中級(jí)宏觀課件chapter5conditional convergence and long run economic growth

1、Macroeconomics Chapter 51Conditional Convergence and Long-Run Economic GrowthC h a p t e r 5Macroeconomics Chapter 52Conditional Convergence in PracticeGrowth rate of capital per worker, k/k:lk/k= ? k(0) , k* () (+)y= A f(k)Growth rate of real GDP per worker is a function of initial and steady-state

2、 real GDP per worker l y/y= ? y(0) , y* () (+)Macroeconomics Chapter 53Conditional Convergence in PracticeMacroeconomics Chapter 54Conditional Convergence in PracticeVariables that influence y* that are held constant.lA measure of the saving ratelThe fertility ratelSubjective measures of maintenance

3、 of the rule of law and democracylThe size of governmentlThe extent of international openness, measured by the volume of exports and importslChanges in the terms of tradelMeasures of investment in education and healthlThe average rate of inflationMacroeconomics Chapter 55Conditional Convergence in P

4、racticeJapan and Germany after 2nd world war.East Asia countriesAfrican CountriesMacroeconomics Chapter 56Long-Run Economic GrowthSolow model, the growth rate of capital per worker, k, is given by k/k= s (y/k) s nMacroeconomics Chapter 57Long-Run Economic GrowthA case in which capital broadly define

5、d to include human and infrastructure capital is the only factor input to production. lAK modely= AkMacroeconomics Chapter 58Long-Run Economic Growthk capital per workery/k= Ak/k= sA s nMacroeconomics Chapter 59Long-Run Economic GrowthMacroeconomics Chapter 510Long-Run Economic GrowthConclusionslThe

6、 long-run growth rate of capital per worker, k/k, is greater than zero and equal to sA s nlGrowth rates of capital and real GDP per worker, k/k and y/y, do not change as capital and real GDP per worker, k and y, rise.poor economies with low k and y do not tend to grow faster than rich economiesMacro

7、economics Chapter 511Long-Run Economic GrowthThe regular process of improvement in technology is called technological progress.lexogenous technological progress - the improvements in technology were not explained within the model.A/A= gMacroeconomics Chapter 512Long-Run Economic GrowthExogenous Tech

8、nological ProgresslY/Y= A/A+(K/K)+(1)(L/ L)Using A/A= g and and L/L = n lY/Y= g+ (K/ K) + (1) nly/y= Y/Y L/L = Y/Y nMacroeconomics Chapter 513Long-Run Economic GrowthExogenous Technological Progressl y/y= g+(K/K)+(1)n nl = g+(K/K n)l k/k= K/K L/L = K/K nl y/y= g+(k/k)Macroeconomics Chapter 514Long-R

9、un Economic GrowthExogenous Technological Progressk/k - in the Solow modellk/k= sAf(k)/k s nGrowth rate of real GDP per worker with technical progressly/y= g+ sA f(k)/k snMacroeconomics Chapter 515Long-Run Economic GrowthSteady state: all variables grow at constant rates.k/k is constant lk/k= s(y/k)

10、 s nly/k is constantMacroeconomics Chapter 516Long-Run Economic GrowthExogenous Technological Progressl(y/y)* = (k/k)*l(y/y)* = g+ (k/k)*l(y/y)* = g+ (y/y)*l(y/y)* (y/y)* = gl(1)(y/y)* = gMacroeconomics Chapter 517Long-Run Economic GrowthExogenous Technological ProgresslSteady-state growth rate with

11、 technological progress(y/y) * = g/(1 )Since 0 1 the steady-state growth rate of real GDP per worker, (y/y) , is greater than the rate of technological progress, g.Macroeconomics Chapter 518Long-Run Economic GrowthExogenous Technological Progressl(k/k)* = (y/y)*l(k/k)* = g/(1)lExogenous technologica

12、l progress at the rate A/A= g leads to long-term growth in real GDP and capital per worker, k and y, at the rate g/(1)Macroeconomics Chapter 519Long-Run Economic GrowthExogenous Technological Progresslk/k= s(y/k) s nl(k/k)* = g/(1 ) lg/(1) = s(y/ k)* s nls(y/k)* = n+g/(1)l(y/k)*= +(1/s)n+g/(1)lFor C

13、obb-Douglas function 11)1/(gnssAkMacroeconomics Chapter 520Long-Run Economic GrowthMacroeconomics Chapter 521Long-Run Economic GrowthMacroeconomics Chapter 522Long-Run Economic GrowthMacroeconomics Chapter 523Endogenous Growth TheorylExtend the model to explain why technological progress occurs.lMos

14、t endogenous growth models focus on investments in research and development (R&D)Macroeconomics Chapter 524Endogenous Growth TheorylThe essential feature of knowledge or technology: non-rival good MC is zerolProduction function of A: A =f(A,K,L) Is the marginal product of A decreasing, increasin

15、g, or constant? lHuman capitalMacroeconomics Chapter 525Endogenous Growth TheoryThe determinants of the allocation of resources to R&DlSupport for basic scientific researchlPrivate incentives for R&D and innovationlAlternative opportunities for talented individuals: rent-seekinglLearning-by-

16、doing: Macroeconomics Chapter 526Endogenous Growth TheoryOptimal intellectual property rights The Diffusion of TechnologylThe imitation and adaptation of one countrys technology by another country.lThe rate of technological diffusion to a developing country is high when the country trades a lot with

17、 rich countries, has high education levels, and has well functioning legal and political systems.Macroeconomics Chapter 527Endogenous Growth TheoryMacroeconomics Chapter 528The basic R&D model Assumptions1. The labor force is the single production factor2. Generalized Cobb-Douglas function witho

18、ut capital)()1)()(tLatAtYL3. The fraction of the labor force is exogenousMacroeconomics Chapter 529The basic R&D model The evolution function of laborwhere0)()(ntnLtLdttdLtL)()( The evolution function of knowledge00)()()(BtAtLaBtAL1100Macroeconomics Chapter 530The basic R&D model The dynamic of knowledge accumulation1)()()()()(tAtLaBtAtAtgLA)() 1()()(tgntgtgAAAMacroeconomics Chapter 531The basic R&D model Case 1: 11*ngAMacroeconomics Chapter 532The basic R&D model Case 1: 11*ngALa has a level effect but not a growth effect Interp