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A model of optimal growth strategy

Article Abstract:

An optimal growth model with convex-concave technology is developed and applied to a country which can invest in foreign capital markets. The income from borrowing on capital market can be used for consuming domestic or foreign goods, investing in physical capital and investing in capital markets. The continuous-time model presented was found to have two nontrivial steady states. The high steady state is perpetually optimal while the lower is not always optimal. It was also shown that a poverty trap may occur if the time preference is greater than the real international interest rate.

Author: Le Van, Cuong, Askenazy, Philippe
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1999
Economic aspects, Developing countries, Capital market, Capital markets

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Optimal fiscal policy in a stochastic growth model

Article Abstract:

An analysis of optimal fiscal policy development under certain economic growth conditions is presented. The analysis applies the topic to a dynamic Ramsey taxation framework and assumes that identical agents pervade the economy, government expenditures are measured as exogenous variables and government may precommit itself. It is shown that several stochastic variables need to be considered in the evaluation of optimal fiscal policy.

Author: Zhu, Xiaodong
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1992
Research, Fiscal policy

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Projection methods for solving aggregate growth models

Article Abstract:

An analysis of a general numerical approach called the projection method is presented. The analysis considers numerical analysis principles for developing efficient implementations for the method. It is shown that error measures can be derived which describe agent optimization errors. In addition, programs with high accuracy and speed levels can be developed from the analysis.

Author: Judd, Kenneth L.
Publisher: Elsevier B.V.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1992
Measurement, Economic indicators

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Subjects list: Models, Economic development
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