中級宏觀經(jīng)濟(jì)學(xué)上海財經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院沈凌04growth(已改無錯字)
2022-08-20 03:42:50 本頁面
【正文】 ard k*. However, k grows faster in economy 1 because k(0)1 is less than k(0)2. ? Therefore, k1 converges over time toward k2. Macroeconomics Chapter 4 26 Solow Growth Model Convergence ? y= A f(k) and ?y/y= α(?k/k) ? ?k/k was higher initially in economy 1 than in economy 2. ? Therefore, ?y/y is also higher initially in economy 1. Hence, economy 1’s real GDP per worker, y, converges over time toward economy 2’s real GDP per worker. Macroeconomics Chapter 4 27 Solow Growth Model Convergence ? The Solow model says that a poor economy— with low capital and real GDP per worker— grows faster than a rich one. The reason is the diminishing average product of capital, y/k. ? The Solow model predicts that poorer economies tend to converge over time toward richer ones in terms of the levels of capital and real GDP per worker. Macroeconomics Chapter 4 28 Solow Growth Model Convergence Macroeconomics Chapter 4 29 Solow Growth Model Convergence Macroeconomics Chapter 4 30 Solow Growth Model Convergence Macroeconomics Chapter 4 31 Solow Growth Model Convergence Macroeconomics Chapter 4 32 Solow Growth Model Convergence ? Economy 1 starts with lower capital per worker than economy 2 ? k(0)1 k(0)2. ? Assume that economy 1 also has a lower saving rate。 ? s1 s2. ? The two economies have the same technology levels, A, and population growth rates, n. ? Therefore, k*1 is less than k*2 . ? It is uncertain which economy grows faster initially. The vertical distance marked with the blue arrows may be larger or smaller than the one marked with the red arrows. Macroeconomics Chapter 4 33 Solow Growth Model Convergence Macroeconomics Chapter 4 34 Solow Growth Model Convergence ? Economy 1 starts with lower capital per worker than economy 2 ? k(0)1 k(0)2. ? The two economies now have the same saving rates, s, an
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