The Dynamics of the Jones R&D Growth Model

Lutz Georg Arnold ()

Review of Economic Dynamics, 2006, vol. 9, issue 1, pages 143-152

Abstract: The dynamics of most prominent endogenous growth models are well understood. One notable exception is the Jones (1995) R&D growth model. This paper provides an analytical treatment of this model's transitional dynamics. It is shown that, given constant returns to labor in R&D (as conventionally assumed in R&D growth models), a unique trajectory converging to the balanced growth path exists. The equilibrium growth path can be monotonic or oscillatory. Moreover, applying a theorem from Arnold (2005), this result can be used to characterize the dynamic behavior of the multi-country open-economy version of the model. (Copyright: Elsevier)

Keywords: growth without scale effects; transitional dynamics (search for similar items in EconPapers)
JEL-codes: F12 O41 (search for similar items in EconPapers)
Date: 2006
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