巴罗宏观经济学：现代观点第5章.ppt

《巴罗宏观经济学：现代观点第5章.ppt》由会员分享，可在线阅读，更多相关《巴罗宏观经济学：现代观点第5章.ppt（34页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、Conditional Convergence and Long-Run Economic GrowthC h a p t e r 51Macroeconomics Chapter 5Conditional 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 real GDP per worker l y/y=y(0),y*

2、()(+)2Macroeconomics Chapter 5Conditional Convergence in Practice3Macroeconomics Chapter 5Conditional Convergence in PracticeVariables that influence y*that are held constant.lA measure of the saving ratelThe fertility ratelSubjective measures of maintenance of the rule of law and democracylThe size

3、 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 inflation4Macroeconomics Chapter 5Conditional Convergence in PracticeJapan and Germany after 2nd world wa

4、r.East Asia countriesAfrican Countries5Macroeconomics Chapter 5Long-Run Economic GrowthSolow model,the growth rate of capital per worker,k,is given by k/k=s(y/k)s n6Macroeconomics Chapter 5Long-Run Economic GrowthA case in which capital broadly defined to include human and infrastructure capital is

5、the only factor input to production.lAK modely=Ak7Macroeconomics Chapter 5Long-Run Economic Growthk capital per workery/k=Ak/k=sA s n8Macroeconomics Chapter 5Long-Run Economic Growth9Macroeconomics Chapter 5Long-Run Economic GrowthConclusionslThe long-run growth rate of capital per worker,k/k,is gre

6、ater 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 economies10Macroeconomics Chapter 5Long-Run Economic GrowthThe regular pro

7、cess of improvement in technology is called technological progress.lexogenous technological progress-the improvements in technology were not explained within the model.A/A=g11Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological ProgresslY/Y=A/A+(K/K)+(1)(L/L)Using A/A=g and and L/

8、L=n lY/Y=g+(K/K)+(1)nly/y=Y/Y L/L =Y/Y n12Macroeconomics Chapter 5Long-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)13Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological Progressk/k-in the Solow modellk/k=sAf(k

9、)/k s nGrowth rate of real GDP per worker with technical progressly/y=g+sA f(k)/k sn14Macroeconomics Chapter 5Long-Run Economic GrowthSteady state:all variables grow at constant rates.k/k is constant lk/k=s(y/k)s nly/k is constant15Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technologi

10、cal 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)*=g16Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological ProgresslSteady-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)

11、,is greater than the rate of technological progress,g.17Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological Progressl(k/k)*=(y/y)*l(k/k)*=g/(1)lExogenous 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

12、)18Macroeconomics Chapter 5Long-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 Cobb-Douglas function 19Macroeconomics Chapter 5Long-Run Economic Growth20Macroeconomics Chapter 5Long-Run Economic Growth21Macroe

13、conomics Chapter 5Long-Run Economic Growth22Macroeconomics Chapter 5Endogenous Growth TheorylExtend the model to explain why technological progress occurs.lMost endogenous growth models focus on investments in research and development(R&D)23Macroeconomics Chapter 5Endogenous Growth TheorylThe essent

14、ial 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,increasing,or constant?lHuman capital24Macroeconomics Chapter 5Endogenous Growth TheoryThe determinants of the allocation of resources to R&DlSupport for basic

15、scientific researchlPrivate incentives for R&D and innovationlAlternative opportunities for talented individuals:rent-seekinglLearning-by-doing:25Macroeconomics Chapter 5Endogenous Growth TheoryOptimal intellectual property rights The Diffusion of TechnologylThe imitation and adaptation of one count

16、rys technology by another country.lThe rate of technological diffusion 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.26Macroeconomics Chapter 5Endogenous Growth Theory27Macroeconomics C

17、hapter 5The basic R&D model Assumptions1.The labor force is the single production factor2.Generalized Cobb-Douglas function without capital3.The fraction of the labor force is exogenous28Macroeconomics Chapter 5The basic R&D model The evolution function of laborwhere The evolution function of knowle

18、dge29Macroeconomics Chapter 5The basic R&D model The dynamic of knowledge accumulation30Macroeconomics Chapter 5The basic R&D model Case 1:31Macroeconomics Chapter 5The basic R&D model Case 1:has a level effect but not a growth effect Interpretation:endogenous long run growth rate1.positive link with population growth 2.32Macroeconomics Chapter 5The basic R&D model Case 2:ever-increasing growthhas a growth effect 33Macroeconomics Chapter 5The basic R&D model Case 3:linear growth modelhas a growth effect 34Macroeconomics Chapter 5