The balanced growth path

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  • This article presents the stochastic growth model. The stochastic growth model is a stochastic version of the neoclassical growth model with microfoundations,1 and provides the backbone of a lot of macroeconomic models that are used in modern macroeconomic research. The most popular way to solve the stochastic growth model, is to linearize the model around a steady state,2 and to solve the linearized model with the method of undetermined coefficients. This solution method is due to Campbell (1994)....

    pdf32p tuanloc_do 04-12-2012 26 2   Download

  • This article presents the stochastic growth model. The stochastic growth model is a stochastic version of the neoclassical growth model with microfoundations,1 and provides the backbone of a lot of macroeconomic models that are used in modern macroeconomic research. The most popular way to solve the stochastic growth model, is to linearize the model around a steady state,2 and to solve the linearized model with the method of undetermined coefficients. This solution method is due to Campbell (1994)....

    pdf0p sofia11 15-05-2012 39 7   Download

  • The world's reliance on existing sources of energy and their associated detrimental impacts on the environment- whether related to poor air or water quality or scarcity, impacts on sensitive ecosystems and forests and land use - have been well documented and articulated over the last three decades. What is needed by the world is a set of credible energy solutions that would lead us to a balance between economic growth and a sustainable environment.

    pdf0p cucdai_1 22-10-2012 30 7   Download

  • De riva tives growth in the latter part of the 1990s continues along at least three dimens ions. Firstly , new p roducts are eme rging as the traditional building blocks – forwa rds and options – have spawned second and third generation derivatives that span comp lex hybr id, contingent, and path-dependent risks. Secondly, new app lica tions are expanding derivatives use beyond the specific managemen t of price and event risk to the stra tegic managemen t of portfolio risk, balance sheet growth, shareholder value, and overall business performance .

    pdf39p enterroi 01-02-2013 20 3   Download

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