Growth Volatility and Technical Progress: A Simple Rent-seeking Model

Research output: Contribution to journalArticle

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Abstract

Recent empirical evidence demonstrates that a higher level of technical progress is associated with a lower level of growth volatility and higher expected economic growth. This paper builds a simple growth model which combines the insights of Angeletos and Kollintzas (2000) and Tse (2000; 2001; 2002) with endogenous productivity growth and rent-seeking behavior to account for these stylized facts. Our model complements the literature that focuses on the heterogeneity of different agents.
Original languageEnglish
Pages (from-to)159-178
JournalJournal of Economics
Volume88
Issue number2
DOIs
Publication statusPublished - 2006

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Economic growth
Growth model
Rent-seeking
Technical progress
Empirical evidence
Stylized facts
Growth volatility
Productivity growth

Cite this

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title = "Growth Volatility and Technical Progress: A Simple Rent-seeking Model",
abstract = "Recent empirical evidence demonstrates that a higher level of technical progress is associated with a lower level of growth volatility and higher expected economic growth. This paper builds a simple growth model which combines the insights of Angeletos and Kollintzas (2000) and Tse (2000; 2001; 2002) with endogenous productivity growth and rent-seeking behavior to account for these stylized facts. Our model complements the literature that focuses on the heterogeneity of different agents.",
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Growth Volatility and Technical Progress: A Simple Rent-seeking Model. / Leung, C.K.Y.; Tang, Sam; Groenewold, Nicolaas.

In: Journal of Economics, Vol. 88, No. 2, 2006, p. 159-178.

Research output: Contribution to journalArticle

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AU - Groenewold, Nicolaas

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AB - Recent empirical evidence demonstrates that a higher level of technical progress is associated with a lower level of growth volatility and higher expected economic growth. This paper builds a simple growth model which combines the insights of Angeletos and Kollintzas (2000) and Tse (2000; 2001; 2002) with endogenous productivity growth and rent-seeking behavior to account for these stylized facts. Our model complements the literature that focuses on the heterogeneity of different agents.

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