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Persistent link: https://www.econbiz.de/10001154096
Within the context of a stochastic growth economy, the shocks to technology are modeled as a four-state Markov process. The parameters of this process are chosen so that the implied conditional distributions for the marginal product of capital can be ordered in terms of first- and second-order...
Persistent link: https://www.econbiz.de/10005609051