Author: Sergey Slobodyan
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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Book Description
This paper studies the dynamical properties of an extension of the well-known Romer model of endogenous growth introduced by Benhabib, Perli, and Xie (1994). This model differs from the Romer model by introducing complementarity of intermediate capital goods. It allows an indeterminate steady state for relatively mild degrees of the complementarity. We derive necessary and sufficient conditions for the steady state to be interior and strictly positive, which extend those discussed in Benhabib, Perli, and Xie (1994). We show that Hopf bifurcation to the absolutely stable steady state is impossible and that the steady state is determinate if the model parameter values belong to a certain set. For the set of parameter values that allows indeterminacy, we demonstrate the possibility of Hopf bifurcation using both analytical and numerical approaches. The indeterminate steady state can undergo Hopf bifurcation for a wide range of parameter values.
Author: Sergey Slobodyan
Publisher:
ISBN:
Category : Endogenous growth (Economics)
Languages : en
Pages : 35
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Book Description
Author: Sergey Slobodyan
Publisher:
ISBN: 9788086286877
Category :
Languages : en
Pages : 27
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Book Description
Author: Giovanni Bella
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The aim of this paper is to analyse the link between environmental quality and economic growth, in a Romer-type economy characterised by dirty emissions in the production process. This work is close to Aghion-Howitt (1998) with some more general specifications, in particular regarding the structure of preferences and the technological sector. We also deeply study the transitional dynamics of this economy towards the steady state, and conclude that a determinate saddle path sustainable equilibrium can be reached even in presence of a long run positive level of polluting emissions, thanks to a growing level of new home-made inventories, without whom some indeterminacy problems are likely to emerge.
Author: Wei-bin Zhang
Publisher: World Scientific
ISBN: 981126743X
Category : Mathematics
Languages : en
Pages : 228
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Book Description
What do economic chaos and uncertainties mean in rational or irrational economic theories? How do simple deterministic interactions among a few variables lead to unpredictable complex phenomena? Why is complexity of economies causing so many conflicts and confusions worldwide?This book provides a comprehensive introduction to recent developments of complexity theory in economics. It presents different models based on well-accepted economic mechanisms such as the Solow model, Ramsey model, and Lucas model. It is focused on presenting complex behaviors, such as business cycles, aperiodic motion, bifurcations, catastrophes, chaos, and hidden attractors, in basic economic models with nonlinear behavior. It shows how complex nonlinear phenomena are identified from various economic mechanisms and theories. These models demonstrate that the traditional or dominant economic views on evolution of, for instance, capitalism market, free competition, or Keynesian economics, are not generally valid. Markets are unpredictable and nobody knows with certainty the consequences of policies or other external factors in economic systems with simple interactions.
Author: Michael Woodford
Publisher: Elsevier
ISBN: 9780444501561
Category :
Languages : en
Pages : 822
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Author:
Publisher:
ISBN:
Category : Czech Republic
Languages : en
Pages : 408
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Book Description
Quarterly journal of economic theory and policy.
Author: Robert J. Barro
Publisher: MIT Press
ISBN: 9780262025539
Category : Business & Economics
Languages : en
Pages : 676
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Book Description
The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.
Author: Peter J. Coughlin
Publisher: Cambridge University Press
ISBN: 0521360528
Category : Political Science
Languages : en
Pages : 276
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Book Description
Coughlin provides the most comprehensive and integrated analysis of probabilistic voting models available, also developing further his important contributions. Probabilistic voting theory is the mathematical theory of candidate behavior in or in anticipation of elections in which candidates are unsure what voters' preferences will be on all or most issues, which is true of most governmental elections. The theory asks first whether optimal candidate strategies can be determined, given uncertainty about voter preferences, and if so, what exactly those strategies are, given various circumstances. It allows the theorist to predict what public policies will be supported and what laws passed by elected officials when in office and what positions will be taken by them when running in elections. One of the leading contributors to this rapidly developing literature, which is at the leading edge of public choice theory, Coughlin both reviews the existing literature and presents new results that unify and extend developments in the theory that have been scattered in the literature.
Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
ISBN: 1513536990
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
