Model of Optimal Economic Growth with Endogenous Bias

Ryuzo Sato, Rama V. Ramachandran and Cheng Ping Lian

Macroeconomic Dynamics, 1999, vol. 3, issue 3, 293-310

Abstract: The objective of the paper is to develop a model of optimal endogenous technological progress that will exhibit two properties sought in growth models: (1) The bias will depend on the parameters of the model—particularly those affecting the cost of inputs—instead of being constrained to be Harrod neutral; (2) factor shares will be constant in steady state. Using previously derived sufficient conditions, we show the conditions under which such a model can be constructed.

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:3:y:1999:i:03:p:293-310_01

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