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Consumption, investment and financial intermediation in a Ramsey model

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  • Keshab Bhattarai

Abstract

The productivity of capital and the discount rate for future consumption are more important for economic growth than the cost of financial intermediation. Using analytical and numerical illustrations from a version of the Ramsey model this study illustrates how parameters of preferences in consumption, productivity and depreciation rates of capital and costs of financial intermediation interact and determine the levels of output, consumption, investment and capital stock in a growing economy.

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Bibliographic Info

Article provided by Taylor and Francis Journals in its journal Applied Financial Economics Letters.

Volume (Year): 1 (2005)
Issue (Month): 6 (November)
Pages: 329-333

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Handle: RePEc:taf:apfelt:v:1:y:2005:i:6:p:329-333

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  1. Cheolbeom Park & Pei Fang Lim, 2004. "Excess sensitivity of consumption, liquidity constraints, and mandatory saving," Applied Economics Letters, Taylor & Francis Journals, vol. 11(12), pages 771-774.
  2. W. Pesendorfer & F. Gul, 1999. "Self-Control and the Theory of Consumption," Princeton Economic Theory Papers 99f2, Economics Department, Princeton University.
  3. Costas Meghir, 2004. "A retrospective on Friedman's theory of permanent income," IFS Working Papers W04/01, Institute for Fiscal Studies.
  4. Richard Blundell & Ian Preston, 1997. "Consumption, inequality and income uncertainty," IFS Working Papers W97/15, Institute for Fiscal Studies.
  5. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
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