ADVANCEDECONOMICSCHAPTER3汇.ppt

CHAPTER 3NEW GROWTH THEORY SOME BASIC INFORMATION (1)If r=f (k), and αk is modest, then capital accumulation cannot account for a large part of either long-run or cross-country income differences. (2)The effectiveness of labor (A) is the only determinant of income, whose behavior is taken as exogenous. (3)The effectiveness of labor (A) is explicitly interpreted as knowledge, and knowledge accumulation is endogenous. (4) Knowledge accumulation is probably central to worldwide growth. (5)Much of the variation in income across countries comes from differences in output for given amounts of physical and human capital. Part A Research and Development Models §3.1 Framework and Assumptions Assumptions (1)The effectiveness of labor (A) represents knowledge or technology, there are two sectors, an RD sector; a goods-producing sector. (2)Two other major simplifications: First, both the RD and goods production function are C-D function; second, the model takes the s, αK and αL as exogenous and constant. Assumptions §3.2 The model without capital §3.3 The General Case （一）资本存量的变化（△K） §3.4 Learning by Doing §3.5 在知识积累过程中储蓄率的内生性 §3.6 增长理论的中心问题与知识积累的模型 §3.8 包括人力资本的SOLOW模型 §3.9 经验研究——跨国收入差异 §3.10 Social Infrastructure §3.11 （略） * * (3) Fraction ak of the capital stock is used in the RD sector and fraction 1- ak in the goods-producing sector; fraction aL of the labor force is used in the RD sector and fraction 1- aL in the goods-producing sector. (4)The quantity of output produced at time t is thus: 物质生产部门的生产函数 知识生产部门的生产函数 知识生产部门的生产函数取消了报酬不变的假定， 因而可能存在报酬递减或报酬递增两种可能性。 The parameter θ reflects the effect of the existing stock of knowledge on the success of RD (5)As in the Solow model, the saving rate is exogenous and constant, depreciation is set to zero. (6)Population growth is treated as exogenous. (7)Without capital for the moment. α=0,β=0 The production for output becomes: The production for new knowledge is now: We then focus on the dynamics of A: Tak