高宏课件AK model

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,*,AK model,1.Demographics,Preferences and Technology,.,Our focus is on economic growth,and we will focus on balanced economic growth,defined as a growth path consistent with the Kaldor facts。,As demonstrated in Chapter 8,balanced growth forces us to adopt the standard CRRA preferences as in the canonical neoclassical growth model(to ensure a constant intertemporal elasticity of substitution).,The preferences of the representative household at time,t,=0 are given by,The flow budget constraint facing the household can be written as,As usual,we also needto impose the no-Ponzi game constraint:,Equilibrium.,A competitive equilibrium of this economy consists of paths of per capita consumption,capital-labor ratio,wage rates and rental rates of capital,c,(,t,),k,(,t,),w,(,t,),R,(,t,),t,=0,such that the representative household maximizes(11.1)subject to(11.2)and(11.3)given initial capital-labor ratio,k,(0)and factor prices,w,(,t,),r,(,t,),t,=0,such that,w,(,t,)=0 for all,t,and,r,(,t,)is given by(11.7).,the savings rate is constant and given by,Proposition,Consider the above-described,AK,economy,with a representative household with preferences given by(11.1),and the production technology given by(11.6).,Suppose that condition(11.12)holds.Then,there exists a unique equilibrium path in which consumption,capital and output all grow at the same rate,g,(,A,),/,0,starting from any initial positive capital stock per worker,k,(0),and the savings rate is endogenously determined by(11.17).,