Munich Personal RePEc Archive

Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology

Dai, Darong (2011): Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology. Forthcoming in: Annals of Economics and Finance

[img]
Preview
PDF
MPRA_paper_40216.pdf

Download (343Kb) | Preview

Abstract

In this paper, a stochastic endogenous aggregative growth model is constructed and two main results are established, based on endogenous horizon of the economy and endogenous terminal capital stock, which is also efficient capital accumulation in some sense. First, strong turnpike theorems under uncertainty and in the sense of uniform topology are obtained; second, inefficacy of temporary fiscal policy, which is chosen to be capital income taxation, has been demonstrated in comparatively weak conditions different from Yano (1998)’s.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.