We consider the long-run growth rate of the average value of a random multiplicative processxi+ 1=aixiwhere the multipliers\\documentclass[12pt]{minimal}\\begin{document}$a_i=1+ho \\exp (\\sigma W_i - \\frac{1}{2}\\sigma ^2 t_i)$\\end{document}ai=1+ρexp(σWi12σ2ti)...
Rao B B, Tamazian A and Singh R (2010) "What is the Long Run Growth Rate of the East Asian Tigers?" Applied Economics Letters, 17, 1205-1208.Rao, bhaskara B., Artur Tamazian and Rup Singh (2010), "What is the long run growth rate of the East Asian Tigers." EERI (Economics ...
In particular, this research investigates the implication of assuming that the marginal effects of human capital on the economy's overall growth rate differ according to the sector in which it is employed. The model considers how the externalities of research devoted to the export sector as ...
Yet in the dominant theory of trade and growth the long-run growth rate of open economies is independent of international circumstances and depends on the domestic rates of growth of the working force and the (Harrod neutral) rate of technical progress alone. Of course, one explanation could ...
Data suggests a positive correlation between long-run growthforecastsand cyclical activity.Existing business cycle models are shown to be inconsistent with the evidence.Develop a model with learning about long-run growth rates that can replicate this evidence.The model features comovement and mutual infl...
CHAPTER18:Long-RunGrowth Long-RunGrowth •Economicgrowthreferstoanincreaseinthetotaloutputofaneconomy.DefinedbysomeeconomistsasanincreaseofrealGDPpercapita.©2004PrenticeHallBusinessPublishing PrinciplesofEconomics,7/e KarlCase,RayFair 2of40 CHAPTER18:Long-RunGrowth Long-RunGrowth •Moderneconomicgrowthis...
Economic Growth and Public Policy The amount of capital accumulation is ultimately constrained by its rate of saving. The tax system and the social security system in the United States are biased against saving. Some public finance economists favor shifting to a system of consumption taxation rather...
Using a dynamic factor model that allows for changes in both the long- run growth rate of output and the volatility of business cycles, we document a significant decline in long-run output growth in the United States. Our evidence supports the view that this slowdown started prior to the Gre...
We find evidence that the ratio of imported to domestic capital goods, that is, the composition of investment, as well as the capital accumulation (both physical and human), was key determinants of the long-run growth rate of per capita GDP over the analyzed period. Furthermore, our results...
Contrary to previous models, a subsidy to capital accumulation will raise the long- run growth rate. The key assumption is that capital is used in R&D. Some evidence is presented on the capital intensity of R&D. 展开 关键词: economic growth capital accumulation innovation creative destruction ...