Uncertainty, learning and growth

Galindev, Ragchaasuren (2007): Uncertainty, learning and growth.

Abstract

The paper extends Blackburn and Galindev (2003)' s stochastic growth model in which productivity growth entails both external and internal learning behaviour with a Constant Relative Risk Aversion utility function and productivity shocks. Consequently, the relationship between long-term growth and short-term volatility depends not only on the relative importance of each learning mechanism but also on a parameter measuring individuals' attitude towards risk.

• Item Type: MPRA Paper
• Language: English
• Keywords: Growth; Uncertainty, Learning
• Subjects: E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; Cycles; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General

References

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