A Robust Turnpike Deduced by Economic Maturity
AbstractIn the paper, a one-sector neoclassical model with stochastic growth has been constructed. The key concept of economic maturity is well-defined in the abstract model economy, and also a thorough characterization of the minimum time needed to economic maturity is supplied for the first time. Moreover, it is confirmed that the capital-labor ratio corresponding to the state of economic maturity indeed provides us with a robust turnpike of the optimal path of capital accumulation.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 48818.
Date of creation: 03 Dec 2012
Date of revision:
Stochastic growth; Economic maturity; Asymptotic turnpike theorem; Neighborhood turnpike theorem; Robustness.;
Find related papers by JEL classification:
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
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