Rivista di Politica Economica
P. De Santis, G. Moscarini

In the second half of the 80s widespread attention has again been paid to growth theory, after the “wave” of business cycle studies.

This renewed interest originates from the pioneering work of Romer [9] and from the following papers by Rebelo [SI,Eucas 161and Barro [3].

This new line of research succeeds in explaining some stylized facts that a neoclassical growth theory (1) model could not dea1 with.Basicaily these stylized facts are: 1) long-run growth of per capita values; 2) non convergence among economies having the same struc- tura1 pararneters (2); 3) relevance of the savings rate in affecting the rate of growth of the economy.

With regard to the first styiized fact, a neoclassical model predicts zero rate of growth of per capita income, capital and consurnption, due to decreasing returns in the r6producible factors; therefore in steady state the rate of growth of the economy is exogenously determined by the rate of growth of population...continua a leggere

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