Growth volatility and technical progress: a simple rent-seeking model

Charles Leung, Sam Hak Kan Tang and Nicolaas Groenewold

Discussion Papers from Chinese University of Hong Kong, Department of Economics

Abstract: Recent empirical evidence demonstrates that a higher level of technical progress is associated with a lower level of growth volatility and higher expected economic growth. This paper builds a simple growth model which combines the insights of Angeletos and Kollintzas (2000) and Tse (2000, 2001, 2002) with endogenous productivity growth and rent-seeking behavior to account for these stylized facts. Our model also complements the literature that focuses on the heterogeneity of different agents. Future research directions are also discussed.

Keywords: volatility of economic growth; technical progress; rent-seeking; stabilization policy; institution. (search for similar items in EconPapers)
JEL-codes: E30 O11 O40 (search for similar items in EconPapers)
Date: 2005-11
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Growth Volatility and Technical Progress: A Simple Rent-seeking Model (2006)
Working Paper: Growth volatility and technical progress: a simple rent-seeking model (2005)
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