The Ramsey model with a bounded population growth rate
AbstractThis paper presents an extension of the canonical Ramsey growth model of optimal capital accumulation by departing from the standard assumption of constant population growth rate. More concretely, this rate is assumed to be variable over time, subject only to be between prescribed upper and lower limits. In this kind of setup, the model is represented by a two dimensional dynamical system, which happens to be non-autonomous. In contrast to the Ramsey model, the linearization method cannot be used. It will be necessary to use different techniques to derive the dynamic properties of the model's solution, as well as investigate its long-run growth and asymptotic stability. This will be done using the method proposed by Guerrini (2006), when studying the Solow model with a variable population growth rate. The paper also shows that closed-form analytic solutions can always be derived for the model, when capital's share is equal to the reciprocal of the intertemporal elasticity of substitution.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Macroeconomics.
Volume (Year): 32 (2010)
Issue (Month): 3 (September)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622617
Ramsey Bounded population growth rate Closed-form solution;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Raouf, BOUCEKKINE & Ramon, RUIZ-TAMARIT, 2004.
"Imbalance effects in the Lucas model : An analytical exploration,"
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
2004005, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Boucekkine Raouf & Ruiz Tamarit Ramon, 2004. "Imbalance Effects in the Lucas Model: an Analytical Exploration," The B.E. Journal of Macroeconomics, De Gruyter, vol. 4(1), pages 1-19, December.
- BOUCEKKINE, Raouf & RUIZ-TAMARIT, Ramon, 2004. "Imbalance effects in the Lucas model: an analytical exploration," CORE Discussion Papers 2004008, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- BOUCEKKINE, Raouf & RUIZ TAMARIT, Ramon, . "Imbalance effects in the Lucas model: an analytical exploration," CORE Discussion Papers RP -1755, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- Chilarescu, Constantin, 2008. "An analytical solutions for a model of endogenous growth," Economic Modelling, Elsevier, vol. 25(6), pages 1175-1182, November.
- repec:ebl:ecbull:v:3:y:2007:i:15:p:1-8 is not listed on IDEAS
- Ruiz-Tamarit, J.R. & Ventura-Marco, M., 2011. "Solution to nonlinear MHDS arising from optimal growth problems," Mathematical Social Sciences, Elsevier, vol. 61(2), pages 86-96, March.
- Guerrini, Luca, 2010. "A closed-form solution to the Ramsey model with logistic population growth," Economic Modelling, Elsevier, vol. 27(5), pages 1178-1182, September.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.