A closed-form solution to the Ramsey model with logistic population growth

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.

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Year of publication:	2010
Authors:	Guerrini, Luca
Published in:	Economic Modelling. - Elsevier, ISSN 0264-9993. - Vol. 27.2010, 5, p. 1178-1182
Publisher:	Elsevier
Subject:	Ramsey Logistic Closed-form solution

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008866311