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Endogenous Growth Theory

Description

This course introduces into the field of endogenous growth theory that studies the determinants of the growth rate of output in the framework of dynamic general equilibrium models. We will deal with simple AK-models, the Lucas-Uzawa model of human capital accumulation as well as with models of expanding product variety and models of improving product quality. Knowledge of the methods and models presented in the course Advanced Macroeconomics is assumed.

Course Outline

  1. Principles
    1. Stylized Facts on Growth Processes
    2. Neo-Classical Growth Models
  2. Technological Progress in One-Sector Models
    1. Marginal Productivity of Capital in the Solow Model
    2. The AK Technology
    3. Dynamic Properties of AK Models
  3. Human Capital Accumulation
    1. Two-Sector Growth Models
    2. The Lucas-Uzawa Model
  4. Divison of Work and Quality Progress
    1. Three-Sector Growth Models
    2. Growing Variety of Products
    3. Quality Progress and Discrete Growth
    4. Quality Progress and Continous Growth

Reading List

Aghion, Philippe and Peter Howitt, Endogenous Growth Theory, MIT Press: Cambridge, MA und London 1998
Barro, Robert J., Sala-i-Martin, Xavier, Economic Growth,McGraw-Hill: New York 1995
Grossman, Gene M. and Elhanan Helpman, Innovation and Growth in the Global Economy, MIT Press: Cambridge, MA, London 1991
Maußner, Alfred and Rainer Klump, Wachstumstheorie, Springer: Berlin,1996

© Alfred Maußner 2012

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