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Effects of temporal heterogeniety in the Baumol-Wolff productivity growth model

Author

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  • Hassan Sedaghat

    (Department of Mathematical Sciences, Virginia Commonwealth University, Richmond, VA 23284-2014, USA)

Abstract

In their utilization of R&D (information) output, different sectors of a heterogeneous industry display different reaction times. This paper analyzes the effects of this temporal heterogeniety on output and productivity for an extended version of the Baumol-Wolff model. Results include conditions implying persistent, non-decaying oscillations in the output and hence also in the productivity rate.

Suggested Citation

  • Hassan Sedaghat, 2000. "Effects of temporal heterogeniety in the Baumol-Wolff productivity growth model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 15(2), pages 491-498.
    • Handle: RePEc:spr:joecth:v:15:y:2000:i:2:p:491-498
    Note: Received: January 26, 1998; revised version: January 8, 1999
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    More about this item

    Keywords

    Heterogeneous sectors; Reaction times; Productivity rate; Higher order difference equation; Instability; Oscillation.;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium

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