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Saving Rates, Trade, Technology, and Stochastic Dynamics

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  • Jensen, Bjarne S, et al

Abstract

This paper develops a framework for analyzing the stochastic dynamics of small growing trading economies with CES sector technologies. The open neoclassical two-sector growth model with a diffusion process (uncertainty) for the aggregate saving/investment ratio is demonstrated with sample paths and long-run probability distributions of the overall factor endowment ratio. Stochastic endogenous growth and cycles require a combination of fundamental growth parameter values: saving rates, terms of trade, and sectoral substitution elasticities. Copyright 2001 by Blackwell Publishing Ltd

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  • Jensen, Bjarne S, et al, 2001. "Saving Rates, Trade, Technology, and Stochastic Dynamics," Review of Development Economics, Wiley Blackwell, vol. 5(2), pages 182-204, June.
  • Handle: RePEc:bla:rdevec:v:5:y:2001:i:2:p:182-204
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    Cited by:

    1. Pedro Gil, 2013. "Animal spirits and the composition of innovation in a lab-equipment R&D model with transition," Journal of Economics, Springer, pages 1-33.
    2. Bjarne S. Jensen & Mogens E. Larsen, 2005. "General Equilibrium Dynamics of Multi-Sector Growth Models," DEGIT Conference Papers c010_003, DEGIT, Dynamics, Economic Growth, and International Trade.
    3. Zhang Wei-Bin, 2014. "Land Value and Rent Dynamics in an Integrated Walrasian General Equilibrium and Neoclassical Growth Theory," Scientific Annals of Economics and Business, De Gruyter Open, pages 235-258.

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