On the Turnpike Property of the Modified Golden Rule

Darong Dai ()
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Darong Dai: Nanjing University, School of Business, Department of Economics, China

Czech Economic Review, 2014, vol. 8, issue 1, 26-32

Abstract: Stationary and ergodic probability distribution is derived and the stochastic balanced path of capital accumulation is defined via corresponding martingale path. Moreover, stochastic version of asymptotic turnpike theorem is established in the sense of uniform topology and also neighborhood type of stochastic turnpike theorem is demonstrated in the sense of ergodic measure.

Keywords: Stochastic growth; modified Golden Rule; turnpike theorem; ergodic consumption; martingale-path of capital accumulation (search for similar items in EconPapers)
JEL-codes: C60 E13 E22 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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