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on Economic Growth |
| By: | Raouf Boucekkine (Aix-Marseille University (Aix-Marseille School of Economics), CNRS, EHESS); Giorgio Fabbri (Aix-Marseille University (Aix-Marseille School of Economics), CNRS, & EHESS); Salvatore Federico (Universit`a degli Studi di Siena) |
| Abstract: | We design a general set-up for the study of a generic economy whose development process is entirely driven by the spatio-temporal dynamics of capital accumulation. It allows to take into account spatial heterogeneities in technological level and population distribution. We solve analytically, via dynamic programming in infinite dimensions, the optimal control problem associated to the model, finding explicitly the optimal feedback and the value function. The expression of the optimal dynamics of the system in terms of eigenfunctions of an appropriate Sturm-Liouville problem allows to simulate the behavior of the variables and, in particular, their optimal discounted long-run spatial distribution. |
| Keywords: | Dynamical spatial model, growth, agglomeration, infinite dimensional optimal control problems, Sturm-Liouville theory |
| JEL: | R1 O4 C61 |
| Date: | 2016–11 |
| URL: | http://d.repec.org/n?u=RePEc:aim:wpaimx:1641&r=gro |
| By: | Vahagn Jerbeshian |
| Abstract: | I model knowledge (patent) licensing and evaluate intellectual property regulation in an endogenous growth framework where the engine of growth is in-house R&D performed by high-tech firms. I show that high-tech firms innovate more and economic growth is higher when there is knowledge licensing, and when intellectual property regulation facilitates excludability of knowledge, than when knowledge is not excludable and there are knowledge spillovers among high-tech firms. However, the number of high-tech firms is lower, and welfare is not necessarily higher, when there is knowledge licensing than when there are knowledge spillovers. |
| Keywords: | knowledge licensing; in-house R&D; intellectual property regulation; endogenous growth; welfare; |
| JEL: | O31 O34 L16 L50 O41 |
| Date: | 2016–06 |
| URL: | http://d.repec.org/n?u=RePEc:cer:papers:wp566&r=gro |
| By: | François Bourguignon (PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - École des Ponts ParisTech (ENPC) - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Pierre-Emmanuel Darpeix (PSE - Paris School of Economics, PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - École des Ponts ParisTech (ENPC) - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper investigates the relationship between air traffic and economic growth in various developing regions and compares it with an “enduring industry fact” of an elasticity around 2 for the developed world. The analysis is conducted from two distinct databases, both with regional aggregates and with country-level ECM estimations. We conclude that there does not seem to be substantial differences in elasticities across the various regions and we show that the introduction of autonomous country-specific time trends leads to a substantial reduction of elasticity estimates. |
| Keywords: | Air transportation,panel cointegration,error correction model,GDP-elasticities,development, F23, F43, F63, L93 |
| Date: | 2016–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-01305412&r=gro |
| By: | Cuong Le Van (Centre d'Economie de la Sorbonne - Paris School of Economics, IPAG Business School); Thai Ha-Huy (EPEE - Université d'Evry); Thi-Do-Hanh Nguyen (Centre d'Economie de la Sorbonne) |
| Abstract: | This article establishes a growth model in which consumption takes time. The agent faces a time constraint, i.e; her/his available amount of time must be optimally share between consuming time and working time. By using a dynamic programming argument, it is proved that the optimal capital sequences are monotonic and have property that converges to steady state. We also compare this model to the one agent growth model with elastic labor. We obtain that (i) When the quantity of time to consume one unit of consumption increases, the agent devotes less time for labour. (ii) When the quantity of time to consume one unit of consumption is smaller that the threshod, it is better for the economy to spend time to consume than to enjoy leisure. We have more time for labour. This implies more output and more consumption. We reverse the situation when the quantity of time to consume one unit of consumption is larger than the threshold. We give an example to illustrate this result. Finally, if both models have the same technology which is of constant returns to scale, then they have the same ratios capital stock per head and consumption per head |
| Keywords: | time consuming model, allocation of time; elastic labour; leisure; value function |
| JEL: | C6 D6 D9 |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:16072&r=gro |
| By: | Ichiro Iwasaki; Kazuhiro Kumo (Institute of Economic Research, Hitotsubashi University) |
| Abstract: | Immediately after the collapse of socialism, the countries of Central and Eastern Europe and the former Soviet Union fell into a serious economic crisis, after which they experienced a gradual recovery. Therefore, without exception, these countries followed a J-curved growth path. However, there were marked differences among them in the length and depth of the crisis and the speed of recovery. In this paper, we perform a comparative meta-analysis of the effect size and statistical significance of structural change, transformation policy, the legacy of socialism, inflation, and regional conflict in order to elucidate the mechanism that generated the J-shaped trajectory in transition economies. The meta-synthesis, which employs 3,279 estimates drawn from 123 previous studies, revealed that while the growth-enhancing effects of structural change and transformation policy were small yet significant, inflation and regional conflict had a highly significant and strongly negative effect on output. In addition, the legacy of socialism might exacerbate the decline in production in the early stages of transition. The meta-regression analysis that simultaneously controls for various research conditions and the assessment of publication selection bias provides supporting evidence for the results obtained from the meta-synthesis. |
| Keywords: | decline, growth, transition economies, meta-analysis, publication selection bias, Central and Eastern Europe, former Soviet Union |
| JEL: | E31 O47 O57 P20 P21 |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:951&r=gro |
| By: | Dramane Coulibaly; Blaise Gnimassoun; Valérie Mignon |
| Abstract: | This paper investigates the growth-enhancing effect of openness to trade and to migration by focusing on African countries. Relying on robust estimation techniques dealing with both endogeneity and omitted variables issues, our results put forward the importance of accounting for the type of the partner country. We find evidence that while trade between Africa and industrialized countries has a clear and robust positive impact on Africa's standards of living, trade with developing countries fails to be growth-enhancing. Moreover, our findings show that migration has no significant effect on per capita income in Africa regardless of the partner. Finally, exploring the trade openness transmission channel, we establish that the growth-enhancing effect of Africa's trade with industrialized countries mainly occurs through an improvement in total factor productivity. |
| Keywords: | Trade, International migration, Income per person, Africa. |
| JEL: | F22 F4 O4 O55 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2016-39&r=gro |
| By: | Kaixing Huang (School of Economics & the Centre for Global Food and Resources, University of Adelaide) |
| Abstract: | This article adopts a modified idea-based growth model with endogenous human capital and population to explain why the theoretically relevant growth effect of population growth on economic growth is empirically unobservable. The model predicts that the economic growth rate is proportional to the growth rates of both population and human capital. The offsetting movement of the growth rates of population and human capital after the demographic transition obscures observation of the growth effect. The model also generates an evolution of the growth rates of population, human capital, and per capita income that is consistent with historical and postwar data. |
| Keywords: | Economic growth, ideas, human capital, population |
| JEL: | E27 O40 |
| Date: | 2016–11 |
| URL: | http://d.repec.org/n?u=RePEc:adl:wpaper:2016-13&r=gro |