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1、巴罗宏观经济学：现代观点第5章Conditional 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* () (+)2Macroeconomics Chapter 5Long-Run Economic Growth9Macroecono
2、mics Chapter 5Long-Run Economic GrowthConclusionslThe long-run growth rate of capital per worker, k/k, is greater 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
3、y do not tend to grow faster than rich economies10Macroeconomics Chapter 5Long-Run Economic GrowthThe regular process of improvement in technology is called technological progress.lexogenous technological progress - the improvements in technology were not explained within the model.A/A= g11Macroecon
4、omics Chapter 5Long-Run Economic GrowthExogenous Technological ProgresslY/Y= A/A+(K/K)+(1)(L/ L)Using A/A= g and and L/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
5、= K/K nl y/y= g+(k/k)13Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological Progressk/k - in the Solow modellk/k= sAf(k)/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 variable
6、s grow at constant rates.k/k is constant lk/k= s(y/k) s nly/k is constant15Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological 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
7、 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), is greater than the rate of technological progress, g.17Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological Progressl(
8、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)18Macroeconomics Chapter 5Long-Run Economic GrowthExogenous Technological Progresslk/k= s(y/k) s nl(k/k)* = g/(1 ) lg/(1) = s(y/ k
9、)* 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 Growth21Macroeconomics Chapter 5Long-Run Economic Growth22Macroeconomics Chapter 5Endogenous Growth TheorylExtend the model to explai
10、n why technological progress occurs.lMost endogenous growth models focus on investments in research and development (R&D)23Macroeconomics Chapter 5Endogenous Growth TheorylThe essential feature of knowledge or technology: non-rival good MC is zerolProduction function of A: A =f(A,K,L) Is the margina
11、l product of A decreasing, increasing, or constant? lHuman capital24Macroeconomics Chapter 5Endogenous Growth TheoryThe determinants of the allocation of resources to R&DlSupport for basic scientific researchlPrivate incentives for R&D and innovationlAlternative opportunities for talented individual
12、s: rent-seekinglLearning-by-doing: 25Macroeconomics Chapter 5Endogenous Growth TheoryOptimal intellectual property rights The Diffusion of TechnologylThe imitation and adaptation of one countrys technology by another country.lThe rate of technological diffusion to a developing country is high when t
13、he country trades a lot with rich countries, has high education levels, and has well functioning legal and political systems.26Macroeconomics Chapter 5Endogenous Growth Theory27Macroeconomics Chapter 5ThebasicR&Dmodel Assumptions1. The labor force is the single production factor2. Generalized Cobb-D
14、ouglas function without capital3. The fraction of the labor force is exogenous28Macroeconomics Chapter 5ThebasicR&Dmodel The evolution function of laborwhere The evolution function of knowledge29Macroeconomics Chapter 5ThebasicR&Dmodel The dynamic of knowledge accumulation30Macroeconomics Chapter 5T
15、hebasicR&Dmodel Case 1: 31Macroeconomics Chapter 5ThebasicR&Dmodel 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 5ThebasicR&Dmodel Case 2: ever-increasing growthhas a growth effect 33Macroeconomics Chapter 5ThebasicR&Dmodel Case 3: linear growth modelhas a growth effect 34Macroeconomics Chapter 5结束语结束语谢谢大家聆听！谢谢大家聆听！35
