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1980 Level = 100 100 80 60 40 K/Y 20 TFP Y/L 1950 1960 1970
1980 Level = 100
100
80
60
40
K/Y
20
TFP
Y/L
1950 1960
1970
1980
Annual Growth Rate 12 8 4 0 K/L TFP Y/L -4 1950 1960 1970 1980
Annual Growth Rate
12
8
4
0
K/L
TFP
Y/L
-4
1950 1960
1970
1980

1980 Level = 100 100 80 60 40 K/Y 20 TFP Y/L 1950 1960 1970
1980 Level = 100
100
80
60
40
K/Y
20
TFP
Y/L
1950 1960
1970
1980
Annual Growth Rate 12 8 4 0 K/L TFP Y/L -4 1950 1960 1970 1980
Annual Growth Rate
12
8
4
0
K/L
TFP
Y/L
-4
1950 1960
1970
1980

 

 

 

Putty-Clay Model

Percent Deviation from Steady State 0 -5 -10 -15 L Y K/Y 1950 1960 1970
Percent Deviation from Steady State
0
-5
-10
-15
L
Y
K/Y
1950 1960
1970
1980

Solow Model

Percent Deviation from Steady State 0 -5 -10 L Y K/Y -15 1950 1960 1970
Percent Deviation from Steady State
0
-5
-10
L
Y
K/Y
-15
1950 1960
1970
1980

Percent Deviations from Steady-State

30 20 10 0 -10 -20 Quantity of Machines (Q) Aggregate Investment (kQ) Capital per
30
20
10
0
-10
-20
Quantity of Machines (Q)
Aggregate Investment (kQ)
Capital per Machine (k)
-30
1950
1960
1970
1980

1980 Level = 100 100 80 60 K/Y TFP Y/L 40 1950 1960 1970 1980
1980 Level = 100
100
80
60
K/Y
TFP
Y/L
40
1950
1960
1970
1980
Annual Growth Rate 12 10 8 K/L TFP Y/L 6 4 2 0 1950 1960
Annual Growth Rate
12
10
8
K/L
TFP
Y/L
6
4
2
0
1950
1960
1970
1980

1980 Level = 100 100 80 60 40 K/Y TFP Y/L 20 1950 1960 1970
1980 Level = 100
100
80
60
40
K/Y
TFP
Y/L
20
1950 1960
1970
1980
Annual Growth Rate 16 K/L 14 TFP Y/L 12 10 8 6 4 2 0
Annual Growth Rate
16
K/L
14
TFP
Y/L
12
10
8
6
4
2
0
1950 1960
1970
1980

1980 Level = 100 100 80 60 40 K/Y TFP Y/L 20
1980 Level = 100
100
80
60
40
K/Y
TFP
Y/L
20
1950 1960 1970 1980 Annual Growth Rate 10 8 6 4 2 0 K/L -2
1950 1960
1970
1980
Annual Growth Rate
10
8
6
4
2
0
K/L
-2
TFP
Y/L
-4
1950 1960
1970
1980

1980 Level = 0

6 4 2 0 -2 -4 -6 -8 Simulated Germany -10 Japan -12 1950 1960
6
4
2
0
-2
-4
-6
-8
Simulated
Germany
-10
Japan
-12
1950
1960
1970
1980

1980 Level = 100 105 100 95 90 85 Simulated 80 Germany Japan 75 1950
1980 Level = 100
105
100
95
90
85
Simulated
80
Germany
Japan
75
1950
1960
1970
1980