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General Structural Dynamic Economic Modeling

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  • Cooper, Russel J.

Abstract

This paper examines an intertemporal optimizing consumer or a representative consumer-firm in a deterministic setting subject to a general (either linear or nonlinear) capital accumulation equation. Duality theory is used to recast the Hamilton–Jacobi equation for dynamic optimization in terms of an instantaneous and an intertemporal profit function. An envelope theorem allows derivation of an explicit solution for the value of the costate variable as a function of the state and other variables. The final model form only requires specification of atemporal functions that are linked into a closed-form solution for the optimal dynamic decision variables through a system of contemporaneous simultaneous equations.

Suggested Citation

  • Cooper, Russel J., 2001. "General Structural Dynamic Economic Modeling," Macroeconomic Dynamics, Cambridge University Press, vol. 5(5), pages 647-672, November.
    • Handle: RePEc:cup:macdyn:v:5:y:2001:i:05:p:647-672_03
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    Cited by:

    1. Russel Cooper & Kieran P. Donaghy, 2000. "Risk and Growth: Theoretical Relationships and Preliminary Estimates for South Africa," Econometric Society World Congress 2000 Contributed Papers 0527, Econometric Society.
    2. Caputo, Michael R., 2021. "New insights in the canonical model of health capital," Mathematical Social Sciences, Elsevier, vol. 110(C), pages 23-33.

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