桑原 史郎

This study attempts to endogenize educational efficiency, a critical exogenous parameter in the Uzawa-Lucas model, where human capital accumulation plays an important role in economic growth. Human capital accumulation is a puzzle; in addition to the broadly recognized positive spillover of human capital, educated human capital productivity occasionally shows a decreasing trend in the economic growth process (Jones in Q J Econ 110:495-525, 1995; Pritchett in World Bank Econ Rev 15(3):367-391, 2001). Incorporating these phenomena as educational externalities into the Uzawa-Lucas model, we analyze the properties of endogenous growth and stagnation. The model yields multiple steady states under intertemporal substitution elasticity larger than 1. The results reveal that a steady state with a higher growth rate demonstrates indeterminacy, and the selection of the steady states depends on expectation formation.

Kuwahara, Shiro Does international knowledge spillover always lead to a positive trickle down? This paper demonstrates the negative effects of positive international knowledge spillovers on economic growth. In other words, we obtain the possibility that educational investment for human capital is crowded out under global economic growth. To this end, we assume the phenomenon of international knowledge spillover, effects of population growth on human capital accumulation, and non-unity intertemporal elasticity of substitution in an endogenous growth model along the lines developed by Arnold. This model comprises R&D activities along the lines proposed by Jones and human capital accumulation along the lines proposed by Uzawa and Lucas. The results show that even if international spillover increases, low-growth traps without human capital investment emerge in some cases, for example, an economy with a large intertemporal elasticity of substitution and a high population growth rate. J. Japanese Int. Economies 27 (2013) 48-63. University of Tsukuba, 1-1-1 Tennodai Tsukuba, lbaraki 305-8573, Japan. (C) 2012 Elsevier Inc. All rights reserved.