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Por favor, use este identificador para citar o enlazar este ítem: http://uvadoc.uva.es/handle/10324/27728
Título: Unbounded Growth in the Ramsey Model with Non-Constant Discounting
Autor: Cabo, Francisco
Martín-Herrán, Guiomar
Martínez-García, María Pilar
Año del Documento: 2016
Descripción: Producción Científica
Documento Fuente: Mathematical Social Sciences 84, 93-104, 2016.
Resumen: For a Neoclassical growth model, the literature highlights that exponential discounting is observationally equivalent to quasi-hyperbolic discounting, if the instantaneous discount rate decreases asymptotically towards a positive value. Conversely, in this paper a zero longrun value allows a solution without stagnation. We prove that a less than exponential but unbounded growth can be attained, even without technological progress. The growth rate of consumption decreases asymptotically towards zero, although so slowly that consumption grows unboundedly. The asymptotic convergence towards a non-hyperbolic steady-state which saving rate matches the intertemporal elasticity of substitution and the speed of convergence towards this equilibrium are analyzed.
Revisión por Pares: SI
Idioma: eng
URI: http://uvadoc.uva.es/handle/10324/27728
Derechos: info:eu-repo/semantics/embargoedAccess
Aparece en las colecciones:DEP20 - Artículos de revista

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