The Jones R&D Growth Model: Comment on Stability

Lutz Georg Arnold ()

No 405, Regensburger Diskussionsbeiträge zur Wirtschaftswissenschaft from University of Regensburg, Department of Economics

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 (2004), this result can be used to characterize the dynamic behavior of the multi-country open-economy version of the model.

Keywords: endogenous growth; stability; Endogenes Wirtschaftswachstum; Dynamische Stabilität (search for similar items in EconPapers)
JEL-codes: F12 O41 (search for similar items in EconPapers)
Date: 2005-03-01
Note: This paper is part of http://www.opus-bayern.de/uni-regensburg/schriftenreihen_ebene2.php?sr_id=3
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