高级宏观经济学课件厦门大学,龚敏) chap 1.docVIP

PAGE  PAGE 28 Lecture 1 The Solow Growth Model Romer(2001), Advanced Macroeconomics, Chapter 1 Blanchard, Olivier J., 2nd edition, Macroeconomics, Prentice Hall 曼昆，《宏观经济学》，人民大学，2000年 巴罗，萨拉伊马丁，《经济增长》，中国社会科学出版社，2000年 Some Basic Facts about Economic Growth Assumptions of One-Sector Growth Models The Dynamics of the Model The Impact of a Change in the Saving Rate The Speed of Convergence The Solow Model and the Central Questions of Growth Theory Empirical Applications Some Basic Facts about Economic Growth: the stylized facts of growth Economic growth through deep time(F2) The stylized facts （F3） (F4) (F5) international differences in the standard of living(F6) The Solow growth model The ultimate objective of research on economic growth is to determine whether there are possibilities for raising overall growth or bringing standards of living in poor countries closer to those in the world leaders. The Solow model is the starting point for almost all analyses of growth. The principal conclusion of the Solow model is that the accumulation of physical capital cannot account for either the vast growth over time in output per person or the cast geographic differences in output per person. The model treats other potential sources of differences in real incomes as either exogenous and thus not explained by the model.( in the case of technological progress) or absent altogether(in the case of positive externalities from capital). Basic assumptions of one-sector growth models Input and Output Labor-augmenting or Harrod-neutral capital augmenting Hicks-ueutral The ratio of capital to output, K/Y, eventually settles down Constant returns to scale (first-degree homogeneity) The economy is big enough that the gains from specialization have been exhausted. Inputs other than capital, labor, and knowledge are relatively unimportant. intensive form : The amount of output per unit of effective labor depends only on the quantity of capital per unit of effective labor, and