A Characterization of the Turnpike Property of Optimal Paths in the Aggregative Model of Intertemporal Allocation

Tapan Mitra

Working Papers from Cornell University, Center for Analytic Economics

Abstract: The 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 literature. It is also used to examine sufficient conditions for the emergence of competitive equilibrium cycles in two-sector models.

JEL-codes: C61 D90 O41 (search for similar items in EconPapers)
Date: 2002-11
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https://cae.economics.cornell.edu/COTPcae.pdf

Related works:
Journal Article: Characterization of the turnpike property of optimal paths in the aggregative model of intertemporal allocation (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:corcae:02-17

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