On the welfare properties of the Lucas and Romer endogenous growth models

Tiago Sequeira, Alexandra Ferreira-Lopes

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Abstract

We present results from quantitative exercises using the Lucas and Romer endogenous growth models, from which we calculate welfare losses from the distortions presented in the Romer model. Moreover, comparing the models to data, we show that an economy governed by the Romer model would attain a higher welfare than one governed by the Lucas model, contrary to what can be interpreted from some previous theoretical contributions.
Original languageEnglish
Pages (from-to)2143-2150
JournalEconomics Bulletin
Volume30
Issue number3
Publication statusPublished - 1 Jan 2010

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