At Last! An Explicit Solution for the Ramsey Saddle Path
I derive an explicit solution for the saddle path in a Ramsey growth model. The existence of a closed form expression greatly simplifies the analysis of how the parameters of the utility function affects investments and growth.
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- Robert J. Barro & Paul M. Romer, 1991.
National Bureau of Economic Research, Inc, number barr91-1, September.
- Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
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