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Population, immigration and growth in a Romer endogenous growth model
Año del Documento
Global Business and Economics Review, Vol. 20, Nos. 5/6, 2018, 679-708.
Endogenous growth theory has not yet consistently incorporated population growth or immigration into its models. As a result, in the present day, there is no universally accepted endogenous growth model explaining the empirical observed relationships between growth, population and immigration. The present paper overcomes this inconvenience by designing a fully specified Romer endogenous growth model, completely micro-founded, that incorporates the existence of population growth and immigration and that allows the stylised facts of growth as well as the relationships between growth, population and immigration to be explained. In addition, the proposed model is susceptible to calibration and simulation, and, when applied to the US economy, provides a good fit to the data.
Sstochastic general equilibrium model; endogenous growth; Romer’s (1986) model; population; immigration; immigrant-native complementarity.
Revisión por pares
Financial support from Spanish Office of Economy and Competitiveness and European FEDER Funds, Research Projects MTM2014-56022-C2-2-P and MTM2017-85476-C2-1-P, is gratefully acknowledged.
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