This paper studies the properties of solutions to a log-linearized version of the neoclassical growth model with quasi-geometric discounting
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Indeterminacy in a log-linearized neoclassical rowth model with quasi-geometric discounting
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This paper studies the properties of solutions to a log-linearized version of the neoclassical growth model with quasi-geometric discounting. We show that after the log-linearization, the model has indeterminacy and multiplicity of equilibria even though the original non-linear model has a unique interior solution. Specifically, in both the deterministic and stochastic cases, the log-linearized model has a continuum of steady states. In the deterministic case, there is a unique log-linear policy function leading to each steady state, while in the stochastic case, there is a continuum of log-linear policy functions, associated with each steady state. Hence, the standard log-linearization method cannot be applied for solving models with quasi-geometric discounting
indeterminacy in a log-linearized neoclassical rowth model with quasi-geometric discounting (Equipo)
Maliar, Serguei
Vínculo
indeterminacy in a log-linearized neoclassical rowth model with quasi-geometric discounting (Responsables)
Maliar, Lilia
indeterminacy in a log-linearized neoclassical rowth model with quasi-geometric discounting (documentos)
Working papers = Documentos de trabajo: Serie AD, Nº. 13, 200320 pags.
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