| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5008 |
| DP5008 Shock Identification of Macroeconomic Forecasts Based on Daily Panels | |
| Andreas Fischer; Marlene Amstad | |
| 发表日期 | 2005-04-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | If capital is an essential input, the neoclassical growth model has a steady state with zero capital. From this, one is inclined to conclude that an economy starting without capital can never grow. We challenge this view and claim that, if the production function satisfies the Inada conditions, a take-off is possible even though the initial capital stock is zero and capital is essential. Since the marginal product of capital is initially infinite, the ?trivial? steady state becomes so unstable that the solution to the equation of motion involves the possibility of a take-off, even without capital. When it happens, the take-off is spontaneous; there is no causality. |
| 主题 | Industrial Organization |
| 关键词 | Capital accumulation Industrializtion Neoclassical growth model |
| URL | https://cepr.org/publications/dp5008 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533906 |
| 推荐引用方式 GB/T 7714 | Andreas Fischer,Marlene Amstad. DP5008 Shock Identification of Macroeconomic Forecasts Based on Daily Panels. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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