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An Arbitrarily Precise Global Closed Form Approximation for the Neoclassical Growth Model

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  • Jordan Roulleau-Pasdeloup

Abstract

I consider a neoclassical growth model with a constant absolute risk aversion (CARA) utility function and derive a global closed form approximation that is arbitrarily precise as the discount rate $\rho$ is close to the population growth rate $n$. I use it to show that the consumption function is strictly concave and that countries can have two different paths converging to the steady-state: front-loading and back-loading.

Suggested Citation

  • Jordan Roulleau-Pasdeloup, 2026. "An Arbitrarily Precise Global Closed Form Approximation for the Neoclassical Growth Model," Papers 2609.20405, arXiv.org.
    • Handle: RePEc:arx:papers:2609.20405
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    File URL: https://arxiv.org/pdf/2609.20405
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