Binder, Michael; Pesaran, M Hashem - In: Journal of Economic Growth 4 (1999) 2, pp. 139-83
This article considers the consequences of explicitly allowing for stochastic technological progress and stochastic labor input in the discrete-time Solow-Swan and AK growth models. It shows that the capital-output ratio, but not output per capita, is ergodic irrespective of whether there is a...