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Stochastic technology shocks in an extended Uzawa–Lucas model: closed-form solution and long-run dynamics

Author Info

Listed author(s):
  • A. Bucci

    ()

  • C. Colapinto

    ()

  • M. Forster

    ()

  • D. La Torre

    ()

Abstract

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File URL: http://hdl.handle.net/10.1007/s00712-011-0193-0
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Article provided by Springer in its journal Journal of Economics.

Volume (Year): 103 (2011)
Issue (Month): 1 (May)
Pages: 83-99

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Handle: RePEc:kap:jeczfn:v:103:y:2011:i:1:p:83-99
DOI: 10.1007/s00712-011-0193-0
Contact details of provider: Web page: http://www.springer.com

Keywords: Economic growth; Physical capital accumulation; Human capital accumulation; Stochastic technological progress; O41; O33; C61; C63; J24;

Find related papers by JEL classification:

  • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
  • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
  • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
  • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
  • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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  1. Chang,Fwu-Ranq, 2009. "Stochastic Optimization in Continuous Time," Cambridge Books, Cambridge University Press, number 9780521541947, November.
  2. Wälde, Klaus, 2011. "Production technologies in stochastic continuous time models," Journal of Economic Dynamics and Control, Elsevier, vol. 35(4), pages 616-622, April.
  3. Dirk Bethmann, 2007. "A Closed-form Solution of the Uzawa-Lucas Model of Endogenous Growth," Journal of Economics, Springer, vol. 90(1), pages 87-107, January.
  4. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
  5. Smith William T, 2007. "Inspecting the Mechanism Exactly: A Closed-form Solution to a Stochastic Growth Model," The B.E. Journal of Macroeconomics, De Gruyter, vol. 7(1), pages 1-33, August.
  6. Danthine, Jean-Pierre & Donaldson, John B, 1981. "Stochastic Properties of Fast vs. Slow Growing Economies," Econometrica, Econometric Society, vol. 49(4), pages 1007-1033, June.
  7. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 39-69, February.
  8. Tapio Palokangas, 2008. "Competition and product cycles with non-diversifiable risk," Journal of Economics, Springer, vol. 94(1), pages 1-30, 06.
  9. Boucekkine, R. & Ruiz-Tamarit, J.R., 2008. "Special functions for the study of economic dynamics: The case of the Lucas-Uzawa model," Journal of Mathematical Economics, Elsevier, vol. 44(1), pages 33-54, January.
  10. La Torre, Davide & Marsiglio, Simone, 2010. "Endogenous technological progress in a multi-sector growth model," Economic Modelling, Elsevier, vol. 27(5), pages 1017-1028, September.
  11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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Cited by:

  1. Marsiglio, Simone, 2014. "Reassessing Edgeworth’s conjecture when population dynamics is stochastic," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 130-140.
  2. Ryoji Hiraguchi, 2013. "On a closed-form solution to the stochastic Lucas–Uzawa model," Journal of Economics, Springer, vol. 108(2), pages 131-144, March.
  3. Marsiglio, Simone & La Torre, Davide, 2012. "Population dynamics and utilitarian criteria in the Lucas–Uzawa Model," Economic Modelling, Elsevier, vol. 29(4), pages 1197-1204.
  4. Simone Marsiglio & Davide La Torre, 2012. "A note on demographic shocks in a multi-sector growth model," Economics Bulletin, AccessEcon, vol. 32(3), pages 2293-2299.

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