巴罗 宏观经济学现代观点 第5章.pptx

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Conditional Convergence in Practice
Growth rate of capital per worker, ∆k/k:
∆k/k= ϕ[ 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
∆ y/y= ϕ[ y(0) , y*]
(−) (+)
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Conditional Convergence in Practice
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Conditional Convergence in Practice
Variables that influence y* that are held constant.
A measure of the saving rate
The fertility rate
Subjective measures of maintenance of the rule of law and democracy
The size of government
The extent of international openness, measured by the volume of exports and imports
Changes in the terms of trade
Measures of investment in education and health
The average rate of inflation
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Conditional Convergence in Practice
Japan and Germany after 2nd world war.
East Asia countries
African Countries
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5
Long-Run Economic Growth
Solow model, the growth rate of capital per worker, k, is given by
∆k/k= s· (y/k) − sδ− n
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Long-Run Economic Growth
A case in which capital broadly defined to include human and infrastructure capital is the only factor input to production.
AK model
y= Ak
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Long-Run Economic Growth
k – capital per worker
y/k= A
∆k/k= sA− sδ− n
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Long-Run Economic Growth
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Long-Run Economic Growth
Conclusions
The long-run growth rate of capital per worker, ∆k/k, is greater than zero and equal to sA− sδ− n
Growth 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 y do not tend to grow faster than rich economies
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Long-Run Economic Growth
The regular process of improvement in technology is called technological progress.
exogenous technological progress - the improvements in technology were not explained within the model.
∆A/A= g