UNCERTAINTY, LEARNING AND GROWTH

Galindev Ragchaasuren ()

Manchester School, 2008, vol. 76, issue 5, pages 539-548

Abstract: The paper extends Blackburn and Galindev's (Economics Letters, Vol. 79 (2003), pp. 417-421) stochastic growth model in which productivity growth entails both external and internal learning behaviour with a constant relative risk aversion utility function and productivity shocks. Consequently, the relationship between long-term growth and short-term volatility depends not only on the relative importance of each learning mechanism but also on a parameter measuring individuals' attitude towards risk. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd and The University of Manchester.

Date: 2008

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Working Paper: Uncertainty, learning and growth (2008)
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