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Title: A growth model with qualities, varieties, and human capital: stability and transitional dynamics
Authors: Sequeira, T. N.
Ferreira-Lopes, A.
Gomes, O.
Keywords: Vertical and horizontal R&D
Human capital
Endogenous growth models
Steady-state stability
Transitional dynamics
Issue Date: 2014
Publisher: Walter De Gruyter GmbH
Abstract: This article analyses the stability properties of the steady-state and the transitional dynamics of an endogenous growth model with human capital, increasing-varieties R&D, and quality-ladders R&D [Strulik, 2005, Review of International Economics, 13 (1): 129-145]. We show that when spillovers within R&D sectors are higher than spillovers across the two R&D sectors, the equilibrium is unstable. However, when spillovers between sectors are higher than within, the equilibrium is a saddle-path. This result emphasizes the need for empirical research that compares quantitatively the importance of these two types of spillovers and highlights the importance of studying intersectoral effects between the two R&D sectors. We describe plausible paths of economic development after changes in crucial parameters and uncover some transitional effects that were impossible to detect in the steady-state analysis. We also show that this model's transition dynamics can mimic the main features of the process of productivity slowdown that began in the 1970's.
Description: WOS:000345981000004 (Nº de Acesso Web of Science)
Peer reviewed: Sim
ISSN: 1081-1826
Publisher version: The definitive version is available at:
Appears in Collections:BRU-RI - Artigo em revista científica internacional com arbitragem científica

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