Perturbation Solution Methods for Economic Growth Models

Kenneth L. Judd and Sy-Ming Guu

Chapter 4 in Economic and Financial Modeling with Mathematica®, 1993, pp 80-103 from Springer

Abstract: Abstract Economic growth is one of the most important macroeconomic phenomena. With economic growth comes the possibility of improving the living standards of all in a society. Economic growth has been studied by all generations of economists. Economists have used optimal control theory and dynamic programming to formalize the study of economic growth, yielding many important insights. Unfortunately, most of these methods are generally qualitative and do not yield the kind of precise quantitative solutions necessary for econometric analysis and policy analysis.

Keywords: Capital Stock; Perturbation Method; Bellman Equation; Perturbation Solution; Policy Function (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4757-2281-9_4

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DOI: 10.1007/978-1-4757-2281-9_4

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