Handbook of Economic Growth, Volume 1A by Philippe Aghion, Steven Durlauf

By Philippe Aghion, Steven Durlauf

The Handbooks in Economics sequence keeps to supply a few of the branches of economics with handbooks that are definitive reference resources, compatible to be used via expert researchers, complicated graduate scholars, or via these looking a educating complement.

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Extra resources for Handbook of Economic Growth, Volume 1A

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The government budget constraint requires that the excess of spending over tax revenue be Þnanced through bond issues. Thus, Bt + dGt − dTt = pt dBt , where pt Bt = bt is the value of bonds issued. The stock of capital evolves according to ct dkt = ((1 − g)A − )kt dt + σ(1 − g 0 )Akt dWt . kt Note that xt 1−α c ct )= . = c = c(1 + kt kt α α Since, in equilibrium, it must be the case that, in all states of nature, the growth rate of private wealth and the growth rate of the capital stock are the same23 , it is necessary that αrk + (1 − α)rb − c = (1 − g)A − ασ k + (1 − α)σ b = σ(1 − g 0 )A.

F. ), Frontiers in Business Cycle Research, Princeton University Press, Princeton, New Jersey, pp: 1-38. [16] Dawson, J. W. and E. F. Stephenson, 1997, “The Link Between Volatility and Growth: Evidence from the States,” Economics Letters, 55, pp: 365-69. , 1954, “Valuation Equilibria and Pareto Optimum,” Proceedings of the National Academy of Sciences, Vol. 40, No. 7, pp: 588-592. [18] de Hek, P. , 1999, “On Endogenous Growth Under Uncertainty,” International Economic Review, Vol. 3, pp: 727-744.

In the model, investment in physical capital (as a fraction of output) is α, independently of the distribution of the shocks. Thus, there is no sense that a regression that shows that variability does not affect the rate of investment provides evidence against the role of shocks in development. • This lack of (measured) effect on both physical and human capital investment should not be interpreted as evidence against the proposition that incentives for human or physical capital accumulation matter for growth.

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