高宏課件chapter1solowgrowthmodel(編輯修改稿)
2024-11-12 06:24 本頁面
【文章內(nèi)容簡介】 cal progress takes labor augmenting, Kaldor form. Y depends on K and effective labor, ? L? = Lφ(t) Y = F(K, L? ). About A ? If technical change takes place at constant rate x ≥ 0, L?= L exp(xt), ? L? grows at rate n + x. ? Technology might instead augment K (Solow) or F(K, L) overall (Hicks). If production function is CobbDouglas, the three forms are indistinguishable. Model Structure ? Standard model has laboraugmenting technical change at constant rate, x. ? CRS property (with λ = 1/L? ) implies ? Y/L? = F[K/L? , 1]. ? Define y? ≡ Y/L? , k? ≡ K/L? . ? Then y? = f( k? ). Price of K,L ? Output per unit of effective labor depends only on capital per unit of effective labor. ? Can show: ? ?Y/? K = f ′( k? ), ? ? Y/? L = [f( k? ) – k? f ′( k? )]exp(xt). 3 Solow equation ? Change in capital stock is dK/dt = I – δK, where I is gross investment. ? Assume closed economy, so that I = S (gross saving). Let s be gross saving rate, ratio of S to gross ine or GDP, Y. ? Then dK/dt = sY – δK. Behavior of k ? Convenient to
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