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Explicit Transitional Dynamics in Growth Models

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  • Danyang Xie

Abstract

Transitional dynamics in growth models have been subject to much attention recently. With a few exceptions, existing studies rely on computational techniques. This paper uses a set of examples to illustrate that qualitative insights on the transitional dynamics can be gained at the expense of using special utility-production pairs. In continuous time framework, necessary and sufficient conditions are established for a utility-production pair to yield explicit dynamics. These conditions are potentially useful for applications in other dynamic settings.

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File URL: http://128.118.178.162/eps/ge/papers/0207/0207003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series GE, Growth, Math methods with number 0207003.

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Length: 24 pages
Date of creation: 21 Aug 2002
Date of revision:
Handle: RePEc:wpa:wuwpge:0207003

Note: Type of Document - Acrobat PDF; prepared on PC; to print on HP; pages: 24; figures: none
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Web page: http://128.118.178.162

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Keywords: Transitional Dynamics; Growth;

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  1. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  2. Xie, Danyang, 1991. "Increasing Returns and Increasing Rates of Growth," Journal of Political Economy, University of Chicago Press, vol. 99(2), pages 429-35, April.
  3. Rebelo, Sergio & Xie, Danyang, 1999. "On the optimality of interest rate smoothing," Journal of Monetary Economics, Elsevier, vol. 43(2), pages 263-282, April.
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  12. Heng-fu Zou, 1991. "The spirit of capitalism and long-run growth," Policy Research Working Paper Series 630, The World Bank.
  13. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  14. Gong, Liutang & Zou, Heng-fu, 2002. "Direct preferences for wealth, the risk premium puzzle, growth, and policy effectiveness," Journal of Economic Dynamics and Control, Elsevier, vol. 26(2), pages 247-270, February.
  15. Day, Richard H, 1982. "Irregular Growth Cycles," American Economic Review, American Economic Association, vol. 72(3), pages 406-14, June.
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