A Robust Turnpike Deduced by Economic Maturity

Darong Dai

MPRA Paper from University Library of Munich, Germany

Abstract: In the paper, a one-sector neoclassical model with stochastic growth has been constructed. The key concept of economic maturity is well-defined in the abstract model economy, and also a thorough characterization of the minimum time needed to economic maturity is supplied for the first time. Moreover, it is confirmed that the capital-labor ratio corresponding to the state of economic maturity indeed provides us with a robust turnpike of the optimal path of capital accumulation.

Keywords: Stochastic growth; Economic maturity; Asymptotic turnpike theorem; Neighborhood turnpike theorem; Robustness. (search for similar items in EconPapers)
JEL-codes: C60 E13 E22 (search for similar items in EconPapers)
Date: 2012-12-03
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