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On Sustained Growth under Uncertainty

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  • de Hek, Paul
  • Roy, Santanu

Abstract

We analyze a stochastic one-sector model of economic growth and investigate the conditions under which long-run growth occurs almost surely. In contrast to the deterministic version of the model, the utility function plays a crucial role in determining the long-run behavior of output.

Suggested Citation

  • de Hek, Paul & Roy, Santanu, 2001. "On Sustained Growth under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(3), pages 801-813, August.
  • Handle: RePEc:ier:iecrev:v:42:y:2001:i:3:p:801-13
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    Cited by:

    1. Annicchiarico, Barbara & Pelloni, Alessandra & Rossi, Lorenza, 2011. "Endogenous growth, monetary shocks and nominal rigidities," Economics Letters, Elsevier, vol. 113(2), pages 103-107.
    2. Klaus Wälde, 2005. "Endogenous Growth Cycles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 867-894, August.
    3. Antonio Fatás, 2002. "The Effects of Bussiness Cycles on Growth," Central Banking, Analysis, and Economic Policies Book Series,in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Economic Growth: Sources, Trends, and Cycles, edition 1, volume 6, chapter 7, pages 191-220 Central Bank of Chile.
    4. Takashi Kamihigashi, 2006. "Almost sure convergence to zero in stochastic growth models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(1), pages 231-237, September.
    5. Santanu Roy & Itzhak Zilcha, 2012. "Stochastic growth with short-run prediction of shocks," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 51(3), pages 539-580, November.
    6. Paul A. de Hek, 2002. "Endogenous Technological Change under Uncertainty," Tinbergen Institute Discussion Papers 02-047/2, Tinbergen Institute, revised 08 Nov 2002.
    7. Kamihigashi, Takashi & Roy, Santanu, 2007. "A nonsmooth, nonconvex model of optimal growth," Journal of Economic Theory, Elsevier, vol. 132(1), pages 435-460, January.
    8. Grossmann, Volker, 2007. "How to promote R&D-based growth? Public education expenditure on scientists and engineers versus R&D subsidies," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 891-911, December.
    9. Santanu Roy, 2010. "On sustained economic growth with wealth effects," International Journal of Economic Theory, The International Society for Economic Theory, vol. 6(1), pages 29-45.
    10. repec:eee:jetheo:v:172:y:2017:i:c:p:1-25 is not listed on IDEAS
    11. Dave, Chetan & Dressler, Scott J., 2010. "Technology shocks, capital utilization and sticky prices," Journal of Economic Dynamics and Control, Elsevier, vol. 34(10), pages 2179-2191, October.
    12. Jones, Larry E. & Manuelli, Rodolfo E., 2005. "Neoclassical Models of Endogenous Growth: The Effects of Fiscal Policy, Innovation and Fluctuations," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 1, pages 13-65 Elsevier.
    13. Olson, Lars J. & Roy, Santanu, 2005. "Theory of Stochastic Optimal Economic Growth," Working Papers 28601, University of Maryland, Department of Agricultural and Resource Economics.

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