THE EFFECTS OF NEGATIVE POPULATION GROWTH: AN ANALYSIS USING A SEMIENDOGENOUS R&D GROWTH MODEL

Hiroaki Sasaki and Keisuke Hoshida

Macroeconomic Dynamics, 2017, vol. 21, issue 7, 1545-1560

Abstract: This study investigates the rates of technological progress, total output growth, and per capita output growth when population growth is negative using a semiendogenous research and development (R&D) growth model. The analysis shows that within a finite time horizon, the employment share of the final goods sector reaches unity and that of the R&D sector reaches zero; accordingly, the rate of technological progress tends toward zero. In this case, the growth rate of per capita output asymptotically approaches a positive value.

Date: 2017
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