Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology

Darong Dai ()

Annals of Economics and Finance, 2012, vol. 13, issue 2, 381-423

Abstract: In this paper, a stochastic endogenous aggregative growth model is constructed and two main results are established, based on endogenous horizon of the economy and endogenous terminal capital stock, which is also efficient capital accumulation in some sense. First, strong turnpike theorems under uncertainty and in the sense of uniform topology are obtained; second, inefficacy of temporary fiscal policy, which is chosen to be capital income taxation, has been demonstrated in comparatively weak conditions different from Yano (1998)'s.

Keywords: Stochastic endogenous growth; Uniform-topology turnpike theorems; Endogenous terminal stock; Endogenous welfare function; Capital income taxation (search for similar items in EconPapers)
JEL-codes: C61 C62 E21 E22 E62 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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