Characterization of the turnpike property of optimal paths in the aggregative model of intertemporal allocation

Tapan Mitra

International Journal of Economic Theory, 2005, vol. 1, issue 4, 247-275

Abstract: The present paper provides a complete characterization of the turnpike property of optimal paths in the (reduced form) aggregative model of intertemporal allocation. The characterization allows one to identify precisely the bifurcation point between globally stable and cyclical long‐run optimal behavior. The complete characterization result is used to evaluate several sufficient conditions for global asymptotic stability of optimal paths that have been proposed in the published literature. It is also used to examine sufficient conditions for the emergence of competitive equilibrium cycles in two‐sector models.

Date: 2005
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Citations: View citations in EconPapers (3)

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https://doi.org/10.1111/j.1742-7363.2005.00016.x

Related works:
Working Paper: A Characterization of the Turnpike Property of Optimal Paths in the Aggregative Model of Intertemporal Allocation (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:ijethy:v:1:y:2005:i:4:p:247-275

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