期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2007
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：We derive an R&D-based semi-endogenous growth model where technological progress
depends on the available amount of technological opportunity. Incremental innovations
provide direct increases in the knowledge stock but they reduce technological opportunity
and thus the potential for further improvements. Technological opportunity can be renewed
only by radical innovations (which have no direct impact on factor productivity).
Investigating the model for its implications on economic growth leads to two basic
observations. One, in the long-run, a balanced growth path with a constant and semiendogenous
long-run economic growth rate exists only in a specific knife-edge case which
implies that technological opportunity and knowledge grow at equal rates. Two, the
transition need not be monotonic. Specifically, we show under which conditions our model
generates endogenous business cycles via complex dynamics without uncertainty.
