中級宏觀經(jīng)濟學(xué)05growth

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:k/k= k(0) , k* () (+)y= A f(k)Growth rate of real GDP per worker is a function of initial and steady-state re

2、al GDP per worker y/y= y(0) , y* () (+)Macroeconomics Chapter 53Conditional Convergence in PracticeMacroeconomics Chapter 54Conditional Convergence in PracticeVariables that influence y* that are held constant.A measure of the saving rateThe fertility rateSubjective measures of maintenance of the ru

3、le of law and democracyThe size of governmentThe extent of international openness, measured by the volume of exports and importsChanges in the terms of tradeMeasures of investment in education and healthThe average rate of inflationMacroeconomics Chapter 55Conditional Convergence in PracticeJapan an

4、d 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 defined to include hu

5、man and infrastructure capital is the only factor input to production. AK 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 GrowthConclusionsThe long-run growth

6、rate of capital per worker, k/k, is greater than zero and equal to sA s nGrowth 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 economiesMacroeconomics Chapter

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

8、/Y= A/A+(K/K)+(1)(L/ L)Using A/A= g and and L/L = n Y/Y= g+ (K/ K) + (1) ny/y= Y/Y L/L = Y/Y nMacroeconomics Chapter 513Long-Run Economic GrowthExogenous Technological Progress y/y= g+(K/K)+(1)n n = g+(K/K n) k/k= K/K L/L = K/K n y/y= g+(k/k)Macroeconomics Chapter 514Long-Run Economic GrowthExogenou

9、s Technological Progressk/k - in the Solow modelk/k= sAf(k)/k s nGrowth rate of real GDP per worker with technical progressy/y= g+ sA f(k)/k snMacroeconomics Chapter 515Long-Run Economic GrowthExogenous Technological Progress(y/y)* = (k/k)*(y/y)* = g+ (k/k)*(y/y)* = g+ (y/y)*(y/y)* (y/y)* = g(1)(y/y

10、)* = gMacroeconomics Chapter 516Long-Run Economic GrowthExogenous Technological ProgressSteady-state growth rate with 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 Chapt

11、er 517Long-Run Economic GrowthExogenous Technological Progress(k/k)* = (y/y)*(k/k)* = g/(1)Exogenous technological 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 518Long-Run Economic GrowthExogenous Technolog

12、ical Progressk/k= s(y/ k) s n(k/k)* = g/(1 ) g/(1) = s(y/ k)* s ns(y/k)* = n+g/(1)(y/k)*= +(1/s)n+g/(1)For Cobb-Douglas function Macroeconomics Chapter 519Long-Run Economic GrowthMacroeconomics Chapter 520Long-Run Economic GrowthMacroeconomics Chapter 521Long-Run Economic GrowthMacroeconomics Chapte

13、r 522Endogenous Growth TheoryExtend the model to explain why technological progress occurs.Most endogenous growth models focus on investments in research and development (R&D)Macroeconomics Chapter 523Endogenous Growth TheoryThe essential feature of knowledge or technology: non-rival good MC is zero

14、Production function of A: A =f(A,K,L) Is the marginal product of A decreasing, increasing, or constant? Human capitalMacroeconomics Chapter 524Endogenous Growth TheoryThe determinants of the allocation of resources to R&DSupport for basic scientific researchPrivate incentives for R&D and innovationA

15、lternative opportunities for talented individuals: rent-seekingLearning-by-doing: Macroeconomics Chapter 525Endogenous Growth TheoryOptimal intellectual property rights The Diffusion of TechnologyThe imitation and adaptation of one countrys technology by another country.The rate of technological dif

16、fusion to a developing country is high when the country trades a lot with rich countries, has high education levels, and has well functioning legal and political systems.Macroeconomics Chapter 526Endogenous Growth TheoryMacroeconomics Chapter 527The basic R&D model Assumptions The labor force is the

17、 single production factor Generalized Cobb-Douglas function without capital3. The fraction of the labor force is exogenousMacroeconomics Chapter 528The basic R&D model The evolution function of laborwhere The evolution function of knowledgeMacroeconomics Chapter 529The basic R&D model The dynamic of knowledge accumulationMacroeconomics Chapter 530The basic R&D model Case 1: Macroeconomics Chapter 531The basic R&D model Case 1: has a level effect but not a growth eff