On the Turnpike Property of the Modified Golden Rule

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.

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Year of publication:	2014
Authors:	Dai, Darong
Published in:	Czech Economic Review. - Institut ekonomických studií, ISSN 1802-4696. - Vol. 8.2014, 1, p. 26-32
Publisher:	Institut ekonomických studií
Subject:	Stochastic growth \| modified Golden Rule \| turnpike theorem \| ergodic consumption \| martingale-path of capital accumulation

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Extent:	application/pdf
Type of publication:	Article
Classification:	C60 - Mathematical Methods and Programming. General ; E13 - Neoclassical ; E22 - Capital; Investment (including Inventories); Capacity
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010894098