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1 results

  • LONG-RUN OPTIMAL BEHAVIOR IN A TWO-SECTOR ROBINSON–SOLOW–SRINIVASAN MODEL

  • M. Ali Khan, Tapan Mitra
  • Journal:
    Macroeconomic Dynamics / Volume 16 / Issue S1 / April 2012
    Published online by Cambridge University Press:
    05 December 2011, pp. 70-85

  • This paper studies the nature of long-run behavior in a two-sector model of optimal growth. Under some restrictions on the parameters of the model, we provide an explicit solution of the optimal policy function generated by the optimal growth model. Fixing the discount factor, we indicate how long-run optimal dynamics changes as a key technological parameter (labor output ratio) changes. For a particular configuration of parameter values, we also provide an explicit solution of the unique absolutely continuous invariant ergodic distribution generated by the optimal policy function.