pretends to approximate a model to explain the economic growth in developing economies, for which a model is proposed that explains this growth in function of the referred factors; then production is proposed in function of capital and work and two models are adjusted, one with exogenous technological change and the other that involves technological change in an endogenous manner. The model is developed with a production function with constant substitution elasticity so that it is applicable to both developed and developing economies, since it is to be expected that in developed economies the substitution elasticity is unitary, which would lead to a Cobb-Douglas-type production function, but it is very probable that in incipient economies the function with constant substitution elasticity better reflects the relationship between production factors and economic growth. The research allows the development of the corresponding mathematical model in each case, the economic and mathematical foundations of each model are presented and validated according to economic theories. The behaviour of variables such as savings, investment, income, consumption, capital and their relationships in each model is analysed.

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Bretschger, Lucas, and Christos Karydas. "Economics of climate change: introducing the Basic Climate Economic (BCE) model." Environment and Development Economics 24, no. 6 (June 28, 2019): 560–82. http://dx.doi.org/10.1017/s1355770x19000184.

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AbstractEnvironmental economics models are often too complex to be communicated in an illustrative manner. For this reason, this paper develops the Basic Climate Economic (BCE) model that features core elements of macroeconomic and climate economic modelling, while allowing for an illustrative examination of the development path. The BCE model incorporates fossil stock depletion, pollution stock accumulation, endogenous growth, and climate-induced capital depreciation. We first use graphical analysis to show the effects of climate change and climate policy on economic development. Intuition for the different model mechanisms, the functional forms, and the effects of different climate policies is provided. We then show the model equations in mathematical terms to derive closed-form solutions and to run model simulations relating to the graphical part. Finally, we compare our setup to other models of climate economics.

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3

Trimborn, Timo. "On the analysis of endogenous growth models with a balanced growth path." Journal of Mathematical Economics 79 (December 2018): 40–50. http://dx.doi.org/10.1016/j.jmateco.2018.09.003.

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4

Irmen, Andreas. "A GENERALIZED STEADY-STATE GROWTH THEOREM." Macroeconomic Dynamics 22, no. 4 (June 27, 2016): 779–804. http://dx.doi.org/10.1017/s1365100516000407.

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Is there an economic justification for why technical change is by assumption labor-augmenting in dynamic macroeconomics? The literature on the endogenous choice of capital- and labor-augmenting technical change finds that technical change is purely labor-augmenting in steady state. The present paper shows that this finding is mainly an artifact of the underlying mathematical models. To make this point, Uzawa's steady-state growth theorem is generalized to a neoclassical economy that, besides consumption and capital accumulation, uses current output to create technical progress or to manufacture intermediates. The generalized steady-state growth theorem is shown to encompass four models of endogenous capital- and labor-augmenting technical change and the typical model of the induced innovations literature of the 1960s.

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5

Brito, Paulo, and Alain Venditti. "Local and global indeterminacy in two-sector models of endogenous growth." Journal of Mathematical Economics 46, no. 5 (September 2010): 893–911. http://dx.doi.org/10.1016/j.jmateco.2010.08.003.

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6

Dowrick, Steve. "Estimating the impact of government consumption on growth: Growth accounting and endogenous growth models." Empirical Economics 21, no. 1 (March 1996): 163–86. http://dx.doi.org/10.1007/bf01205498.

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7

Voronov, Y. P. "The Second Split in Economic Science (About 2018 Nobel Memorial Prize in Economic Sciences)." World of new economy 13, no. 1 (December 6, 2019): 77–84. http://dx.doi.org/10.26794/2220-6469-2019-13-1-77-84.

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In this article, I described the results of investigations achieved by two American economists William Nordhaus and Paul Romer. They have been awarded the 2018 Nobel Memorial Prize in Economic Sciences mainly for the introduction of feedbacks in economic and mathematical modelling. Nordhaus “for integrating climate change into long-run macroeconomic analysis” where quantitative model describes the global interplay between the economy and the climate and integrates theories and empirical results from physics, chemistry and economics. Romer “for integrating technological innovations into the long-run macroeconomic analysis” where he shows how knowledge can function as a driver of long-term economic growth. I considered three blocks in the models of W. Nordhaus and P. Romer and the functions of each of them. Also, I discussed the assumptions that underlie their models. The author notes that climate change models are also being built in Russia, but there are no economic blocks in them, models of long-term economic growth with endogenous scientific and technological progress are formed in Russia also, but representatives of natural Sciences do not participate in them. Experience of the laureates shows that providing models of long-run economic development of the country and the world are necessary. The article also highlights P. Romer work on international Charter cities, the sources of world scientific and technological progress.

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8

Itaya, Jun-ichi. "Can environmental taxation stimulate growth? The role of indeterminacy in endogenous growth models with environmental externalities." Journal of Economic Dynamics and Control 32, no. 4 (April 2008): 1156–80. http://dx.doi.org/10.1016/j.jedc.2007.05.002.

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9

Putra, Toufiq Agung Pratomo Sugito, and Sugiyanto Sugiyanto. "MACRO-ECONOMIC IMPACT ON STOCK PRICES." Jurnal Riset Akuntansi Kontemporer 13, no. 1 (April 25, 2021): 13–19. http://dx.doi.org/10.23969/jrak.v13i1.3245.

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Macroeconomics is an integral component of economic activity. The goal of this research is to demonstrate the effects of the macro-economic effect on stock returns with a more focused and tailored scope of the financial sector. This research uses a quantitative methodology with mathematical techniques, data used in the period 2001-2018, time series models with Vector Autoregressive (VAR) approaches where the data used are stationary and not co-integrated. The VAR model shows that if there is a parallel interaction between the measured variables, these variables can be considered similarly so that there are no more endogenous and exogenous variables. The findings showed that inflation, exchange rates and interest rates have no significant effect while economic growth had an impact on stock returns in the financial sector on the Indonesian stock exchange in 2001-2018

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10

Musthofa, Muhammad Wakhid. "Melacak Dampak Perubahan Iklim Terhadap Kondisi Makroekonomi dengan Teori Permainan Dinamis." Jurnal Fourier 7, no. 2 (October 31, 2018): 57–62. http://dx.doi.org/10.14421/fourier.2018.72.57-62.

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Makalah ini membahas tentang model matematika dampak perubahan iklim terhadap kondisi makroekonomi suatu negara. Dengan mengacu pada model pertumbuhan ekonomi endogen pada suatu negara, dengan fungsi output berbentuk fungsi Cobb-Douglas akan diturunkan model matematika yang mendeskripsikan dampak perubahan iklim terhadap kondisi makroekonomi suatu negara. Selanjutnya, akan dikonstruksikan pula fungsi ongkos yang berhubungan dengan model matematika yang telah diturunkan. Mengingat model matematika tersebut masih dalam bentuk sistem persamaan nonlinear, maka diperlukan proses linearisasi untuk menghasilkan model matematika yang linear sehingga memudahkan untuk dianalisis maupun diaplikasikan. [This paper discusses the mathematical model of the impact of climate change on the macroeconomic conditions of a country. By referring to an endogenous economic growth model in a country, with the output function in the form of a Cobb-Douglas function, a mathematical model will be described that describes the effects of climate change on the macroeconomic conditions of a country. Furthermore, it will also construct cost functions related to mathematical models that have been derived. Considering that the mathematical model is still in the form of a nonlinear equation system, a linearisation process is needed to produce a linear mathematical model that makes it easy to analyze and apply.]

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Shimanovsky, Dmitriy Viktorivich, and Elena Andreevna Tretiakova. "Modeling social ecological economic relations as an assessment method for sustainable development of regions in the Russian Federationский." Вестник Пермского университета. Серия «Экономика» = Perm University Herald. ECONOMY 15, no. 3 (2020): 369–84. http://dx.doi.org/10.17072/1994-9960-2020-3-369-384.

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The advocates for the sustainable development theory question current methods applied to achieve the economic growth. This theory states that the economic growth should not increase the environmental pollution and the social tension. The irrational use of natural resources and insufficient investments in the human capital cause a inadequate development path for various countries and their territories. This article models three components for sustainable development of the RF constituent entities which shape the economic, social, and environmental areas of human life: GRP growth, better living standards evaluated against social wellbeing coefficient, and pollution reduction. This study aims to substantiate the reciprocal relationships between three above mentioned components of the sustainable development in the Russian regions and to develop the forecasting tools for further practical recommendations. The methodology of open vector autoregressions is taken to be the main research method. In this case, special attention has been paid to find the optimal maximum lag value in the model and to substantiate the Granger causality between endogenous variables. The results of the study prove that economic, social, and environmental areas of the human activity are interconnected. To achieve the sustainable development for the regional systems under the acquired model, sustainable development in the Russian regions is achieved by investing more into the human capital and macroeconomic stability. These tools could be applied to forecast the changes in the economic, social, and environmental components of the RF regions’ sustainable development. The tools have been verified with the data on the social and economic development of Perm region, which gives high quality forecasts with a low forecast error value. Further update of the mathematical tools and forecasting the social ecological and economic connections become the basis for the development of the optimal trajectory for the sustainable development in Russian regions and provide better quality for the developed and implemented regional strategies for the social and economic development.

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12

Sergienko, O. A., M. A. Mashchenko, and V. V. Baranova. "Modeling the Instability of Development of Complex Hierarchical Systems." PROBLEMS OF ECONOMY 1, no. 47 (2021): 143–54. http://dx.doi.org/10.32983/2222-0712-2021-1-143-154.

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The article suggests using modern instruments of dynamic analysis, i.e. the theories of phase, cointegration, and bifurcation analysis and the catastrophe theory to improve the methodology to study the dynamic pattern of the development indices of complex hierarchical systems (CHS) and their relationship. The article elaborates the main directions for creating research models, which would describe the interaction between the development indices of CHS, grounded on estimating and analyzing pre-crisis, crisis and post-crisis phenomena in hierarchical social and economic territorial systems. A conceptual framework algorithm is designed to model the dynamic pattern of the CHS development using modern economic and mathematical instruments to study the dynamics of time-series data and assess the relationship of CHS indices. Complex models have been implemented to monitor the key CHS development indices based on the phase and cointegration analysis of the relationship between the following processes: investment and GDP; GDP and industrial production dynamics; GDP dynamics and import volumes dynamics; wages dynamics and industrial production dynamics; migration and natural population growth. As part of the implementation of a comprehensive model for monitoring key indices of CHS development based on bifurcation analysis and the catastrophe theory, the supercritical Hopf bifurcation is built in the relationship model of imports and GDP; surfaces of the functions of Kaldor’s model and a three-dimensional Kaldor’s model are constructed. The suggested complex toolkit for research models of the CHS development instability gives us the opportunity to draw conclusions about the reasons and factors of the occurrence of endogenous (self-generating) fluctuations and bifurcations; about the probability of catastrophes and crises arising in complex hierarchical economic systems. The solution of problems caused by the CHS development instability on the basis of complex application of phase, cointegration and bifurcation analysis will allow us to predict crisis situations in advance and to offer methods of their prevention, to find complex ways out of crisis situations.

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13

Dolmas, Jim. "Endogenous Growth in Multisector Ramsey Models." International Economic Review 37, no. 2 (May 1996): 403. http://dx.doi.org/10.2307/2527330.

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14

Okuno-Fujiwara, Masahiro, and Karl Shell. "AN INTERVIEW WITH HIROFUMI UZAWA." Macroeconomic Dynamics 13, no. 3 (June 2009): 390–420. http://dx.doi.org/10.1017/s1365100509080213.

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Hirofumi Uzawa is one of the giants of modern economic theory. Hiro is probably best known to the readers of Macroeconomic Dynamics (MD) for his seminal articles on two-sector economic growth. The two-sector technology is more general than the one-sector technology: it allows a production possibility frontier that is strictly concave to the origin as opposed to being necessarily flat. This generality allows richer and more complex dynamics. This makes it especially useful for the analysis of economic fluctuations. The two-sector model is perfect for dynamic international trade.Hiro is also well known to macroeconomists for his seminal contribution to endogenous growth. In his article in the 1965 IER, productivity permanently increases as the result of permanent accumulation of human capital. Uzawa was thus a first mover in the new growth theory. The symbol H (for Human Capital, or for Hiro?) is today everywhere in models of economic dynamics.On his own and through his many students and mentees, Hiro has been the major inspiration for the modern theory of optimal economic growth. He taught a generation of pure and applied economists how to apply Pontryagin's maximum principle in economic dynamics. It seems that Uzawa introduced—or at least pushed the use of—phase diagrams in economic dynamics. Where would we be without this essential tool?Most readers of MD are likely to think first of Uzawa's contributions to macro, but Hiro is equally well known for his superb works on mathematical economics, general equilibrium, and demand theory. Hiro's mathematics is elegant and often very deep. Like the quality mathematician that he is, he does not apply technique for technique's sake.Hiro has made fundamental contributions to nonlinear programming. For the convex (but not necessarily smooth) case, he employed Slater's condition to obtain Kuhn–Tucker multipliers that satisfy the saddlepoint property necessary for an optimum. For the smooth (but not necessarily convex) case, Arrow, Hurwicz, and Uzawa introduced the current version of the constraint qualification, which ensures that optimality implies the existence of Kuhn–Tucker multipliers satisfying the saddlepoint property.Hiro's paper “Walras's Existence Theorem and Brouwer's Fixed Point Theorem” in the Economic Studies Quarterly (1962) is a hidden gem on general equilibrium. This paper can be seen as foreshadowing Sonnenschein's result on excess demand functions. Hiro clarified old, important questions about recovering preference maps from demand functions. Hiro was probably the first to convincingly show—in the context of tatonnement adjustment—the important distinction between local stability and global stability in economic dynamics.We have given here only a glimpse into the very large body of beautiful, influential Uzawa papers. Hiro's splendid bibliography is given at the end of the interview. Some of the work that Hiro has pursued energetically has yet to be widely recognized. One thinks, for example, of the Penrose Effect, Hiro's modeling of the organizational costs incurred in adding capital or making other changes in the way a firm does business.Hiro has had many successful students and mentees. Your MD interviewers are lucky to have been among those whom Hiro has influenced profoundly. A very incomplete list of the others would also include Dave Cass, Steve Goldman, Harl Ryder, Hajime Oniki, Bob Lucas, George Akerlof, Joe Stiglitz, Miguel Sidrauski, Morris Teubal, Assaf Razin, Guillermo Calvo, Bill Ethier, and Lenny Mirman.Hiro is widely recognized and even revered in Japan. He was elected to the very selective Japan Academy in 1989 at a remarkably young age. He was named “A Person of Cultural Merit” in 1983 and elected to the Order of Culture in 1997. Hiro has received significant international recognition. He was President of the Econometric Society. He is a Fellow of the Econometric Society, Member of the American Academy of Arts and Sciences, Foreign Honorary Member of the American Economic Association, and Foreign Associate of the U.S. National Academy of Sciences.This interview took place nearly 10 years ago. We apologize to the readers and to Professor Uzawa for the delay in getting the transcript to the editor. The interview was held at the Research Center on Global Warming of the Development Bank of Japan, at which Hiro plays an important role. Four of us—Uzawa, the two interviewers, and Yumiko Baba, who was then a post-doc in economics at the University of Tokyo, there to operate the tape recorder—were collected at the Meiji Gakuin University in central Tokyo and whisked away in a large black automobile to Hiro's home court at the Bank. Hiro is an imposing figure: tall and erect with a very long, pointed white beard. His eyes are very active. He strokes his beard in a soothing manner. It is not difficult to be in awe of him. The interview took an even more formal tack because there were two in the room with the nickname “Hiro.” It was hence efficient to use last names at times.The interviewers had agreed to try to steer Uzawa toward a discussion of his well-known basic technical contributions and away from his less well-known and more political contributions. In the end, we failed to steer Hiro onto any course other than his own. This is mostly as it should be. In this interview, you will hear about some of the technical contributions for which Hiro is widely known. You will also hear about what motivated him to enter economics, his strong social concerns and strong political views, the turbulence of the war years and the postwar years, and his recent work and interests. A few of the paragraphs at the end of the interview were added to bring the record up to date. What comes through is a picture of Hirofumi Uzawa, a truly distinguished scholar and a person dedicated to human betterment.Hiro talked in his usual warm, friendly voice. He peppered the interview with his strong opinions about other major economists, often with lively anecdotes. Of course, Hiro's opinions are his own, not those of the interviewers or the editors. We hope that the readers will get as much out of this conversation with Hiro as we did.

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15

MALIAR, LILIA, and SERGUEI MALIAR. "ENDOGENOUS GROWTH AND ENDOGENOUS BUSINESS CYCLES." Macroeconomic Dynamics 8, no. 5 (November 2004): 559–81. http://dx.doi.org/10.1017/s1365100504040064.

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This paper presents a computable general equilibrium model of endogenous (stochastic) growth and cycles that can account for two key features of the aggregate data: balanced growth in the long run and business cycles in the short run. The model is built on Schumpeter's idea that economic development is the consequence of the periodic arrival of innovations. There is growth because each subsequent innovation leads to a permanent improvement in the production technology. Cycles arise because innovations trigger a reallocation of resources between production and R&D. The quantitative implications of the calibrated version of our model are very similar to those of Kydland and Prescott's (1982) model. Moreover, under some parameterizations, our model can correct two shortcomings of RBC models: It can account for the persistence in output growth and the asymmetry of growth within the business cycle.

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16

Sedgley, Norman, and Bruce Elmslie. "THE DYNAMIC PROPERTIES OF ENDOGENOUS GROWTH MODELS." Macroeconomic Dynamics 17, no. 5 (March 11, 2013): 1118–34. http://dx.doi.org/10.1017/s1365100512000119.

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This paper explores the dynamics of semiendogenous versus fully endogenous growth models in “lab equipment” specifications of the models with expanding sectors. Capital is allowed to accumulate and is used, together with other inputs, to produce new knowledge. The stability of the steady state path is found to be determined by the inequality and/or knife-edge restrictions needed to produce steady state growth. This paper takes the ratio of the shadow price of capital to knowledge and the level of consumption as jump variables. Semiendogenous growth models lead to a 4 × 4 dynamic system where the sign of the coefficient matrix of the log linearized dynamic system is indefinite, leading to a potential for both stable and unstable equilibria. The knife-edge restrictions needed to generate policy influences on growth are shown to be restrictions that reduce the system to 3 × 3 with a positive definite coefficient matrix, thereby guaranteeing a globally stable equilibrium. Implications for empirical testing are addressed.

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17

Jones, Larry E., Rodolfo E. Manuelli, Henry E. Siu, and Ennio Stacchetti. "Fluctuations in convex models of endogenous growth, I: Growth effects." Review of Economic Dynamics 8, no. 4 (October 2005): 780–804. http://dx.doi.org/10.1016/j.red.2005.05.004.

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18

Gomes, Orlando. "On the stability of endogenous growth models." Journal of Economic Studies 36, no. 1 (January 23, 2009): 17–35. http://dx.doi.org/10.1108/01443580910923786.

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19

Verspagen, Bart. "Endogenous innovation in neoclassical growth models: A survey." Journal of Macroeconomics 14, no. 4 (September 1992): 631–62. http://dx.doi.org/10.1016/0164-0704(92)90004-r.

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20

Ben-Gad, Michael. "Fiscal policy and indeterminacy in models of endogenous growth." Journal of Economic Theory 108, no. 2 (February 2003): 322–44. http://dx.doi.org/10.1016/s0022-0531(03)00027-9.

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21

Krebs, Tom. "Recursive equilibrium in endogenous growth models with incomplete markets." Economic Theory 29, no. 3 (December 1, 2005): 505–23. http://dx.doi.org/10.1007/s00199-005-0012-3.

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22

KARRAS, GEORGIOS. "TAXES AND GROWTH: TESTING THE NEOCLASSICAL AND ENDOGENOUS GROWTH MODELS." Contemporary Economic Policy 17, no. 2 (April 1999): 177–88. http://dx.doi.org/10.1111/j.1465-7287.1999.tb00673.x.

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23

Polterovich, V. M. "The Theory of Endogenous Economic Growth and Equations of Mathematical Physics." Journal of the New Economic Association 34, no. 2 (2017): 193–201. http://dx.doi.org/10.31737/2221-2264-2017-34-2-11.

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Nishimura, Kazuo, and Tadashi Shigoka. "Sunspots and Hopf bifurcations in continuous time endogenous growth models." International Journal of Economic Theory 2, no. 3-4 (September 2006): 199–216. http://dx.doi.org/10.1111/j.1742-7363.2006.0033.x.

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Ferrer-Comalat, Joan Carles, Salvador Linares-Mustarós, and Ricard Rigall-Torrent. "Incorporating Fuzzy Logic in Harrod’s Economic Growth Model." Mathematics 9, no. 18 (September 8, 2021): 2194. http://dx.doi.org/10.3390/math9182194.

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This paper suggests the possibility of incorporating the methodology of fuzzy logic theory into Harrod’s economic growth model, a classic model of economic dynamics for studying the growth of a developing economy based on the assumption that an economy with only savings and investment income is in equilibrium when savings are equal to investment. This model was the first precursor to exogenous growth models, which in turn gave rise to endogenous growth models. This article therefore represents a first step towards introducing fuzzy logic into economic growth models. The study concerned considers consumption and savings to depend on income by means of uncertain factors, and investment to depend on the variation of income through the accelerator factor, which we consider uncertain. These conditions are used to determine the equilibrium growth rate of income and investment, as well as the uncertain values for these variables in terms of fuzzy numbers. As a result, the new model is shown to expand the classical model by incorporating uncertainty into its variables.

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Grossman, Gene M., and Elhanan Helpman. "Endogenous Innovation in the Theory of Growth." Journal of Economic Perspectives 8, no. 1 (February 1, 1994): 23–44. http://dx.doi.org/10.1257/jep.8.1.23.

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This paper makes the case that purposive, profit-seeking investments in knowledge play a critical role in the long-run growth process. First, the authors review the implications of neoclassical growth theory and the more recent theories of ‘endogenous growth.’ Then they discuss the empirical evidence that bears on the modeling of long-run growth. Finally, the authors describe in more detail a model of growth based on endogenous technological progress and discuss the lessons that such models can teach us.

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STEIN, JEROME L. "OPTIMAL DEBT AND ENDOGENOUS GROWTH IN MODELS OF INTERNATIONAL FINANCE." Australian Economic Papers 44, no. 4 (December 2005): 389–413. http://dx.doi.org/10.1111/j.1467-8454.2005.00268.x.

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Jones, Larry E., Rodolfo E. Manuelli, and Henry E. Siu. "Fluctuations in convex models of endogenous growth, II: Business cycle properties." Review of Economic Dynamics 8, no. 4 (October 2005): 805–28. http://dx.doi.org/10.1016/j.red.2005.05.005.

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MISCH, FLORIAN, NORMAN GEMMELL, and RICHARD KNELLER. "Growth and Welfare Maximization in Models of Public Finance and Endogenous Growth." Journal of Public Economic Theory 15, no. 6 (June 5, 2013): 939–67. http://dx.doi.org/10.1111/jpet.12038.

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Crafts, N. F. R. "Exogenous or Endogenous Growth? The Industrial Revolution Reconsidered." Journal of Economic History 55, no. 4 (December 1995): 745–72. http://dx.doi.org/10.1017/s0022050700042145.

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The British Industrial Revolution is reviewed in the light of recent developments in modeling economic growth. It is argued that ”endogenous innovation” models may be useful in this context particularly for understanding why total factor productivity growth rose only slowly. ”Macroinventions” were central to economic development in this period, however, and these are best seen as exogenous technological shocks. Although new growth theorists would easily identify higher growth potential in eighteenth-century Britain than in France, explaining the timing of the acceleration in growth remains elusive. A research agenda to develop further insights from new growth ideas is proposed.

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Denicolò, Vincenzo, and Piercarlo Zanchettin. "What Causes Over-investment in R&D in Endogenous Growth Models?" Economic Journal 124, no. 581 (July 11, 2014): 1192–212. http://dx.doi.org/10.1111/ecoj.12132.

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Greasley, David, and Les Oxley. "EXPLAINING THE UNITED STATES' INDUSTRIAL GROWTH, 1860?1991: ENDOGENOUS VERSUS EXOGENOUS MODELS." Bulletin of Economic Research 48, no. 1 (January 1996): 65–82. http://dx.doi.org/10.1111/j.1467-8586.1996.tb00624.x.

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García-Belenguer, Fernando. "Stability, global dynamics and Markov equilibrium in models of endogenous economic growth." Journal of Economic Theory 136, no. 1 (September 2007): 392–416. http://dx.doi.org/10.1016/j.jet.2006.09.009.

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Mino, Kazuo, Kazuo Nishimura, Koji Shimomura, and Ping Wang. "Equilibrium dynamics in discrete-time endogenous growth models with social constant returns." Economic Theory 34, no. 1 (February 22, 2007): 1–23. http://dx.doi.org/10.1007/s00199-007-0211-1.

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Gupta, Rangan, and Emmanuel Ziramba. "Tax evasion and financial repression: a reconsideration using endogenous growth models." Journal of Economic Studies 36, no. 6 (October 30, 2009): 660–74. http://dx.doi.org/10.1108/01443580911001788.

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36

Spear, Stephen, and Warren Young. "TWO-SECTOR GROWTH, OPTIMAL GROWTH, AND THE TURNPIKE: AMALGAMATION AND METAMORPHOSIS." Macroeconomic Dynamics 19, no. 2 (October 9, 2013): 394–424. http://dx.doi.org/10.1017/s1365100513000485.

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This paper deals with the development of growth models from the optimal one-sector neoclassical approach of Cass–Malinvaud–Koopmans vintage, through two-sector, multisector, and turnpike models, and proceeds to discuss their displacement by the single-sector stochastic growth model. We also focus on the definitional shift regarding the turnpike. This is done by surveying both unpublished and published work by Uzawa, Cass, Koopmans, and McKenzie regarding growth and the turnpike, the cross-fertilization between them, and how this brought about the conflation of optimality and the turnpike, and the metamorphosis of the notion of the turnpike, from that of Dorfman–Samuelson Solow, to the Koopmans–McKenzie “amalgam” of models. Finally, the appearance of endogenous growth models, based on the work of Shell and Uzawa, is dealt with.

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Shelby D. Hunt, Shelby D. Hunt. "Understanding the Drivers of Economic Growth: Grounding Endogenous Economic Growth Models in Resource-Advantage Theory." Contemporary Economics 6, no. 4 (December 7, 2012): 4. http://dx.doi.org/10.5709/ce.1897-9254.62.

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38

Ziesemer, Thomas H. W. "Can we have growth when population is stagnant? Testing linear growth rate formulas of non-scale endogenous growth models." Applied Economics 52, no. 13 (October 15, 2019): 1502–16. http://dx.doi.org/10.1080/00036846.2019.1676391.

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39

Milesi-Ferretti, Gian Maria, and Nouriel Roubini. "On the taxation of human and physical capital in models of endogenous growth." Journal of Public Economics 70, no. 2 (November 1998): 237–54. http://dx.doi.org/10.1016/s0047-2727(98)00036-x.

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40

Huh, Hyeon-seung, and David Kim. "An empirical test of exogenous versus endogenous growth models for the G-7 countries." Economic Modelling 32 (May 2013): 262–72. http://dx.doi.org/10.1016/j.econmod.2013.02.012.

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41

Atkeson, Andrew, Ariel T. Burstein, and Manolis Chatzikonstantinou. "Transitional Dynamics in Aggregate Models of Innovative Investment." Annual Review of Economics 11, no. 1 (August 2, 2019): 273–301. http://dx.doi.org/10.1146/annurev-economics-080218-025523.

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What quantitative lessons can we learn from models of endogenous technical change through innovative investments by firms for the impact of changes in the economic environment on the dynamics of aggregate productivity in the short, medium, and long run? We present a unifying model that nests several canonical models in the literature and characterize both their positive implications for the transitional dynamics of aggregate productivity and their welfare implications in terms of two sufficient statistics. We review the current state of measurement of these two sufficient statistics and discuss the range of positive and normative quantitative implications of our model for a wide array of counterfactual experiments, including the link between a decline in the entry rate of new firms and a slowdown in the growth of aggregate productivity. We conclude with a summary of the lessons learned from our analysis to help direct future research aimed at building models of endogenous productivity growth that are useful for quantitative analysis.

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Chiarella, Carl, Peter Flaschel, and Graeme Wells. "THE DYNAMICS OF KEYNESIAN MONETARY GROWTH." Macroeconomic Dynamics 7, no. 3 (March 25, 2003): 473–75. http://dx.doi.org/10.1017/s1365100502020072.

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The objective of this book is to provide “a systematic theory of endogenous business fluctuations and growth with a hierarchical structure of integrated macro-dynamical models” (p. 372). The starting point is Tobin's neoclassical model of monetary growth, and successive chapters show how Tobin's model can be extended in various “realistic” directions while preserving the relevant adding-up and balance-sheet constraints of a macro model. The work reported here is squarely in an ongoing European theoretical tradition that eschews the stochastic, representative-agent, approach to macroeconomic modeling. Absent stochastic disturbances, the authors provide a qualitative analysis of dynamic behavior for a variety of closed-economy models—a variety that, as the authors themselves point out, is closely related to three prototype models studied in Part I of Sargent's 1977 book, Macroeconomic Theory.

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43

Wulwick, Nancy J. "Kaldor's Growth Theory." Journal of the History of Economic Thought 14, no. 1 (1992): 36–54. http://dx.doi.org/10.1017/s1053837200004387.

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The last decade has seen an outburst of growth models designed to replace the conventional Solow growth model, with its exogenous trend of technical progress, by more realistic models that generate increasing returns (to labor, capital and/or scale) as a result of endogenous technical progress. In contrast to the Solow model, the new models suggest that policy interventions can affect the long-run rate of economic growth. Nicholas Kaldor's growth model, designed in the late 1950s and early 1960s to replace the Solow growth model, is a precursor of the new growth models.

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44

Jensen, Bjarne S. "Walrasian General Equilibrium Allocations and Dynamics in Two-Sector Growth Models." German Economic Review 4, no. 1 (February 1, 2003): 53–87. http://dx.doi.org/10.1111/1468-0475.00073.

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Abstract This paper analyzes and solves miniature Walrasian general equilibrium systems of momentary and moving equilibria. The Walrasian framework encompasses the fundamental neoclassical and classical two-sector growth models; the families of solutions of steady-state and persistent growth per capita in various competitive two-sector economies are parametrically characterized. Moreover, the endogenous behavior of relative prices and the sectoral allocation of primary factors are analyzed in detail. The technology parameters of the capital good industry are decisive for obtaining long-run per capita growth in closed (global) economies. A review of the literature complements the theorems on the general equilibrium allocations, dynamic systems, and the time paths of Walrasian two-sector economies.

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45

Jorgenson, Dale W. "Productivity and Postwar U.S. Economic Growth." Journal of Economic Perspectives 2, no. 4 (November 1, 1988): 23–41. http://dx.doi.org/10.1257/jep.2.4.23.

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The purpose of this paper is to analyze the sources of postwar U.S. economic growth. The findings presented here allocate more than three-fourths of U.S. economic growth during the period 1948-1979 to growth of capital and labor inputs and less than one-fourth to productivity growth. To provide additional insight into the sources of U.S. economic growth, this paper then analyzes the sources of growth for individual industrial sectors. The final objective of this paper is to complete the explanation of the slowdown in U.S. economic growth that took place after 1973. For this purpose we examine econometric models for individual industrial sectors that make the rate of productivity growth for each sector into an endogenous variable. In addition, these models incorporate inputs of energy and materials along with inputs of capital and labor. The models show that higher energy prices are important in explaining the slowdown in U.S. economic growth.

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MARRERO, GUSTAVO A. "REVISITING THE OPTIMAL STATIONARY PUBLIC INVESTMENT POLICY IN ENDOGENOUS GROWTH ECONOMIES." Macroeconomic Dynamics 12, no. 2 (April 2008): 172–94. http://dx.doi.org/10.1017/s1365100507060452.

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One part of the literature on endogenous growth concerns models where public infrastructure affects the private production process. An unsolved puzzle in this literature concerns observed public investment-to-output ratios for developed economies, which tend to fall short of theoretical model-based optimal ratios. We reexamine the optimal choice of public investment in a more general framework. This setting allows for long-lasting capital stocks, a lower depreciation rate for public capital than for private capital, an elasticity of intertemporal substitution that differs from unity, and the need to finance a nontrivial share of public services in output. Given other fundamentals in the economy, we show that the optimal public investment-to-output ratio is smaller for low-growth economies, for economies populated by consumers with low preferences for substituting consumption intertemporally, and when public capital is durable. For a calibrated economy, we show that a combination of these factors solves the public investment puzzle.

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Spear, Stephen, and Warren Young. "GENERALIZATIONS OF OPTIMAL GROWTH THEORY: STOCHASTIC MODELS, MATHEMATICS, AND METASYNTHESIS." Macroeconomic Dynamics 21, no. 2 (August 10, 2016): 515–44. http://dx.doi.org/10.1017/s1365100515000590.

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In previous papers [Spear and Young (2014, 2015)], we surveyed the origins, evolution, and dissemination of optimal growth, two-sector and turnpike models up to the early 1970s. Regarding subsequent developments in growth theory, a number of prominent observers, such as Fischer (1988), Stern (1991), and McCallum (1996), maintained that after significant progress in the 1950s and 1960s, economic growth theory “received relatively little attention for almost two decades” [Fischer (1988, p. 329)], and that “by the late 1960s early 1970s, research on the theory of growth more or less stopped” [Stern (1991, p. 259)]. Stern went on to say “the latter half of the 1980s saw a rekindling of growth theory, particularly in the work of Romer . . . and Lucas” (1991, p. 259), that is to say, in the form of “endogenous growth” models. McCallum, for his part, wrote (1996, p. 41), “After a long period of quiescence, growth economics has in the last decade (1986–1995) become an extremely active area of research.” Moreover, Brock and Mirman's (1972b) paper was the sole “extension” of Ramsey–Cass–Koopmans to a “stochastic environment” mentioned by McCallum (1996, 49).

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Ang, James B., and Jakob B. Madsen. "WHAT DRIVES IDEAS PRODUCTION ACROSS THE WORLD?" Macroeconomic Dynamics 19, no. 1 (July 17, 2013): 79–115. http://dx.doi.org/10.1017/s1365100513000229.

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The ideas production function is at the heart of endogenous growth theory. Using data for Europe, its offshoots, and the Asian Tiger economies over the period from 1870 to 2010, this paper provides direct estimates of an ideas production function that explicitly distinguishes between the first- and second-generation endogenous growth models while allowing for human capital and international knowledge spillovers through various channels. The estimates show strong intertemporal and cross-country knowledge spillovers, provide robust support for Schumpeterian growth theory, and suggest that human capital and some channels of international knowledge spillover are influential for ideas production.

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49

Kim, Sukkoo. "Decomposing U.S. Regional Incomes: A Reply." Journal of Economic History 59, no. 3 (September 1999): 779–86. http://dx.doi.org/10.1017/s0022050700023585.

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In recent years there has been a resurgence of interest in the phenomenon of economic growth. The interest was sparked by the introduction of new models by Paul Romer and Robert Lucas. The neoclassical Solow growth model, despite its influence over the years, has a fundamental flaw: growth is determined exogenously. The new models by Romer and Lucas solve for the growth rate of the economy endogenously. In these models, due to spillovers in capital or in human capital, growth can go on indefinitely. In a later work, Romer argued that increasing returns are necessary elements in models of technological innovations, which in turn form the foundation for endogenous growth models. The theoretical innovations in modeling growth stimulated a significant body of empirical work.

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Rozmainsky, I. ""Investor Myopia" in Post Keynesian Theory and in the Russian Economy." Voprosy Ekonomiki, no. 9 (September 20, 2006): 71–82. http://dx.doi.org/10.32609/0042-8736-2006-9-71-82.

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The article examines the issues concerning links between institutional economics, Post Keynesian economics, models of endogenous growth and transition economics. The author considers interrelations between ineffective institutional environment, too high degree of fundamental uncertainty, investor myopia and resulting decrease in investment and "negative" growth in Russia’s transitional economy.

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