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Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology

Listed author(s):
  • Darong Dai

    (School of Business, Nanjing University)

In this paper, a stochastic endogenous aggregative growth model is constructed and two main results are established, based on endogenous horizon of the economy and endogenous terminal capital stock, which is also efficient capital accumulation in some sense. First, strong turnpike theorems under uncertainty and in the sense of uniform topology are obtained; second, inefficacy of temporary fiscal policy, which is chosen to be capital income taxation, has been demonstrated in comparatively weak conditions different from Yano (1998)'s.

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Article provided by Society for AEF in its journal Annals of Economics and Finance.

Volume (Year): 13 (2012)
Issue (Month): 2 (November)
Pages: 381-423

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Handle: RePEc:cuf:journl:y:2012:v:13:i:2:n:6:dai
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  1. Sergio T. Rebelo, 1990. "Long Run Policy Analysis and Long Run Growth," NBER Working Papers 3325, National Bureau of Economic Research, Inc.
  2. Merton, Robert C., 1973. "An asymptotic theory of growth under uncertainty," Working papers 673-73., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  3. Liutang Gong & Heng-fu Zou, 1999. "Foreign Aid Reduces Domestic Capital Accumulation and Increases Foreign Borrowing: A Theoretical Analysis," CEMA Working Papers 8, China Economics and Management Academy, Central University of Finance and Economics, revised Apr 2000.
  4. Yano, Makoto, 1984. "The turnpike of dynamic general equilibrium paths and its insensitivity to initial conditions," Journal of Mathematical Economics, Elsevier, vol. 13(3), pages 235-254, December.
  5. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 103-126, October.
  6. Philippe Aghion, 2004. "Growth and Development: A Schumpeterian Approach," Annals of Economics and Finance, Society for AEF, vol. 5(1), pages 1-25, May.
  7. Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
  8. McKenzie, Lionel W, 1976. "Turnpike Theory," Econometrica, Econometric Society, vol. 44(5), pages 841-865, September.
  9. Yano, Makoto, 1984. "Competitive Equilibria on Turnpikes in a McKenzie Economy, I: A Neighborhood Turnpike Theorem," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(3), pages 695-717, October.
  10. Joshi, Sumit, 1997. "Turnpike Theorems in Nonconvex Nonstationary Environments," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(1), pages 225-248, February.
  11. Makoto Yano, 1998. "On the Dual Stability of a von Neumann Facet and the Inefficacy of Temporary Fiscal Policy," Econometrica, Econometric Society, vol. 66(2), pages 427-452, March.
  12. Liutang Gong & Heng-fu Zou, 2011. "Fiscal Federalism, Public Capital Formation, and Endogenous Growth," CEMA Working Papers 488, China Economics and Management Academy, Central University of Finance and Economics.
  13. 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.
  14. Araujo, A & Scheinkman, Jose A, 1977. "Smoothness, Comparative Dynamics, and the Turnpike Property," Econometrica, Econometric Society, vol. 45(3), pages 601-620, April.
  15. Coles, Jeffrey Link, 1985. "Equilibrium Turnpike Theory with Constant Returns to Scale and Possible Heterogeneous Discount Factors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 671-679, October.
  16. M. Morishima, 1961. "Prices and the Turnpike: II. Proof of a Turnpike Theorem: The "No Joint Production" Case," Review of Economic Studies, Oxford University Press, vol. 28(2), pages 89-97.
  17. Yano, Makoto, 1985. "Competitive Equilibria on Turnpikes in a McKenzie Economy, II: An Asymptotic Turnpike Theorem," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 661-669, October.
  18. J. Tsukui, 1967. "The Consumption and the Output Turnpike Theorems in a von Neumann Type of Model—A Finite Term Problem," Review of Economic Studies, Oxford University Press, vol. 34(1), pages 85-93.
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