Global stability and the turnpike in optimal unbounded growth models

• 成果类型: Article
• 署名作者: Jensen, Martin Kaae
• 署名单位: University of Birmingham
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.07.010
• 发表日期: 2012
• 页码: 802-832
• 关键词: Optimal growth; New growth theory; Homogeneous programming; Turnpike; Balanced growth path; Global stability; von Neumann equilibrium

摘要

This study proves various global stability results for unbounded optimal growth models. The main theorem states that any optimal path will eventually be in the neighborhood of a balanced growth path if future utility is sufficiently weakly discounted. The assumptions allow for non-smooth technologies, joint production, and production in independent sectors. Hence, the results form the integration of new growth and turnpike theory sought by McKenzie (1998) [31] in his Ely lecture. The applicability of the results is exemplified by means of a number of cases from growth theory and other areas of economics. (C) 2010 Elsevier Inc. All rights reserved.