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Studies in Nonlinear Dynamics & Econometrics

Ed. by Mizrach, Bruce

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Volume 9, Issue 1


Transitional Dynamics in an Endogenous Growth Model with Physical Capital, Human Capital and R&D

Manuel A Gómez
Published Online: 2005-03-14 | DOI: https://doi.org/10.2202/1558-3708.1240

We analyze the transitional dynamics of an endogenous growth model with physical capital, human capital, and R&D. We provide conditions for the existence of a feasible steady state equilibrium with positive long-run growth. For appropriate parameter values, the transitional dynamics of the model is represented by a two-dimensional stable manifold. This provides much richer dynamics than that of the standard two-sector endogenous growth model which is characterized by a one-dimensional stable manifold. We also show how the adjustment paths can be correctly computed by noting that the continuity of the shadow prices involves the continuity of transitional paths.

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Published Online: 2005-03-14

Citation Information: Studies in Nonlinear Dynamics & Econometrics, Volume 9, Issue 1, ISSN (Online) 1558-3708, DOI: https://doi.org/10.2202/1558-3708.1240.

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