Characterization of the turnpike property of optimal paths in the aggregative model of intertemporal allocation
The paper provides a complete characterization of the turnpike property of optimal paths in the (reduced form) aggregative model of intertemporal allocation. The characterization allows one to identify precisely the bifurcation point between globally stable and cyclical long-run optimal behavior. The complete characterization result is used to evaluate several sufficient conditions for global asymptotic stability of optimal paths that have been proposed in the literature. It is also used to examine sufficient conditions for the emergence of competitive equilibrium cycles in two-sector models.
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Volume (Year): 1 (2005)
Issue (Month): 4 ()
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References listed on IDEAS
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- Mitra, Tapan & Nishimura, Kazuo, 2001. "Discounting and Long-Run Behavior: Global Bifurcation Analysis of a Family of Dynamical Systems," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 256-293, January.
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- Araujo, A & Scheinkman, Jose A, 1977. "Smoothness, Comparative Dynamics, and the Turnpike Property," Econometrica, Econometric Society, vol. 45(3), pages 601-20, April.
- Tyrrell Rockafellar, R., 1976. "Saddle points of Hamiltonian systems in convex Lagrange problems having a nonzero discount rate," Journal of Economic Theory, Elsevier, vol. 12(1), pages 71-113, February.
- Cass, David & Shell, Karl, 1976. "The structure and stability of competitive dynamical systems," Journal of Economic Theory, Elsevier, vol. 12(1), pages 31-70, February.
- Boldrin, Michele & Montrucchio, Luigi, 1986. "On the indeterminacy of capital accumulation paths," Journal of Economic Theory, Elsevier, vol. 40(1), pages 26-39, October.
- McKenzie, Lionel W., 1982. "A primal route to the Turnpike and Liapounov stability," Journal of Economic Theory, Elsevier, vol. 27(1), pages 194-209, June.
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