Balanced-growth-consistent recursive utility and heterogeneous agents

Article Abstract:

An increasing amount of attention is being paid to the difficult matter of integrating heterogeneous elements into standard macroeconomic, optimal growth models. One scholar has proposed the use of a broad class of aggregator functions which enable the inclusion of recursive utility into models featuring balanced growth. It will be shown that the use of this aggregator-function class in such balanced growth models will produce indeterminate capital distributions along the balanced growth path and thus raise the issue of whether balanced growth and heterogeneity can ultimately be reconciled.

Macroeconomics, Capital productivity, Recursive functions

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Time-to-build and cycles

Article Abstract:

A study investigated the dynamics of a simple equilibrium growth model with an infinitely lived representative agent who trades a single consumption-investment good. The analysis aimed to elucidate the exact theoretical association between time-to-build or pauses in investment gestation and cycles in deterministic neoclassical growth models, as well as the optimality of oscillatory paths in such models. It reexamines the debate over the source and nature of aggregate business cycle fluctuations.

Economics, Research and Development in the Social Sciences and Humanities, Supply-side economics, Production (Economics)

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Spectral and persistence properties of cyclical growth

Article Abstract:

Real business cycle (RBC) models have been extensively used to investigate the behavior underlying business cycles and have been quite effective in explaining many features of such cycles. However, these RBC models exhibit a number of weaknesses such as the inability to mimic the shape of the spectrum of output that is observed in the real world. These weaknesses in the RBC model are examined within the framework of a model that incorporates both business cycles and endogenous growth.

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