On explosive dynamics in R&D-based models of endogenous growth

Yuri Yatsenko,Raouf Boucekkine,Natali Hritonenko

doi:10.1016/j.na.2008.11.068

On explosive dynamics in R&D-based models of endogenous growth

Yuri Yatsenko, Raouf Boucekkine + Show 1 more

https://doi.org/10.1016/j.na.2008.11.068

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Journal: Nonlinear Analysis	Publication Date: Nov 14, 2008
Citations: 8

Affiliation: Université Catholique de Louvain, Houston Baptist University, University of Glasgow, Prairie View A&M University

#Models Of Economic Growth #Models Of Endogenous Economic Growth + Show 8 more

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Abstract

Several R&D-based models of endogenous economic growth are investigated under the Solow-like assumption of fixed allocation of resources across activities. We identify model parameters that lead to explosive dynamics and analyze various economic techniques to avoid it. The techniques include adding stricter constraints on model trajectories and limiting factors in technology equation. In particular, we demonstrate that our vintage version of the well-known R&D-based model of economic growth [C.I. Jones, R & D-based models of economic growth, J. Polit. Econom. 103 (1995) 759–784] exhibits the same balanced dynamics as the original model.

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