ISSN:
1432-0479
Schlagwort(e):
Keywords and Phrases: R&D, Endogenous growth, Saddle-point stability, Transitional dynamics.
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JEL Classification Numbers: O41.
Quelle:
Springer Online Journal Archives 1860-2000
Thema:
Wirtschaftswissenschaften
Notizen:
Summary. This paper demonstrates that the steady-state solution of the optimal-growth problem in Romer's (1990) model of endogenous technological change is globally saddle-point stable. Surprisingly, the proof of this result is trivial. Interest in the optimal growth path is justified by the fact that there is a (unique) combination of production and R&D subsidies by means of which the optimal growth path is attained as a market equilibrium.
Materialart:
Digitale Medien
URL:
http://dx.doi.org/10.1007/s001990050335
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