Farzin, Y. Hossein; Wendner, Ronald - Institut für Volkswirtschaftslehre, Social- und … - 2013
The standard neoclassical growth model with Cobb-Douglas production predicts a mono- tonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a countrys saving rate exhibits a rising or non- monotonic pattern. In important...