A further note on a new class of solutions to dynamic programming problems arising in economic growth
AbstractThis note extends the finding of Benhabib and Rusticchini (1994) who provide a class of SDGE models, whose solution is characterized by a constant savings rate. We show that this class of models may be interpreted as a standard representative agent SDGE model with costly adjustment of capital and provides a solution to the traditional discrete time Ramsey problem.
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Bibliographic InfoPaper provided by Universitaet Augsburg, Institute for Economics in its series Discussion Paper Series with number 297.
Date of creation: Jan 2008
Date of revision:
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More information through EDIRC
capital and labor substitution; dynamic programming; growth; numerical solutions of SDGE models;
Find related papers by JEL classification:
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-01-19 (All new papers)
- NEP-CMP-2008-01-19 (Computational Economics)
- NEP-DGE-2008-01-19 (Dynamic General Equilibrium)
- NEP-MAC-2008-01-19 (Macroeconomics)
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.:
- Benhabib, Jess & Rustichini, Aldo, 1994. "A note on a new class of solutions to dynamic programming problems arising in economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 18(3-4), pages 807-813.
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