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

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  • A. Bucci
  • C. Colapinto
  • M. Forster
  • D. La Torre

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  • A. Bucci & C. Colapinto & M. Forster & D. La Torre, 2011. "Stochastic technology shocks in an extended Uzawa–Lucas model: closed-form solution and long-run dynamics," Journal of Economics, Springer, vol. 103(1), pages 83-99, May.
    • Handle: RePEc:kap:jeczfn:v:103:y:2011:i:1:p:83-99
    DOI: 10.1007/s00712-011-0193-0
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    References listed on IDEAS

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    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.
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    8. Rose-Anne Dana & Cuong Le Van & Tapan Mitra & Kazuo Nishimura (ed.), 2006. "Handbook on Optimal Growth 1," Springer Books, Springer, number 978-3-540-32310-5, June.
    9. 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.
    10. Tapio Palokangas, 2008. "Competition and product cycles with non-diversifiable risk," Journal of Economics, Springer, vol. 94(1), pages 1-30, June.
    11. 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.
    12. Mirman, Leonard J. & Zilcha, Itzhak, 1975. "On optimal growth under uncertainty," Journal of Economic Theory, Elsevier, vol. 11(3), pages 329-339, December.
    13. Lars J. Olson & Santanu Roy, 2006. "Theory of Stochastic Optimal Economic Growth," Springer Books, in: Rose-Anne Dana & Cuong Le Van & Tapan Mitra & Kazuo Nishimura (ed.), Handbook on Optimal Growth 1, chapter 11, pages 297-335, Springer.
    14. Peter Howitt, 1999. "Steady Endogenous Growth with Population and R & D Inputs Growing," Journal of Political Economy, University of Chicago Press, vol. 107(4), pages 715-730, August.
    15. 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.
    16. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. 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, May.
    2. Belaïd Aouni & Cinzia Colapinto & Davide Torre, 2013. "A cardinality constrained stochastic goal programming model with satisfaction functions for venture capital investment decision making," Annals of Operations Research, Springer, vol. 205(1), pages 77-88, May.
    3. Alberto Bucci & Simone Marsiglio, 2019. "Financial development and economic growth: long‐run equilibrium and transitional dynamics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 66(3), pages 331-359, July.
    4. Marsiglio, Simone, 2014. "Reassessing Edgeworth’s conjecture when population dynamics is stochastic," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 130-140.
    5. 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.
    6. Bosi, Stefano & Camacho, Carmen & Ha-Huy, Thai, 2023. "Balanced growth and degrowth with human capital," Economics Letters, Elsevier, vol. 232(C).
    7. Stefano Bosi & Carmen Camacho & Thai Ha-Huy, 2023. "On the uniqueness of the optimal path in a discrete-time model à la Lucas (1988)," PSE Working Papers halshs-03920386, HAL.
    8. 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.
    9. 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.
    10. Tsuboi, Mizuki, 2019. "Resource scarcity, technological progress, and stochastic growth," Economic Modelling, Elsevier, vol. 81(C), pages 73-88.
    11. Tsuboi, Mizuki, 2019. "Consumption, welfare, and stochastic population dynamics when technology shocks are (Un)tied," Economic Modelling, Elsevier, vol. 79(C), pages 74-85.
    12. Mizuki Tsuboi, 2018. "Stochastic accumulation of human capital and welfare in the Uzawa–Lucas model: an analytical characterization," Journal of Economics, Springer, vol. 125(3), pages 239-261, November.
    13. Simone Marsiglio & Davide Torre, 2018. "Economic growth and abatement activities in a stochastic environment: a multi-objective approach," Annals of Operations Research, Springer, vol. 267(1), pages 321-334, August.
    14. Tsuboi, Mizuki, 2020. "Growth, R&D, and uncertainty," Economic Modelling, Elsevier, vol. 87(C), pages 394-400.
    15. Motoh Tsujimura & Hidekazu Yoshioka, 2023. "A robust consumption model when the intensity of technological progress is ambiguous," Mathematics and Financial Economics, Springer, volume 17, number 2, June.

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    More about this item

    Keywords

    Economic growth; Physical capital accumulation; Human capital accumulation; Stochastic technological progress; O41; O33; C61; C63; J24;
    All these keywords.

    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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