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Structural Change in Neoclassical Growth Literature
Stijepic, Denis - 2014
of: functional income distribution, savings rate, consumption structure, cross-sector labour allocation and personal … income distribution …
Persistent link: https://www.econbiz.de/10013058068
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A Closed-Form Solution for Determining the Burden of Public Debt in Neoclassical Growth Models
Dedák, István - 2016
This paper develops a new approach, termed as the stock approach, to calculate the steady-state output loss caused by public debt in neoclassical growth models. The novelty of our stock approach is that it provides a closed-form solution to the steady-state output-debt relationship. The main...
Persistent link: https://www.econbiz.de/10012996930
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Transition Dynamics in the Neoclassical Growth Model : The Case of South Korea
Chang, Yongsung - 2013
Many successful examples of economic development, such as South Korea, exhibit long periods of sustained capital accumulation. This process is characterized by a gradually rising investment rate along with a moderate rate of return to capital, both of which are strongly at odds with the standard...
Persistent link: https://www.econbiz.de/10013089370
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Application of Kaldor's Stylized Facts to a Neoclassical Growth Model
Friedle, Andrew - 2014
The purpose of this paper is to determine whether a neoclassical model of macroeconomic growth with endogenous savings and labor augmenting technical change can account for Kaldor's stylized facts. An empirical investigation is undertaken to determine whether the results obtained correctly...
Persistent link: https://www.econbiz.de/10013053378
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Income and Wealth Distributions in a Neoclassical Growth Model with σ ≥ 1
Patrão, Mauro - 2017
prospects of the evolution of income and wealth inequality in this century. One of the main controversies is about the effects … to the income and wealth inequalities of a decrease in the growth rate g. In (Piketty, 2014), it is claimed that a … result relating income, wealth and wage inequalities …
Persistent link: https://www.econbiz.de/10012963247
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Fertility and Mortality in a Neoclassical Growth Model
Mierau, Jochen O.; Turnovsky, Stephen J. - 2011
We develop and study a neoclassical growth model with a realistic demographic structure. Our model complements recent developments in the overlapping generations (OLG) literature by highlighting the natural link that exists between different classes of macrodynamic models. Within the model we...
Persistent link: https://www.econbiz.de/10014186366
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Chapter 22. RBC Methodology and the Development of Aggregate Economic Theory
Prescott, E.C. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 1759-1787). 2016
This essay reviews the development of neoclassical growth theory, a unified theory of aggregate economic phenomena that was first used to study business cycles and aggregate labor supply. Subsequently, the theory has been used to understand asset pricing, growth miracles and disasters, monetary...
Persistent link: https://www.econbiz.de/10014024293
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Post-Keynesian Macrodynamics and Path-Dependent Growth
Setterfield, Mark - 2010
This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrodynamics. A synthetic Post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path dependent in the Post-Keynesian tradition. Recent developments in...
Persistent link: https://www.econbiz.de/10014190506
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The Entrepreneur and Entrepreneurship : A Neoclassical Approach
Lowrey, Ying - 2007
including his value and desire to succeed, subject to an income constraint, of which his physical effort in subsistent … production and entrepreneurial production generate this income. Entrepreneurship, specifically, is defined as an "economic system …
Persistent link: https://www.econbiz.de/10014064197
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Endogenous capital- and labor-augmenting technical change in the neoclassical growth model
Irmen, Andreas; Tabakovic, Amer - 2015
The determinants of the direction of technical change and their implications for economic growth and economic policy are studied in the one-sector neoclassical growth model of Ramsey, Cass, and Koopmans extended to allow for endogenous capital- and labor-augmenting technical change. We develop a...
Persistent link: https://www.econbiz.de/10011404419