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On Sustained Growth under Uncertainty

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  • de Hek, Paul
  • Roy, Santanu

Abstract

We analyze a stochastic one-sector model of economic growth and investigate the conditions under which long-run growth occurs almost surely. In contrast to the deterministic version of the model, the utility function plays a crucial role in determining the long-run behavior of output.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 42 (2001)
Issue (Month): 3 (August)
Pages: 801-13

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Handle: RePEc:ier:iecrev:v:42:y:2001:i:3:p:801-13

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Cited by:
  1. Takashi Kamihigashi, 2003. "Almost Sure Convergence to Zero in Stochastic Growth Models," Discussion Paper Series 140, Research Institute for Economics & Business Administration, Kobe University.
  2. Klaus, WAELDE, 2003. "Endogenous growth cycles," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 15 Mar 2004.
  3. Santanu Roy & Itzhak Zilcha, 2012. "Stochastic growth with short-run prediction of shocks," Economic Theory, Springer, vol. 51(3), pages 539-580, November.
  4. Volker Grossmann, 2004. "How to Promote R&D-based Growth? Public Education Expenditure on Scientists and Engineers versus R&D Subsidies," CESifo Working Paper Series 1225, CESifo Group Munich.
  5. Antonio Fatás, 2002. "The Effects of Business Cycles on Growth," Working Papers Central Bank of Chile 156, Central Bank of Chile.
  6. Annicchiarico, Barbara & Pelloni, Alessandra & Lorenza, Rossi, 2010. "Endogenous Growth, Monetary Shocks and Nominal Rigidities," MPRA Paper 25647, University Library of Munich, Germany.
  7. repec:dgr:uvatin:2002047 is not listed on IDEAS
  8. Takashi Kamihigashi & Santanu Roy, 2003. "A Nonsmooth, Nonconvex Model of Optimal Growth," Discussion Paper Series 139, Research Institute for Economics & Business Administration, Kobe University.
  9. Olson, Lars J. & Roy, Santanu, 2005. "Theory of Stochastic Optimal Economic Growth," Working Papers 28601, University of Maryland, Department of Agricultural and Resource Economics.
  10. Paul A. de Hek, 2003. "Endogenous Technological Change under Uncertainty," DEGIT Conference Papers c008_025, DEGIT, Dynamics, Economic Growth, and International Trade.
  11. Dave, Chetan & Dressler, Scott J., 2010. "Technology shocks, capital utilization and sticky prices," Journal of Economic Dynamics and Control, Elsevier, vol. 34(10), pages 2179-2191, October.
  12. Jones, Larry E. & Manuelli, Rodolfo E., 2005. "Neoclassical Models of Endogenous Growth: The Effects of Fiscal Policy, Innovation and Fluctuations," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 1, pages 13-65 Elsevier.

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