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The (Interesting) Dynamic Properties of the Neoclassical Growth Model with CES Production

Author: Kent Smetters
Publisher: Cambridge, Mass. National Bureau of Economic Research 2003.
Series: Technical Working Paper Series (National Bureau of Economic Research), no. t0290.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Despite being the standard growth model for several decades, little is actually known analytically about the dynamic properties of the neoclassical Ramsey-Cass-Koopmans growth model. This paper derives analytically the properties of the endogenous saving rate when technology takes the Constant Elasticity of Substitution (CES) form. For a factor substitution elasticity between capital and labor less than unity, the  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kent Smetters
OCLC Number: 1027343931
Notes: March 2003.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Technical Working Paper Series (National Bureau of Economic Research), no. t0290.
Responsibility: Kent Smetters.

Abstract:

Despite being the standard growth model for several decades, little is actually known analytically about the dynamic properties of the neoclassical Ramsey-Cass-Koopmans growth model. This paper derives analytically the properties of the endogenous saving rate when technology takes the Constant Elasticity of Substitution (CES) form. For a factor substitution elasticity between capital and labor less than unity, the saving rate decreases along the transition path after the capital stock reaches a critical value identified analytically herein. But before reaching this critical value, the saving rate might increase and so, taken as a whole, the saving rate path might manifest overshooting.' Similarly, for a factor substitution elasticity greater than unity, the saving rate increases along the transition path after the capital stock reaches a critical value. Before reaching this critical value, the saving rate might decrease and so the saving rate path might manifest undershooting.' A simulation illustrating these interesting dynamics is presented.

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