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A further note on a new class of solutions to dynamic programming problems arising in economic growth

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Author Info
Juergen Antony () (University of Augsburg, Department of Economics)
Alfred Maussner () (University of Augsburg, Department of Economics)

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Abstract

This 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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File URL: http://www.wiwi.uni-augsburg.de/vwl/institut/paper/297.pdf
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Publisher Info
Paper provided by Universitaet Augsburg, Institute for Economics in its series Discussion Paper Series with number 297.

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Length: pages
Date of creation: Jan 2008
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Handle: RePEc:aug:augsbe:0297

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Related research
Keywords: 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 and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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  1. 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. [Downloadable!] (restricted)
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This page was last updated on 2009-12-4.

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