当前位置: X-MOL 学术J. Math. Econ. › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
On the closed-form solution of an endogenous growth model with anticipated consumption
Journal of Mathematical Economics ( IF 1.3 ) Pub Date : 2021-01-21 , DOI: 10.1016/j.jmateco.2021.102471
Manuel A. Gómez

This paper derives a closed-form solution of the AK endogenous growth model with logarithmic preferences and anticipated future consumption which enters additively into effective consumption. We get an explicit representation of the time paths of the economic variables in level by resorting to Gaussian Hypergeometric functions. We compare the model with anticipated future consumption to the model with habit formation. The maximum utility attainable in the model with anticipation is shown to be higher than the one attainable in the model with habits. Using the derived explicit expressions, we perform some comparative-dynamics and -statics analyses with respect to relevant parameters. Numerical simulations complement the theoretical results. Thus, this work provides further support to the usefulness of especial functions in the study of economic dynamics.



中文翻译:

具有预期消费的内生增长模型的闭式解

本文推导出具有对数偏好和预期未来消费的 AK 内生增长模型的闭式解,该模型与有效消费相加。借助高斯超几何函数,我们得到了经济变量在水平上的时间路径的明确表示。我们将具有预期未来消费的模型与具有习惯形成的模型进行比较。在具有预期的模型中可获得的最大效用被证明高于在具有习惯的模型中可获得的效用。使用导出的显式表达式,我们对相关参数进行了一些比较动态和静态分析。数值模拟补充了理论结果。因此,

更新日期:2021-01-21
down
wechat
bug