Autore
Privileggi, FabioTitolo
Takeoff vs. Stagnation in Endogenous Recombinant Growth ModelsPeriodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper seriesAnno:
2013 - Volume:
9 - Fascicolo:
38 - Pagina iniziale:
1 - Pagina finale:
41This paper concludes the study of transition paths in the continuous-time recombinant endogenous growth model by providing numerical method to estimate the
threshold initial value of capital (a Skiba-type point) above which the economy takes off toward sustained growth in the long run, while it is doomed to stagnation
otherwise. The model is based on the setting first introduced by Tsur and Zemel and then further specified by Privileggi, in which knowledge evolves according to
the Weitzman recombinant process.
We pursue a direct approach based on the comparison of welfar e estimations along optimal consumption trajectories either diverging to sustained growth or converging
to a steady state. To this purpose, we develop and test three algorithms capable of numerically simulating the initial Skiba-value of capital, each corresponding
to initial stock of knowledge values belonging to three different ranges, thus covering all possible scenarios.
Testo completo:
http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2013dip/wp_38_2013.pdfEsportazione dati in Refworks (solo per utenti abilitati)
Record salvabile in Zotero