Robust Turnpikes Deduced by the Minimum-Time Needed toward Economic Maturity
In the paper, a one-sector neoclassical model with stochastic growth has been constructed. The major goal of the study is to characterize relevant mathematical properties of efficient development paths for underdeveloped economies. Since economic maturity is a reasonable objective, we mainly focus on the long-run features of economic development. Indeed, the notion of economic maturity is well-defined in the model, and also a thorough characterization of the minimum time needed toward economic maturity is offered with intuitive interpretations discussed. Moreover, it is confirmed that the capital-labor ratio corresponding to the state of economic maturity provides us with a robust turnpike of the optimal path of capital accumulation.
Volume (Year): 9 (2015)
Issue (Month): 1 (October)
|Contact details of provider:|| Postal: Opletalova 26, CZ-110 00 Prague|
Phone: +420 2 222112330
Fax: +420 2 22112304
Web page: http://ies.fsv.cuni.cz/
More information through EDIRC
|Order Information:|| Web: http://auco.cuni.cz/ Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David De La Croix & Grégory Ponthière, 2008.
"On the Golden Rule of capital accumulation under endogenous longevity,"
PSE Working Papers
- de la Croix, David & Ponthiere, Gregory, 2010. "On the Golden Rule of capital accumulation under endogenous longevity," Mathematical Social Sciences, Elsevier, vol. 59(2), pages 227-238, March.
- David De La Croix & Grégory Ponthière, 2010. "On the Golden Rule of capital accumulation under endogenous longevity," Post-Print halshs-00754468, HAL.
- David, DE LA CROIX, 2008. "On the Golden Rule of capital accumulation under endogenous longevity," Discussion Papers (ECON - Département des Sciences Economiques) 2008032, Université catholique de Louvain, Département des Sciences Economiques.
- DE LA CROIX, David & PONTHIÈRE, Grégory, 2008. "On the Golden Rule of capital accumulation under endogenous longevity," CORE Discussion Papers 2008049, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- 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.
- Fwu-Ranq Chang & A. G. Malliaris, 1987.
"Asymptotic Growth under Uncertainty: Existence and Uniqueness,"
Review of Economic Studies,
Oxford University Press, vol. 54(1), pages 169-174.
- Fwu-Ranq Chang & A. G. Malliaris, 2005. "Asymptotic Growth under Uncertainty: Existence and Uniqueness," World Scientific Book Chapters, in: Economic Uncertainty, Instabilities And Asset Bubbles Selected Essays, chapter 1, pages 3-8 World Scientific Publishing Co. Pte. Ltd..
- L. W. McKenzie, 2010.
Levine's Working Paper Archive
1389, David K. Levine.
- Frank Riedel, 2009. "Optimal Stopping With Multiple Priors," Econometrica, Econometric Society, vol. 77(3), pages 857-908, 05.
- Mirman, Leonard J, 1972. "On the Existence of Steady State Measures for One Sector Growth Models with Uncertain Technology," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(2), pages 271-286, June.
- Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
- Shankha Chakraborty, 2002.
"Endogenous Lifetime and Economic Growth,"
University of Oregon Economics Department Working Papers
2002-03, University of Oregon Economics Department, revised 26 Jan 2002.
- Darong Dai, 2012. "Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology," Annals of Economics and Finance, Society for AEF, vol. 13(2), pages 381-423, November.
- Darong Dai, 2014. "A Golden Formula in Neoclassical-Growth Models with Brownian-Motion Shocks," Scottish Journal of Political Economy, Scottish Economic Society, vol. 61(2), pages 211-228, 05.
- Merton, Robert C., 1973.
"An asymptotic theory of growth under uncertainty,"
673-73., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- 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.
- M. Yano, 2010.
"The Turnpike of Dynamic General Equilibrium Paths and its Insensitivity to Initial Conditions,"
Levine's Working Paper Archive
1394, David K. Levine.
- 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.
- Roy Radner, 1961. "Prices and the Turnpike: III. Paths of Economic Growth that are Optimal with Regard only to Final States: A Turnpike Theorem," Review of Economic Studies, Oxford University Press, vol. 28(2), pages 98-104.
- Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
- McKenzie, Lionel W., 1983. "Turnpike theory, discounted utility, and the von Neumann facet," Journal of Economic Theory, Elsevier, vol. 30(2), pages 330-352, August.
- Kjetil Storesletten & Fabrizio Zilibotti & Zheng Song, 2009.
"Growing like China,"
2009 Meeting Papers
912, Society for Economic Dynamics.
- David Cass, 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation," Review of Economic Studies, Oxford University Press, vol. 32(3), pages 233-240.
- Darong Dai, 2014. "On the Turnpike Property of the Modified Golden Rule," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 8(1), pages 26-32, August.
When requesting a correction, please mention this item's handle: RePEc:fau:aucocz:au2015_049. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lenka Stastna)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.