Technical progress and aggregate fluctuations
Article Abstract:
Technical progress modelling and the nature of business cycle growth are vital factors that determine the trend of observed aggregate fluctuations. In an economy where stochastic growth is prevalent volatility patterns are not established by increasing capital in relation to positive innovations. However, in economies where technical progress is stationary fluctuating geometric trends and cyclical properties tend to resemble those of US time series. It was also revealed that the indivisible model proposed by Hansen (1986) is ineffectual when used for difference-stationary technical changes.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1997
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On the local stability of the stationary solution to variational problems
Article Abstract:
New sufficient conditions for the local stability of the stationary solution to problems in calculus of variations are considered. These conditions may prove useful in determining the abnormality of the case of an economy converging towards a steady-state solution. The results of the analysis are fitted to a multi-sector growth model.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1996
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