stochastic-growth-model

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1、TheStochasticGrowthModelContentsContents1.Introduction32.Thestochasticgrowthmodel43.Thesteadystate74.Linearizationaroundthebalancedgrowthpath85.Solutionofthelinearizedmodel96.Impulseresponsefunctions137.Conclusions18AppendixA20A1.Themaximizationproblemoftherepresentativefirm20A2.Themaximization

2、problemoftherepresentativehousehold20AppendixB22AppendixC24C1.Thelinearizedproductionfunction24C2.Thelinearizedlawofmotionofthecapitalstock25C3.Thelinearizedfirst-ordercondotionforthefirm’slabordemand26C4.Thelinearizedfirst-ordercondotionforthefirm’scapitaldemand26C5.ThelinearizedEulerequationofth

3、erepresentativehousehold28C6.Thelinearizedequillibriumconditioninthegoodsmarket30References32what‘smissinginthisequation?YoucouldbeoneofourfuturetalentsPleaseclicktheadvertmaeRsKinteRnationaLteChnoLogY&sCienCePRogRammeAreyouabouttograduateasanengineerorgeoscientist?Orhaveyoualreadygraduated?If

4、so,theremaybeanexcitingfutureforyouwithA.P.Moller-Maersk.www.maersk.com/mitasDownloadfreebooksatBookBooN.com2TheStochasticGrowthModelIntroduction1.IntroductionThisarticlepresentsthestochasticgrowthmodel.Thestochasticgrowthmodelisastochasticversionoftheneoclassicalgrowthmodelwithmicrofoundation

5、s,1andprovidesthebackboneofalotofmacroeconomicmodelsthatareusedinmodernmacroeconomicresearch.Themostpopularwaytosolvethestochasticgrowthmodel,istolinearizethemodelaroundasteadystate,2andtosolvethelinearizedmodelwiththemethodofundeterminedcoefficients.ThissolutionmethodisduetoCampbell(1994).These

6、t-upofthestochasticgrowthmodelisgiveninthenextsection.Section3solvesforthesteadystate,aroundwhichthemodelislinearizedinsection4.Thelinearizedmodelisthensolvedinsection5.Section6showshowtheeconomyrespondstostochasticshocks.Someconcludingremarksaregiveninsection7.DownloadfreebooksatBookBooN.com3

7、TheStochasticGrowthModelThestochasticgrowthmodel2.ThestochasticgrowthmodelTherepresentativefirmAssumethattheproductionsideoftheeconomyisrepresentedbyarepresentativefirm,whichproducesoutputaccordingtoaCobb-Douglasproductionfunction:Y=Kα(AL