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In this paper, the dynamic programming approach is exploited in order to identify the closed loop policy function, and the consumption smoothing mechanism in an endogenous growth model with time to build, linear technology and irreversibility constraint in investment. Moreover, the link among...
Persistent link: https://www.econbiz.de/10010593358
We propose a two-country growth model of intermediate business-services trade that captures the role of time zone differences. It is shown that a time-saving improvement in intermediate business-services trade involving production in different time zones can have a permanent impact on productivity.
Persistent link: https://www.econbiz.de/10010573347
We propose a two-country growth model of intermediate businessservices trade that captures the role of time zone differences. It is shown that a time-saving improvement in intermediate businessservices trade involving production in different time zones can have a permanent impact on productivity.
Persistent link: https://www.econbiz.de/10008583472
We propose a two-country growth model of intermediate business-services trade that captures the role of time zone differences. It is shown that a time-saving improvement in intermediate business-services trade involving production in different time zones can have a permanent impact on productivity.
Persistent link: https://www.econbiz.de/10008636466
Contrary to a popular belief, the most popular Ak growth models display transitional dynamics once the representative agent and complete markets assumptions are overturned. The class of models is identied with diminishing returns at individual but constant returns at aggregate due to externality...
Persistent link: https://www.econbiz.de/10010712139
This paper presents a simple Cass-Koopmans-Ramsey AK growth model with heterogeneity that explains how policies that increase income inequality may temporarily boost a country’s income growth rate. Briefly put, a change in policy that reduces redistributive transfers will free up...
Persistent link: https://www.econbiz.de/10005328881
This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which...
Persistent link: https://www.econbiz.de/10005115628
This paper derives necessary and sufficient conditions under which positional preferences do not induce inter-temporal distortions. When labor supply is exogenous, positional preferences for consumption have been shown to be non-distortionary for a class of models. However, it has not been...
Persistent link: https://www.econbiz.de/10011272294
Persistent link: https://www.econbiz.de/10013555706
Persistent link: https://www.econbiz.de/10014437476