Endogenous fertility and cycles in Solow's growth model

Luciano Fanti and Piero Manfredi

Discussion Papers from Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy

Abstract: It is shown here that the Solow (1956) neo-classical growth paradigm not only explains the "first" stylised fact of economic growth, namely the existence of a globally stable state of balanced growth, but, once endowed with a demographically founded formulation of the labour supply, is also capable to endogenously explain a second main stylised fact of growth, i.e. the generation of globally stable oscillations around the path of balanced growth.

Keywords: Solow's balanced growth model; endogenous population; neoclassical growth-cycle model (search for similar items in EconPapers)
JEL-codes: E3 J0 (search for similar items in EconPapers)
Date: 2003-01-01
Note: ISSN 2039-1854
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Persistent link: https://EconPapers.repec.org/RePEc:pie:dsedps:2003/8

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