We provide a theoretical treatment of temporal aggregation in models that exhibit long-term endogenously generated steady growth; hence generalizing our previous analysis [Econometrica 62 (1994), 635}656]. We introduce the property of steady growth invariance \* that the long-term growth of the cont
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Optimal balanced growth in a general multi-sector endogenous growth model with constant returns
β Scribed by Harutaka Takahashi
- Publisher
- Springer
- Year
- 2007
- Tongue
- English
- Weight
- 217 KB
- Volume
- 37
- Category
- Article
- ISSN
- 0938-2259
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This paper concerns the transitional dynamics of the one sector endogenous growth model with physical and human capital when gross investments are irreversible. It has been claimed that the transition path is on the stable saddle path of the system that describes the dynamics of the economy as long