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Methods of macroeconomic dynamics
Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth severalExpand
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Fiscal Policy, Elastic Labor Supply, and Endogenous Growth
Endogenizing labor supply leads to fundamental changes in the equilibrium structure of the AK growth model. The balanced growth equilibrium can be described in terms of two tradeoff loci relating theExpand
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Habit Formation, Catching Up with the Joneses, and Economic Growth
Our objective is to investigate how alternative assumptions about preferences affect the process of economic growth. To do this, we analyze a neoclassical growth model under three alternativeExpand
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The Transitional Dynamics of Fiscal Policy: Long-Run Capital Accumulation and Growth
This paper analyzes the effects of fiscal policies in a non-scale growing economy with public and private capital. The equilibrium dynamics are characterized and we contrast the dynamic effects ofExpand
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Non‐scale Models of Economic Growth
Growth models that incorporate nonrivalry and/or externalities imply that the size of an economy may influence its long-run growth rate. Such implied scale effects run counter to empirical evidence.Expand
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International Macroeconomic Dynamics
For a long time, the study of macroeconomics has focused almost exclusively on a closed economy and downplayed the role of international transactions. Today, however, researchers recognize that oneExpand
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Transitional dynamics in a two-sector non-scale growth model
Abstract This paper shows how, under plausible conditions, the transitional dynamics in a two-sector R&D-based non-scale growth model are represented by a two-dimensional stable saddlepath, thusExpand
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Unilateral Capital Transfers, Public Investment, and Economic Growth
We contrast the effects of a transfer tied to investment in public infrastructure from a traditional pure transfer. The latter has no growth or dynamic consequences; it is always welfare improving,Expand
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Consumption externalities, production externalities, and long-run macroeconomic efficiency
Abstract We analyze the effects of consumption and production externalities on capital accumulation. We show that the importance of consumption externalities depends upon the elasticity of laborExpand
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FISCAL POLICY IN A GROWING ECONOMY WITH PUBLIC CAPITAL
Public capital subject to congestion is introduced into an endogenous growth model and the transitional dynamic paths under alternative fiscal policies are characterized. Several new insights areExpand
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