曼昆宏观经济学第七版英文课件第八章.pptVIP

Chapter Summary 1. Key results from Solow model with tech progress steady state growth rate of income per person depends solely on the exogenous rate of tech progress the U.S. has much less capital than the Golden Rule steady state 2. Ways to increase the saving rate increase public saving (reduce budget deficit) tax incentives for private saving Chapter Summary 3. Productivity slowdown “new economy” Early 1970s: productivity growth fell in the U.S. and other countries. Mid 1990s: productivity growth increased, probably because of advances in I.T. 4. Empirical studies Solow model explains balanced growth, conditional convergence Cross-country variation in living standards isdue to differences in cap. accumulation and in production efficiency Chapter Summary 5. Endogenous growth theory: Models that examine the determinants of the rate of tech. progress, which Solow takes as given. explain decisions that determine the creation of knowledge through RD. Chapter 7 had a single focus: the in-depth development of the Solow model with population growth. In contrast, Chapter 8 is a survey of many growth topics. First, the Solow model is extended to incorporate labor-augmenting technological progress at an exogenous rate. This is followed by a discussion of growth empirics, including balanced growth, convergence, and growth from factor accumulation vs. increases in efficiency. Next, policy implications are discussed. Finally, the chapter presents two very simple endogenous growth models. The models in this chapter are presented very concisely. If you want your students to master these models, you will need to have them do exercises and policy experiments with the models. The chapter includes some excellent Problems and Applications for this, which you can assign as homework or use in class to break up your lecture. If you are pressed for time and are considering skipping this chapter, I encourage you to at least cover section 8-1, so that your students w