Endogenous technological change: a note on stability

被引：0
|
作者：
Lutz G. Arnold
机构：
[1] Department of Economics,
[2] University of Dortmund,undefined
[3] Vogelpothsweg 87,undefined
[4] D-44227 Dortmund,undefined
[5] GERMANY (e-mail: lutz.arnold@wiso.uni-dortmund.de),undefined
来源：
Economic Theory | 2000年 / 16卷
关键词：
Keywords and Phrases: R&D, Endogenous growth, Saddle-point stability, Transitional dynamics.; JEL Classification Numbers: O41.;
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摘要：
This paper demonstrates that the steady-state solution of the optimal-growth problem in Romer's (1990) model of endogenous technological change is globally saddle-point stable. Surprisingly, the proof of this result is trivial. Interest in the optimal growth path is justified by the fact that there is a (unique) combination of production and R&D subsidies by means of which the optimal growth path is attained as a market equilibrium.
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页码：219 / 226
页数：7
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