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Transitional dynamics in R&D-based models of endogenous growth

Thomas Steger ()

No 04/2002, Wirtschaftswissenschaftliche Diskussionspapiere from University of Greifswald, Faculty of Law and Economics

Abstract: This paper offers a comprehensive study on transitional dynamics within R&D-based models of endogenous growth. There are two main motivations. First, the complete dynamic system for the market solution is derived in general form. Second, using this dynamic system as a unifying framework the adjustment process is analysed. In order to answer the question for the relative importance of transitional dynamics vis-à-vis balanced-growth dynamics, special emphasis is given to the rate of convergence. The investigations show that the models under study can reproduce empirically relevant pattern of development including over- and undershooting as well as growth cycles. The paper demonstrates an alternative route to growth cycles, which does not require complex eigenvalues.

Keywords: Transitional dynamics; R&D-based growth; rate of convergence; dynamic systems; growth cycles (search for similar items in EconPapers)
JEL-codes: O0 O3 O31 O33 O41 (search for similar items in EconPapers)
Date: 2002
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