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Neoclassical growth in an interdependent world

The neoclassical growth model remains a crucial reference point for economists thinking about cross-country income dynamics, but it imposes strong assumptions about goods and capital markets. Benny Kleinman, Ernest Liu, ...Read more...

CEP discussion paper

Neoclassical growth in an interdependent world

We generalize the closed-economy neoclassical growth model (CNGM) to allow for costly goods trade and capital flows with imperfect substitutability between countries. We develop a tractable, multi-country, quantitative m...Read more...