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The Competitive Equilibrium Turnpike II


  • McKenzie, L-W


This paper is an extension of my paper The Competitive Equilibrium Turnpike. The earlier paper asserts that the combination of the turnpike theorem for optimal growth paths and the existence theorem for competitive equilibria provides a competitive equilibrium turnpike theorem when the discount factor is close enough to 1. However, the proof of this result is not given.

Suggested Citation

  • McKenzie, L-W, 1995. "The Competitive Equilibrium Turnpike II," RCER Working Papers 398, University of Rochester - Center for Economic Research (RCER).
  • Handle: RePEc:roc:rocher:398

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    References listed on IDEAS

    1. George E. Johnson & Frank P. Stafford, 1973. "Social Returns to Quantity and Quality of Schooling," Journal of Human Resources, University of Wisconsin Press, vol. 8(2), pages 139-155.
    2. Swamy, P A V B, 1970. "Efficient Inference in a Random Coefficient Regression Model," Econometrica, Econometric Society, vol. 38(2), pages 311-323, March.
    3. Hanushek, Eric A., 2006. "School Resources," Handbook of the Economics of Education, Elsevier.
    4. Hanushek, E.A. & Rivkin, S.G., 1994. "Understanding the 20th Century Explosion in U.S. School Costs," RCER Working Papers 388, University of Rochester - Center for Economic Research (RCER).
    5. Borjas, George J, 1987. "Self-Selection and the Earnings of Immigrants," American Economic Review, American Economic Association, vol. 77(4), pages 531-553, September.
    6. Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, vol. 32(3), pages 385-397, August.
    7. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416-416.
    8. Pakes, Ariel, 1982. "On the Asymptotic Bias of Wald-Type Estimators of a Straight Line When Both Variables Are Subject to Error," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(2), pages 491-497, June.
    9. Betts, Julian R, 1995. "Does School Quality Matter? Evidence from the National Longitudinal Survey of Youth," The Review of Economics and Statistics, MIT Press, vol. 77(2), pages 231-250, May.
    10. Bishop, John, 1992. "The impact of academic competencies on wages, unemployment, and job performance," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 37(1), pages 127-194, December.
    11. Summers, Anita A & Wolfe, Barbara L, 1977. "Do Schools Make a Difference?," American Economic Review, American Economic Association, vol. 67(4), pages 639-652, September.
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    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium


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