Endogenous Growth Models

Alfonso Novales, Esther Fernández and Jesus Ruiz

Chapter 6 in Economic Growth, 2022, pp 279-329 from Springer

Abstract: Abstract The continuous and discrete time versions of the AK model are examined in detail, showing the absence of transition and the existence of a balanced growth path with all per capita variables growing at the same constant rate. We show that transitory policy interventions or structural changes in endogenous growth models have permanent effects. We analyze dynamic Laffer curves, a possibility that is specific of endogenous growth models. We explain how to obtain numerical solutions to the stochastic, discrete time version of the AK model. After that, we consider Barro’s version of the AK model that includes government expenditures, and we introduce the Jones and Manuelli variant of the AK model, describing the transitional dynamics, characterizing the stability conditions, and explaining how to compute numerical solutions.

Keywords: Endogenous growth models; AK model; Stability conditions; Dynamic Laffer curve; Jones and Manuelli model; Barro model (search for similar items in EconPapers)
Date: 2022
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Chapter: Endogenous Growth Models (2014)
Chapter: Endogenous Growth Models (2009)
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DOI: 10.1007/978-3-662-63982-5_6

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