UNCERTAINTY, LEARNING AND GROWTH

Ragchaasuren Galindev

Manchester School, 2008, vol. 76, issue 5, 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.

Date: 2008
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https://doi.org/10.1111/j.1467-9957.2008.01075.x

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Working Paper: Uncertainty, learning and growth (2008)
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