Stochastic Neoclassical Growth Model
نویسنده
چکیده
منابع مشابه
Heterogeneity in capital and skills in a neoclassical stochastic growth model
Does a heterogeneous agents version of a neoclassical model with labor}leisure choice replicate the distributions of consumption and working hours observed in the crosssectional data? Does incorporating heterogeneity enhance the aggregate performance of the representative agent model? We address these questions in a complete market model economy with two sources of heterogeneity: initial endowm...
متن کاملASYMPTOTIC STATISTICAL PROPERTIES OF THE NEOCLASSICAL OPTIMAL GROWTH MODEL by
The standard one-sector stochastic optimal growth model is shown to be not just ergodic but geometrically ergodic. In addition, it is proved that the time series generated by the optimal path satisfy the Law of Large Numbers and the Central Limit Theorem.
متن کاملIndeterminacy in a log–linearized neoclassical growth model with quasi-geometric discounting
This paper studies the properties of solutions to a log–linearized version of the neoclassical growth model with quasi-geometric discounting. We show that after the log–linearization, the model has indeterminacy and multiplicity of equilibria even though the original non-linear model has a unique interior solution. Specifically, in both the deterministic and stochastic cases, the log–linearized...
متن کاملCapital , innovation , and growth accounting
In this paper we show how moving from the neoclassical model to the more recent endogenous growth paradigm can lead to markedly different interpretations of the same growth accounting data. In neoclassical theory, even if between 30 and 70 per cent of the growth of output per worker in OECD countries can be ‘accounted for’ by capital accumulation, yet in the long run all of the growth in output...
متن کاملExternalities, growth, and regional stagnation
This paper discusses the impact of externalities on economic growth and the long term distribution of economic activities in a system of two regions. We use a standard neoclassical growth model of the Solow-type and augment it with a random process of innovation allocation. The long term behavior of this model is analyzed. As it turns out the dynamic behavior of our model differs fundamentally ...
متن کامل