The one-sector growth model with idiosyncratic shocks: Steady states and dynamics

• 成果类型: Article
• 署名作者: Huggett, M
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00025-1
• 发表日期: 1997
• 页码: 385-403
• 关键词: growth; idiosyncratic shocks; steady states; DYNAMICS

摘要

This paper investigates the one-sector growth model where agents receive idiosyncratic labor endowment shocks and face a borrowing constraint. It is shown that any steady-state capital stock lies strictly above the steady state in the model without idiosyncratic shocks. In addition, the capital stock increases monotonically when it is sufficiently far below a steady state, However, near a steady state there can be non-monotonic economic dynamics.