Download or read book A New Model for Balanced Growth and Convergence written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2013-10-31 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book will prove a thought-provoking read for academics, researchers and students in the fields of economics _ particularly international economics _ and finance, money and banking. Policy-makers and economists interested in European integration an

Download or read book Convergence Divergence and Changing Trade Patterns written by Klaus Wälde and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. Introduction and overview Until still few years ago, economic growth theory (going back to Solow, 1956; for an introduction cf. Burmeister and Dobell, 1970) predicted convergence of both growth rates and level of per capita income of economies which share identical preferences, technologies and same population growth rates, independently of initial conditions. Countries with a low capital stock grow faster than those with a higher capital stock, until, in the long-run, they all converge to a common constant growth rate. This prediction is due to the way how growth is "explained" in models of this kind. Growth of output per capita resulted, in the simplest model, from an exogenous growth oflabour productivity (see e. g. Sala-i-Martin, 1990; Grossman and Helpman, 1991a, ch. 2). Si!1ce this increase of productivity is exogenously given, the model itselfdoes not give any explanation ofits source. The prediction ofconvergence ofgrowth rates, itself, is very doubtful and observations show, that on an international level either convergence is not given at all, or that it takes a very long time. The literature of the "new" theory of growth provides a rich variety of models whose theoretical implications range from divergence to convergence and thus offers much better working tools in order to analyze real world observations. These models (starting with Romer, 1986 and Lucas, 1988) explain growth of GNP or per capita income from within the model by includingexternal effects such as a public stock ofknowledge capital (e. g.

Download or read book On the Convergence of Balanced Growth in Continuous Time written by Thorsten Pampel and published by . This book was released on 2005 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Next Convergence written by Michael Spence and published by Macmillan + ORM. This book was released on 2011-05-10 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Washington Post Notable Nonfiction Book for 2011 With the British Industrial Revolution, part of the world's population started to experience extraordinary economic growth—leading to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. This pattern of divergence reversed after World War II, and now we are midway through a century of high and accelerating growth in the developing world and a new convergence with the advanced countries—a trend that is set to reshape the world. Michael Spence, winner of the Nobel Prize in Economic Sciences, explains what happened to cause this dramatic shift in the prospects of the five billion people who live in developing countries. The growth rates are extraordinary, and continuing them presents unprecedented challenges in governance, international coordination, and ecological sustainability. The implications for those living in the advanced countries are great but little understood. Spence clearly and boldly describes what's at stake for all of us as he looks ahead to how the global economy will develop over the next fifty years. The Next Convergence is certain to spark a heated debate how best to move forward in the post-crisis period and reset the balance between national and international economic interests, and short-term fixes and long-term sustainability.

Download or read book Balanced Growth and Output Convergence in Europe written by Clifford L. F. Attfield and published by . This book was released on 2003 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book On Growth and Indeterminacy written by Jess Benhabib and published by . This book was released on 1995 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Transitional Dynamics and Economic Growth in Developing Countries written by Thomas Steger and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Four stylised facts of aggregate economic growth are set up initially. The growth process is interpreted to represent transitional dynamics rather than balanced-growth equilibria. Against this background, the fundamental importance of subsistence consumption is comprehensively analysed. Subsequently, the meaning of the productive-consumption hypothesis for the intertemporal consumption trade-off and the growth process is investigated. Finally, the process of growth is analysed empirically by means of cross-sectional conditional convergence regressions with endogenous control variables.

Download or read book Models of Balance of Payments Constrained Growth written by E. Soukiazis and published by Springer. This book was released on 2012-10-15 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book extends Thirlwall's model and adapts its implications to the current problems facing developed and emerging economies. In this context, this book combines theoretical models and empirical applications, unveiling new results and highlighting the importance of the balance of payments as a constraint to growth.

Download or read book On Convergence in Endogenous Growth Models written by Salvador Ortigueira and published by . This book was released on 1994 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Perspectives on Economic Growth written by L. A. Finley and published by Nova Publishers. This book was released on 2006 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considering the new possibilities offered by endogenous growth models and the improvement of data information, new variables have been introduced in the analysis of economic growth. But in spite of this important effort to develop a wider and more complete perspective of economic growth process, other kinds of relations and factors must be included. And this is the main goal of this book. In the next chapters, authors analyse a set of variables or factors that the new perspective of the economic growth must include and the canonical models don't consider. The goal is to show that there are not only quantitative but also qualitative variables and factors that are growth enhancing. Traditionally, for instance, literature has studied the effects of income distribution on growth, but it does not consider environmental constraints in the process. Or it is important to consider the effects of social capital not just physical capital or human capital on the economic growth process. The role of the institutions is very important in this area. Therefore, the authors determine the effects of these variables on economic growth process and show new possibilities to the policy makers in the design of their economic policies.

Download or read book Growth and Convergence with a Normalized CES Production Function and Human Capital written by Gerald Eric Daniels (Jr.) and published by . This book was released on 2013 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Models that employ the normalized aggregate production function have primarily focused on explaining the importance of the elasticity of substitution, between factors for production, for exogenous and constant savings decisions. The balance growth path for these models are invariant to the level of the elasticity of substitution. Thus, Relaxing the assumption of constant savings for capitals, I employ a neoclassical growth model with endogenous consumption and saving decisions to examine the effects of the level of the elasticity of substitution on the balance growth rate and speed of converge. I find that the effects of the elasticity of substitution on the aforementioned depend upon the initial levels of the factors of production.

Download or read book FINEX A New Workhorse Model for Macroeconomic Forecasting and Policy Analysis written by Mr. Andrew Berg and published by International Monetary Fund. This book was released on 2023-11-10 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a semi-structural macroeconomic model aimed at facilitating policy analysis and forecasting, primarily in countries with imperfect capital mobility and hybrid monetary policy regimes. Compared to earlier gap-trend projection models, the Forecasting Model of Internal and External Balance (FINEX) contains three main innovations: it accentuates external and internal balances; explicitly incorporates fiscal policy; and partly endogenizes the main trends. FINEX thus covers a broad set of policy instruments, including foreign exchange interventions (FXI), capital flow management measures (CFM), as well as common fiscal policy instruments. The model incorporates insights from the recent DSGE literature, while maintaining a more accessible gap-trend structure that lends itself to practical policy applications. While the paper refrains from drawing broad policy lessons, it emphasizes the model's ability to interpret recent data in terms of structural shocks and policy responses, thereby aiding policymakers in constructing coherent economic narratives and considering alternative scenarios.

Download or read book Recent Developments in Growth Theory written by Daron Acemoglu and published by . This book was released on 2004 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume collection examines the major developments in growth theory over the past decade. Key papers by leading scholars cover new trends in theoretical and empirical research. The first volume shows how new research has improved our understanding of the empirical patterns of economic growth and has posed new challenges for theory. The second volume contains articles which have pushed the theory of economic growth in new directions and work which has responded to the challenges raised by empirical research. The editor has written an authoritative introduction which presents a comprehensive overview of the selected papers. 42 articles, dating from 1992 to 2002

Download or read book Technological Opportunity Long Run Growth and Convergence written by Jakub Growiec and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We derive an R&D-based semi-endogenous growth model where technological progress depends on the available amount of technological opportunity. Incremental innovations provide direct increases in the knowledge stock but they reduce technological opportunity and thus the potential for further improvements. Technological opportunity can be renewed only by radical innovations (which have no direct impact on factor productivity). Investigating the model for its implications on economic growth leads to two basic observations. One, in the long-run, a balanced growth path with a constant and semi-endogenous long-run economic growth rate exists only in a specific knife-edge case which implies that technological opportunity and knowledge grow at equal rates. Two, the transition need not be monotonic. Specifically, we show under which conditions our model generates endogenous business cycles via complex dynamics without uncertainty.

Download or read book Capital Accumulation and Economic Growth in a Small Open Economy written by Stephen J. Turnovsky and published by Cambridge University Press. This book was released on 2011-02-17 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth is an issue of primary concern to policy makers in both developed and developing economies. As a consequence, growth theory has long occupied a central role in economics. In this book, renowned growth theorist Stephen J. Turnovsky investigates the process of economic growth in a small open economy, showing that it is sensitive to the productive structure of the economy. The book comprises three parts, beginning with models where the only intertemporally viable equilibrium is one in which the economy is always on its balanced growth path. Empirical evidence suggests relatively slow speeds of convergence so the second part of the book looks at several alternative ways in which transitional dynamics may be introduced. In the third and final part, the author applies the growth model to the issue of foreign aid, focusing specifically on whether aid should be untied or tied to the accumulation of public capital.

Download or read book Trends Cycles and Convergence written by Andrew C. Harvey and published by . This book was released on 2002 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dynamic Models and Inequality written by Robin Maialeh and published by Springer Nature. This book was released on 2020-06-29 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines empirical and theoretical research on economic inequality from the perspective of dynamic models. By using advanced mathematical tools, it reveals fundamental market dynamics and underlines the role of subsistence constraints and competition in economic distribution.