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Further Inspection Of The Stochastic Growth Model By An Analytical Approach

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  • Lau, Sau-Him Paul
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    Abstract

    It has been argued that a clear understanding of the stochastic growth model can best be achieved by working out an approximate analytical solution. This paper follows that idea but streamlines the presentation of the loglinear approximate solution for the neoclassical model of capital accumulation. By focusing on the partial elasticity of capital stock with respect to its lag term, this paper is able to confirm analytically some conclusions based on numerical calculations in previous papers, and to clarify why a simpler solution arises in several special cases.

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    Bibliographic Info

    Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

    Volume (Year): 6 (2002)
    Issue (Month): 05 (November)
    Pages: 748-757

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    Handle: RePEc:cup:macdyn:v:6:y:2002:i:05:p:748-757_01

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    Cited by:
    1. Kamhon Kan & Sunny Kai-Sun Kwong & Charles Ka-Yui Leung, 2003. "The Dynamics and Volatility of Commercial and Residential Property Prices: Theory and Evidence," IEAS Working Paper : academic research 03-A004, Institute of Economics, Academia Sinica, Taipei, Taiwan.
    2. Charles Leung, 2007. "Equilibrium Correlations of Asset Price and Return," The Journal of Real Estate Finance and Economics, Springer, vol. 34(2), pages 233-256, February.
    3. Charles Ka Yui Leung & Nan-Kuang Chen, 2005. "Intrinsic Cycles of Land Price: A Simple Model," Discussion Papers 00005, Chinese University of Hong Kong, Department of Economics.
    4. Leung, Charles Ka Yui, 2014. "Error Correction Dynamics of House Prices: an Equilibrium Benchmark," MPRA Paper 55654, University Library of Munich, Germany.

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