www.pse.ens.fr
| Title: | www.pse.ens.fr |
|---|---|
| Authors: | Mehdi Senouci; Jel Codes C; École Des; Ponts Paristech; Ecole Normale; Supérieure Institut; National De; La Recherche; Agronomique Technical |
| Contributors: | The Pennsylvania State University CiteSeerX Archives |
| Source: | http://hal-pjse.archives-ouvertes.fr/docs/00/68/68/85/PDF/wp201118.pdf. |
| Publication Year: | 2011 |
| Collection: | CiteSeerX |
| Subject Terms: | Sector-specific technical change; optimal growth; capital accumulation; golden rule; two-sector models. JEL codes; C62; E22; O39; O41 |
| Description: | This paper investigates into the consequences of sector-specific technological progress in a two-sector, optimal growth model. In accordance with existing theory, we find that consumptionspecific Hicks-neutral technical shocks increase consumption but leave other parameters unchanged. Hicks-neutral, investment-specific technical shocks increase the wage-rental ratio, and increase steady-state consumption by a factor equal to the macroeconomic ratio of capital share to labor share. If the elasticity of substitution is equal to one in the long run, the growth regime with only investment-specific technical change is sustainable and asymptotically balanced. |
| Document Type: | text |
| File Description: | application/pdf |
| Language: | English |
| Relation: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.429.2432 |
| Availability: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.429.2432; http://hal-pjse.archives-ouvertes.fr/docs/00/68/68/85/PDF/wp201118.pdf |
| Rights: | Metadata may be used without restrictions as long as the oai identifier remains attached to it. |
| Accession Number: | edsbas.F3BDF445 |
| Database: | BASE |