全球智库信息集成服务系统(G2TT): Saving Rate Dynamics in the Neoclassical Growth Model – Hyperbolic Discounting and Observational Equivalence

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Saving Rate Dynamics in the Neoclassical Growth Model – Hyperbolic Discounting and Observational Equivalence
	Hossein Farzin; Ronald Wendner
发表日期	2013
出处	Climate Change and Sustainable Development
出版年	2013
语种	英语
摘要	The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country’s saving rate exhibits a rising or non-monotonic pattern. In important cases, hyperbolic discounting, which is empirically strongly supported, implies transitional dynamics of the saving rate that accords well with empirical evidence. This holds true even in a growth model with Cobb-Douglas production technology. We also identify the cases where hyperbolic discounting is observationally equivalent to exponential discounting. In those cases, hyperbolic discounting does not affect the saving rate dynamics. Numerical simulations employing a generalized class of hyperbolic discounting functions that we term regular discounting functions support the results.
特色分类	D91;E21;O40
关键词	Saving Rate Non-Monotonic Transition Path Hyperbolic Discounting Regular Discounting Commitment Short Planning Horizon Neoclassical Growth Model
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/saving-rate-dynamics-in-the-neoclassical-growth-model-hyperbolic-discounting-and-observational-equivalence/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/118180
推荐引用方式 GB/T 7714	Hossein Farzin,Ronald Wendner. Saving Rate Dynamics in the Neoclassical Growth Model – Hyperbolic Discounting and Observational Equivalence. 2013.

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文件名称/大小	资源类型	版本类型	开放类型	使用许可
201357161221Nota_di_（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
201357161414NDL2013-（2069KB）	智库出版物		限制开放	CC BY-NC-SA	浏览