In this note we synthesize exogenous and endogenous sources of economic growth in a stochastic dynamic log linear general equilibrium model. Endogenous growth could be the result of internal constant returns to scale, external increasing returns to scale in the production of human capital or in the production of goods. We get a closed form log linear representation for the dynamic laws of motion for the human and physical capital stocks. Using the solution we distinguish between different sources of growth that combine exogenous technical progress with endogenous sources of growth that jointly can generate many possible patterns of economic growth.
|Number of pages||10|
|Journal||International Economic Review|
|State||Published - May 1996|