Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis

Detalhes bibliográficos
Autor(a) principal: Jalles, João Tovar
Data de Publicação: 2007
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/82849
Resumo: The last two decades were marked by a high increase in economic growth research, namely related to three important issues as stated in Klenow et al. [1997]: world growth, country growth and dispersion in income levels. The Charles Jones’ [2002] technique to solve endogenous growth models relies on the two-step approach, which is in fact a clever way to study the dynamic behaviour of the usual two production factors of this type of models, technology and capital. However, he does that sequentially, therefore reducing the general scope of the model, as it is a special case of a broader version developed by David Romer [2001]. Romer’s general case analyse the dynamic behaviour more closely and, more importantly, allowing for a simultaneous analysis of the dynamics of the endogenous factors, which provide additional insights. The aim of this paper is to tackle the differences between the two endogenous models as an exercise to see expost exogenous shocks’ implications to the variables of interest. More specifically, in addition to the strictly theoretical analysis of some dynamic properties of the model, by programming difference equations in discrete time, one is also able to simulate and examine how the model will respond to shocks that one administer to it, on an ad-hoc basis – deterministic simulation.
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spelling Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic AnalysisSolow ModelEndogenous Growth ModelsGolden RuleThe last two decades were marked by a high increase in economic growth research, namely related to three important issues as stated in Klenow et al. [1997]: world growth, country growth and dispersion in income levels. The Charles Jones’ [2002] technique to solve endogenous growth models relies on the two-step approach, which is in fact a clever way to study the dynamic behaviour of the usual two production factors of this type of models, technology and capital. However, he does that sequentially, therefore reducing the general scope of the model, as it is a special case of a broader version developed by David Romer [2001]. Romer’s general case analyse the dynamic behaviour more closely and, more importantly, allowing for a simultaneous analysis of the dynamics of the endogenous factors, which provide additional insights. The aim of this paper is to tackle the differences between the two endogenous models as an exercise to see expost exogenous shocks’ implications to the variables of interest. More specifically, in addition to the strictly theoretical analysis of some dynamic properties of the model, by programming difference equations in discrete time, one is also able to simulate and examine how the model will respond to shocks that one administer to it, on an ad-hoc basis – deterministic simulation.Nova SBERUNJalles, João Tovar2019-10-01T13:32:52Z2007-102007-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/82849engJalles, João Tovar, Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis (October, 2007). FEUNL Working Paper Series No. 522info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:36:48Zoai:run.unl.pt:10362/82849Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:13.555938Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
title Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
spellingShingle Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
Jalles, João Tovar
Solow Model
Endogenous Growth Models
Golden Rule
title_short Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
title_full Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
title_fullStr Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
title_full_unstemmed Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
title_sort Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis
author Jalles, João Tovar
author_facet Jalles, João Tovar
author_role author
dc.contributor.none.fl_str_mv RUN
dc.contributor.author.fl_str_mv Jalles, João Tovar
dc.subject.por.fl_str_mv Solow Model
Endogenous Growth Models
Golden Rule
topic Solow Model
Endogenous Growth Models
Golden Rule
description The last two decades were marked by a high increase in economic growth research, namely related to three important issues as stated in Klenow et al. [1997]: world growth, country growth and dispersion in income levels. The Charles Jones’ [2002] technique to solve endogenous growth models relies on the two-step approach, which is in fact a clever way to study the dynamic behaviour of the usual two production factors of this type of models, technology and capital. However, he does that sequentially, therefore reducing the general scope of the model, as it is a special case of a broader version developed by David Romer [2001]. Romer’s general case analyse the dynamic behaviour more closely and, more importantly, allowing for a simultaneous analysis of the dynamics of the endogenous factors, which provide additional insights. The aim of this paper is to tackle the differences between the two endogenous models as an exercise to see expost exogenous shocks’ implications to the variables of interest. More specifically, in addition to the strictly theoretical analysis of some dynamic properties of the model, by programming difference equations in discrete time, one is also able to simulate and examine how the model will respond to shocks that one administer to it, on an ad-hoc basis – deterministic simulation.
publishDate 2007
dc.date.none.fl_str_mv 2007-10
2007-10-01T00:00:00Z
2019-10-01T13:32:52Z
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dc.relation.none.fl_str_mv Jalles, João Tovar, Endogenous Growth Models: Jones vs Romer The Path to a Fully-Fledged Dynamic Analysis (October, 2007). FEUNL Working Paper Series No. 522
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