A NOTE ON THE ANALYTICAL SOLUTION TO THE NEOCLASSICAL GROWTH MODEL WITH LEISURE

Ryoji Hiraguchi

Macroeconomic Dynamics, 2014, vol. 18, issue 2, 473-479

Abstract: In this note, we study the basic Ramsey models with labor–leisure choice. We first study the deterministic model and find that a closed-form solution exists and is represented by the Gauss hypergeometric functions. We next incorporate stochastic productivity shocks into the model. We prove that the analytical solution path still exists if the coefficient of relative risk aversion is equal to the capital share.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:18:y:2014:i:02:p:473-479_00

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