Download or read book Efficient Capital Accumulation in Infinite Horizon Models written by Tapan Mitra and published by . This book was released on 1975 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Efficient Capital Accumulation in Open Models written by Hiroshi Atsumi and published by . This book was released on 1966 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Contributions to the Theory of Capital in Infinite Time Horizon Models written by David A. Starrett and published by . This book was released on 1968 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Contributions to a Capital Model with Efficient Paths of Capital Accumulation by Use of the Calculus of Variations written by Harold E. Fassberg and published by . This book was released on 1964 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimality in Infinite Horizon Economies written by Anders Borglin and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern welfare economics as it is known today to economists took its final shape with the emergence of the Arrow-Debreu model. The classical conjectures about the beneficient workings of markets together with the converse statement, that optimal (in the sense of Pareto) allocations may be sustained by prices and markets, has laid a firm foundation for further research in welfare economics. But more than that, it has inspired researchers to take up entirely new topics, notably by closer considerations of situations where the assumptions of the original model may seem overly restrictive. One of these new directions has been connected with generalizing the model so that it takes into account the possibility of infinitely many commodities. On the face of it, the idea of an infinity of commodities may seem a mathematical fancy having no "real" counterpart in economic life. This is not so, however. Quite to the contrary, infinity enters in a very natural way when it is taken into account that economic transactions take place over time. 2 In the Arrow-Debreu formalism, time may be incorporated into the model in a very simple way using dated commodities. Thus two commodities are considered as being different if they are to be delivered at different points of time.
Download or read book Revisiting Capital Accumulation written by Adeliada Mehmetaj and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters that look at the business cycle and productivity implications of relaxing certain assumptions regarding capital accumulation. In the first chapter, I introduce capital search frictions into an otherwise standard Real Business Cycle model. New and used capital markets are separate and used capital reallocation is subject to search frictions. The model produces the desired property of procyclical reallocation of used capital in equilibrium in line with business cycle data facts. The second chapter relaxes the assumption that capital depreciation is exogenous, to study the implications of such an assumption on productivity growth. In a Dynamic Stochastic General Equilibrium model where capital depreciation varies with the rate of technological innovation, the model finds that failure to account for depreciation's endogenous response to technological changes, only biases productivity measures when the economy is switching regimes. Along the Balanced Growth Path, when the rate of technological innovation is fixed, the econometrician who computes Total Factor Productivity from standard growth accounting, using capital stock with constant depreciation, will exactly pin down true productivity. The model is then used to study two main episodes of productivity slowdown in the US, the slowdown of the early 1970s and that of the mid 2000s. As the economy switches from a higher to a lower growth rate of technology in the early 1970s, failure to account for endogenous capital depreciation overestimates the slowdown by approximately 15%, while the opposite is true in the mid 2000s. As the economy switches from a higher to a lower growth rate of technology, the true slowdown is underestimated by approximately 5% when capital depreciation is kept constant. The third chapter proposes two approximations of the non-recursive, infinite horizon model of endogenous depreciation used in the second chapter, otherwise known as the Putty-Clay model, in order to implement and solve the model in Dynare. The first approximation is based on the assumption that it takes a capital vintage a certain number of periods to fully depreciate. This assumption takes care of the infinite horizon problem and the contribution of the paper is to show how to automatize and solve this non-recursive model in Dynare using its first-order perturbation methods. The second method proposes approximating the non-recursive equilibrium equations through a time-series process of lag one that preserves the dynamics of the putty-clay model. While the first method automatizes the non-recursive model in Dynare for any general number of periods, it is computationally expensive, which matters for estimation. The recursive approximation method can resolve this issue by reducing the state-space of the model.
Download or read book The Structure of Efficient Capital Accumulation in the Two good Economy written by Stanford University. Applied Mathematics and Statistics Laboratory and published by . This book was released on 1960 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Infinite Horizon Optimal Control written by Dean A. Carlson and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph deals with various classes of deterministic continuous time optimal control problems wh ich are defined over unbounded time intervala. For these problems, the performance criterion is described by an improper integral and it is possible that, when evaluated at a given admissible element, this criterion is unbounded. To cope with this divergence new optimality concepts; referred to here as "overtaking", "weakly overtaking", "agreeable plans", etc. ; have been proposed. The motivation for studying these problems arisee primarily from the economic and biological aciences where models of this nature arise quite naturally since no natural bound can be placed on the time horizon when one considers the evolution of the state of a given economy or species. The reeponsibility for the introduction of this interesting class of problems rests with the economiste who first studied them in the modeling of capital accumulation processes. Perhaps the earliest of these was F. Ramsey who, in his seminal work on a theory of saving in 1928, considered a dynamic optimization model defined on an infinite time horizon. Briefly, this problem can be described as a "Lagrange problem with unbounded time interval". The advent of modern control theory, particularly the formulation of the famoue Maximum Principle of Pontryagin, has had a considerable impact on the treatment of these models as well as optimization theory in general.
Download or read book A Complete Characterization of Efficiency for a General Capital Accumulation Model written by Lawrence Mark Benveniste and published by . This book was released on 1975 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Decentralization In Infinite Horizon Economies written by Mukul Majumdar and published by CRC Press. This book was released on 2019-03-07 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book summarizes some issues involved in developing a theory of decentralized resource allocation mechanism in infinite horizon economies. It constitutes a definitive account of cutting-edge research on a topic of continuing importance in price theory. .
Download or read book Capital and Development Planning written by Sukhamoy Chakravarty and published by Cambridge, Mass. : M.I.T. Press. This book was released on 1969 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Frequency varies.
Download or read book Introduction into Capital Theory written by Gunter Stephan and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital theory is a cornerstone of modern economics. Its ideas are fundamental for dynamic equilibrium theory and its concepts are applied in many branches of economics like game theory, resource and environmental economics, although this may not be recognized on a first glance. In this monograph, an approach is presented, which allows to derive important results of capital theory in a coherent and readily accessible framework. A special emphasis is given on infinite horizon and overlapping generations economics. Irreversibility of time, or the failure of the market system appear in a different light if an infinite horizon framework is applied. To bridge the gap between pure and applied economic theory, the structure of our theoretical approach is integrated in a computable general equilibrium model.
Download or read book Wassily Leontief written by John Cunningham Wood and published by Taylor & Francis US. This book was released on 2001 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comparative National Balance Sheets written by Raymond W. Goldsmith and published by University of Chicago Press. This book was released on 1985-04 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Raymond W. Goldsmith has combined his experience, good sense, and flair with figures to construct this groundbreaking comparative study of the balance sheets of twenty of the largest nations. A pioneer in the field of national accounts, Goldsmith now presents a work that will be a valuable tool in tracking the economic progress of and between nations. The majority of the balance sheets were created especially for this project, their components gleaned from fragmentary and heterogeneous data. There are approximately 3,500 entries, each measuring the value of one type of tangible or financial asset or liability at a given date. Goldsmith's estimates are keyed to fifteen benchmark dates in the economic progress of the cited nations, and for twelve nations he was able to construct balance sheets dating back to the nineteenth century or earlier. Combined, worldwide balance sheet are included for 1950 and 1978. Comparative National Balance Sheets will provide an essential basis for the quantitative analysis of the long-term financial development of these nations. In addition to national balance sheets for all large countries except Brazil and China, sectoral balance sheets for France, Germany, Great Britain, India, Japan, and the United States in the postwar period are also included.
Download or read book Income Distribution in Macroeconomic Models written by Giuseppe Bertola and published by Princeton University Press. This book was released on 2014-09-28 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
Download or read book Handbook on Taxation written by W. Bartley Hildreth and published by Routledge. This book was released on 2019-07-16 with total page 1021 pages. Available in PDF, EPUB and Kindle. Book excerpt: A groundbreaking reference, this book provides a comprehensive review of tax policy from political, legal, constitutional, administrative, and economic perspectives. A collection of writings from over 45 prominent tax experts, it charts the influence of taxation on economic activity and economic behavior. Featuring over 2400 references, tables, equations, and drawings, the book describes how taxes affect individual and business behavior, shows how taxes operate as work and investment incentives, explains how tax structures impact different income groups, weighs the balanced use of sales, property, and personal income taxes, traces the influence of recent tax changes, and more.
Download or read book Studies in Austrian Capital Theory Investment and Time written by Malte Faber and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The neglect of time in general and of the time structure of production in particular in mainstream economics led to the rebirth of the Austrian tradition in the seventies. The names of BERNHCLZ, HICKS, KIRZNER and VON WEIZSACKER are representative of different approaches. In 1979 my "Introduction to Modern Austrian Capital Theory" appeared, in which I unified various papers BERNHOLZ and I had written. I also linked our approach to those of VON NEUMANN, of HICKS and of neoclassical capital theory. These "Studies" supplement and continue my "Introduction" in various ways. With all the authors of the present volume I have cooperated for several years. This volume is subdivided into five parts. The first one, Historical Perspectives, gives first an outline on the development of Austrian capital theory from its origins to the present. Next it relates Modern Austrian Capital Theory to SRAFFA's theory and to the Austrian subjectivists' pure time preference theory of interest. The latter theory is represented in its opposition to the traditional productivity-cum-time preference explanation of interest, which is. common t9 neoclassical and BOHM-BAWERKian capital theory alike. The Austrian subjectivist pure time preference theory has been misinterpreted in its recent presentation, which has led to misunderstandings. It is shown that there is no real contradiction between the two appoaches.
