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Renewable resources in an endogenously growing economy : balanced growth and transitional dynamics

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Titill: Renewable resources in an endogenously growing economy : balanced growth and transitional dynamicsRenewable resources in an endogenously growing economy : balanced growth and transitional dynamics
Höfundur: Lúðvík Elíasson 1969 ; Turnovsky, Stephen J.
URI: http://hdl.handle.net/10802/4742
Útgefandi: Central Bank of Iceland, Economics Department
Útgáfa: 11.2002
Ritröð: Central Bank of Iceland., Working papers ; 20
Efnisorð: Efnahagsmál; Efnahagsþróun; Líkön; Skýrslur
ISSN: 1028-9445
Tungumál: Enska
Tengd vefsíðuslóð: http://www.sedlabanki.is/uploads/files/WP-20.pdf
Tegund: Skýrsla
Gegnir ID: 000251250
Athugasemdir: Myndefni: línurit, töflur
Útdráttur: We introduce a renewable resource sector into an endogenous growth model of a small economy, deriving the transitional dynamic equilibrium. The model generates a long-run balanced growth path along which a resource sector of limited size can coexist with constant ongoing growth elsewhere. The key feature of the model is the allocation of labor between harvesting the resource and its use in the final output sector. We examine both the dynamic and long-run responses of the economy to various shocks pertaining to technological production conditions and resource sector parameters and show how they can generate sharply contrasting transitional adjustment paths.


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