全球智库信息集成服务系统(G2TT): The Time Path of the Saving Rate: Hyperbolic Discounting and Short-Term Planning

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	The Time Path of the Saving Rate: Hyperbolic Discounting and Short-Term Planning
	Y. Hossein Farzin; Ronald Wendner
发表日期	2014
出处	Climate Change and Sustainable Development
出版年	2014
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 paths of most countries’ saving rates exhibit a statistically significant hump-shaped pattern. Prior literature shows that CES production may imply a hump-shaped pattern of the saving rate (Goméz, 2008). However, the implied magnitude of the hump falls short of what is seen in empirical data. We introduce two non-standard features of preferences into a neoclassical growth model with CES production: hyperbolic discounting and short planning horizons. We show that, in contrast to the commonly accepted argument, in general (except for the special case of logarithmic utility) a model with hyperbolic discounting is not observationally equivalent to one with exponential discounting. We also show that our framework implies a hump-shaped saving rate dynamics that is consistent with empirical evidence. Hyperbolic discounting turns out to be a major factor explaining the magnitude of the hump of the saving rate path. Numerical simulations employing a generalized class of hyperbolic discount functions, which we term regular discount functions, support the results.
特色分类	D91;E21;O40
关键词	Saving Rate Dynamics Non-Monotonic Transition Path Hyperbolic Discounting Regular Discounting Short-Term Planning Neoclassical Growth Model
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-time-path-of-the-saving-rate-hyperbolic-discounting-and-short-term-planning/
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/118311
推荐引用方式 GB/T 7714	Y. Hossein Farzin,Ronald Wendner. The Time Path of the Saving Rate: Hyperbolic Discounting and Short-Term Planning. 2014.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
2014781033411Nota_di（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
2014781033524NDL2014（1581KB）	智库出版物		限制开放	CC BY-NC-SA	浏览