On the Turnpike Property of the Modified Golden Rule
On the Turnpike Property of the Modified Golden Rule
Author(s): Darong DaiSubject(s): Economy
Published by: Univerzita Karlova v Praze - Institut ekonomických studií
Keywords: Stochastic growth; modified Golden Rule; turnpike theorem; ergodic consumption; martingale-path of capital accumulation
Summary/Abstract: Stationary and ergodic probability distribution is derived and the stochastic balanced path of capital accumulation is defined via corresponding martingale path. Moreover, stochastic version of asymptotic turnpike theorem is established in the sense of uniform topology and also neighborhood type of stochastic turnpike theorem is demonstrated in the sense of ergodic measure.
Journal: Czech Economic Review
- Issue Year: 8/2014
- Issue No: 01
- Page Range: 26-32
- Page Count: 7
- Language: English
