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A Closed Form Solution to the Ramsey Model

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  • Smith William T

    () (University of Memphis)

Abstract

This paper derives a closed form solution for the Ramsey model with CRRA utility and Cobb-Douglas technology, for the case where capital's share is equal to the reciprocal of the intertemporal elasticity of substitution. The solution sheds light on the dynamics of the model and provides an exact expression for the speed of convergence.

Suggested Citation

  • Smith William T, 2006. "A Closed Form Solution to the Ramsey Model," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(1), pages 1-27, January.
  • Handle: RePEc:bpj:bejmac:v:contributions.6:y:2006:i:1:n:3
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    Cited by:

    1. Oliviero A. Carboni & Paolo Russu, 2013. "A Model of Economic Growth with Public Finance: Dynamics and Analytic Solution," International Journal of Economics and Financial Issues, Econjournals, vol. 3(1), pages 1-13.
    2. Ioana VIAŞU, 2014. "Some Properties of the Solution of the Ramsey Model," Timisoara Journal of Economics and Business, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 7(2), pages 113-122, December.
    3. Alberto BUCCI & Simone MARSIGLIO, 2016. "Financial Development and Economic Growth: Long Run Equilibrium and Transitional Dynamics," Departmental Working Papers 2016-16, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    4. repec:spr:joecth:v:65:y:2018:i:2:d:10.1007_s00199-016-1017-9 is not listed on IDEAS
    5. Posch, Olaf, 2009. "Structural estimation of jump-diffusion processes in macroeconomics," Journal of Econometrics, Elsevier, vol. 153(2), pages 196-210, December.
    6. Constantin Chilarescu & Ioana Viasu, 2016. "A Closed-form Solution of a Two-sector Endogenous Growth Model with Habit Formation," Australian Economic Papers, Wiley Blackwell, vol. 55(2), pages 112-127, June.
    7. Chilarescu, Constantin, 2008. "An analytical solutions for a model of endogenous growth," Economic Modelling, Elsevier, vol. 25(6), pages 1175-1182, November.
    8. Marsiglio, Simone, 2014. "Reassessing Edgeworth’s conjecture when population dynamics is stochastic," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 130-140.
    9. Chilarescu, Constantin, 2009. "A closed-form solution to the transitional dynamics of the Lucas-Uzawa model," Economic Modelling, Elsevier, vol. 26(1), pages 135-138, January.
    10. Marsiglio, Simone & La Torre, Davide, 2012. "Population dynamics and utilitarian criteria in the Lucas–Uzawa Model," Economic Modelling, Elsevier, vol. 29(4), pages 1197-1204.

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