Llavador, Humberto; Roemer, John E.; Silvestre, Joaquim - Department of Economics and Business, Universitat … - 2008
Maximin) criterion, and, second, the Sustainable Growth Optimization criterion, that maximizes the utility of the first … generation subject to a given future rate of growth. We apply these criteria to our calibrated model via a novel algorithm … reference ones. On the other hand, higher growth rates require substantial increases in the fraction of labor devoted to …