Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5055252 | Economic Modelling | 2010 | 5 Pages |
Abstract
In this paper, we consider the Ramsey growth model with CIES utility function, Cobb-Douglas technology, and logistic-type population growth law. We show the model to have a unique non-trivial steady-state equilibrium (a saddle point) and prove the optimal path to be non-monotonic over time. Moreover, we derive a closed-form solution for the case where capital's share is equal to the reciprocal of the intertemporal elasticity of substitution.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Luca Guerrini,