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  • Hiroaki Sasaki (a1) and Keisuke Hoshida (a1)

This study investigates the rates of technological progress, total output growth, and per capita output growth when population growth is negative using a semiendogenous research and development (R&D) growth model. The analysis shows that within a finite time horizon, the employment share of the final goods sector reaches unity and that of the R&D sector reaches zero; accordingly, the rate of technological progress tends toward zero. In this case, the growth rate of per capita output asymptotically approaches a positive value.

Corresponding author
Address correspondence to: Hiroaki Sasaki, Graduate School of Economics, Kyoto University, Yoshida-Honmachi, Sakyo-ku, Kyoto 606-8501, JAPAN; e-mail:
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We would like to thank Kouichi Futagami, Kazuhiro Yuki, Keita Kamei, and Yusuke Amano for their useful comments and helpful suggestions on earlier versions of this paper. We also thank the editor of this journal. The first author is grateful to KAKENHI (25380295) for financial support. The usual disclaimer applies.

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Macroeconomic Dynamics
  • ISSN: 1365-1005
  • EISSN: 1469-8056
  • URL: /core/journals/macroeconomic-dynamics
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