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Long-Run Optimal Behavior In A Two-Sector Robinson–Solow–Srinivasan Model

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  • Khan, M. Ali
  • Mitra, Tapan

Abstract

This paper studies the nature of long-run behavior in a two-sector model of optimal growth. Under some restrictions on the parameters of the model, we provide an explicit solution of the optimal policy function generated by the optimal growth model. Fixing the discount factor, we indicate how long-run optimal dynamics changes as a key technological parameter (labor output ratio) changes. For a particular configuration of parameter values, we also provide an explicit solution of the unique absolutely continuous invariant ergodic distribution generated by the optimal policy function.

Suggested Citation

  • Khan, M. Ali & Mitra, Tapan, 2012. "Long-Run Optimal Behavior In A Two-Sector Robinson–Solow–Srinivasan Model," Macroeconomic Dynamics, Cambridge University Press, vol. 16(S1), pages 70-85, April.
    • Handle: RePEc:cup:macdyn:v:16:y:2012:i:s1:p:70-85_00
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    Cited by:

    1. Kenji Sato & Makoto Yano, 2013. "Optimal ergodic chaos under slow capital depreciation," International Journal of Economic Theory, The International Society for Economic Theory, vol. 9(1), pages 57-67, March.
    2. Asano, Takao & Yokoo, Masanori, 2019. "Chaotic dynamics of a piecewise linear model of credit cycles," Journal of Mathematical Economics, Elsevier, vol. 80(C), pages 9-21.
    3. Ali Khan, M. & Zhang, Zhixiang, 2023. "The random two-sector RSS model: On discounted optimal growth without Ramsey-Euler conditions," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).

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