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Persistent link: https://www.econbiz.de/10001799562
In this paper we extend Merton's (1975) classic stochastic version of the Ramsey model by allowing the government to control the expected growth rate of the labor supply. We characterize the solution to this control problem for general time-separable preferences, and derive an analytical...
Persistent link: https://www.econbiz.de/10014120170