Angelopoulos, Konstantinos (contributor); … - 2008
, evolves at a
constant raten 1, so thatNt+1 = nNt whereN0 is given. Each household�s
preferences are given by:
E0
1X
t=0
tU … averages and long-run values for the
variablesy,k,x,u,e,
andge, as well as the calibrated parameters , 1, 2,
3,n, and h.13 … Data on y, k, x and
are obtained using the NIPA accounts
and the human capital data by Jorgenson and Fraumeni discussed …