新古典增长模型的一个任意精确全局闭式近似

摘要

I consider a neoclassical growth model with a constant absolute risk aversion (CARA) utility function and derive a global closed form approximation that is arbitrarily precise as the discount rate ρ is close to the population growth rate n . I use it to show that the consumption function is strictly concave and that countries can have two different paths converging to the steady-state: front-loading and back-loading.