ECONOMIC GROWTH MODELING UNDER GOVERNMENT POLICY UNCERTAINTY

Elvira Naval ()
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Elvira Naval: Institute of Mathematics and Computer Sciences

THE YEARBOOK OF THE "GH. ZANE" INSTITUTE OF ECONOMIC RESEARCHES, 2018, vol. 27, issue 1, 91-96

Abstract: In this paper a stochastic approach to the economic growth modeling, influenced by government expenditure, is proposed. Economic growth optimal control problem formulation in a stochastic form is concerned. Equilibrium growth rate was obtained using the stochastic maximum principle following new approach to the optimal control stochastic problem solution, in which the stochastic dynamic programming formulation takes the form of the maximum principle. This approach was applied to the solution of the stochastic optimal growth problem of how government policy, especially as far as corruption is concerned, influences economic growth

Keywords: Economic growth; Stochastic modeling; Stochastic maximum principle (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:zan:ygzier:v:27:y:2018:i:1:p:91-96

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