Transitional dynamics in an R&D-based growth model with imitation: Comparing its predictions to the data

• 成果类型: Article
• 署名作者: Perez-Sebastian, F
• 署名单位: Universidad Publica de Navarra
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(99)00055-0
• 发表日期: 2000
• 页码: 437-461
• 关键词: growth; INNOVATION; imitation; Transition dynamics

摘要

Employing cross-country data, this paper evaluates the transitional dynamics predictions of a non-scale growth model of endogenous technology innovation and imitation. We show that, unlike the neoclassical growth framework, the transitional dynamics of the R&D-based growth model can account for growth 'miracles'. The additional convergence power provided by technology imitation allows the model to replicate rapid growth experiences for plausible real interest rates, and reasonable consumption and investment shares. Furthermore, our results can reconcile the big contribution of input factor accumulation to economic growth found by Young (1994. European Economic Review 38, 964-973; 1995. Quartely Journal of Economics 110, 641-680) with the importance of technology transfer. (C) 2000 Elsevier Science B.V. All rights reserved.