Regular ArticleDivergence in Economic Performance: Transitional Dynamics with Multiple Equilibria
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2019, Economic ModellingCitation Excerpt :I then analytically show that the answer is sensitive to the interaction between technology shocks and resource shocks, and find that, in some cases, higher uncertainty is not necessarily detrimental to economic growth and welfare (Cho et al., 2015; Lester et al., 2014; Xu, 2017). Of course, these findings are, as in previous studies such as Bucci et al. (2011) and Hiraguchi (2013, 2014), based on the assumption of Xie (1991, 1994) that confines the parameter of risk aversion to the physical capital share of income. Therefore, in the future research, the case without this parameter restriction should be investigated by using numerical solution techniques such as the finite-difference methods or finite-elements methods.
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2019, Economic ModellingCitation Excerpt :On this point, see also Dixit and Pindyck (1994, p.78), Turnovsky (2000, p.580), and Wälde (2011a). Despite such a difficulty, Smith (2007) obtains the closed-form solution to the stochastic one-sector growth model by confining the risk aversion parameter to physical capital share, as in Xie (1991, 1994). More recently, Bucci et al. (2011) and Hiraguchi (2013) find the closed-form solution to the stochastic Uzawa-Lucas model in which technological progress follows a geometric Brownian motion process, with one or two parameter restriction(s).
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