On the invariance of the rate of return to convex adjustment costs:
The Modified Golden Rule, which relates the rate of return on capital and the growth rate of the capital stock along long-run growth paths that maximize the utility of a representative infinitely-lived consumer, is invariant to the introduction of convex capital adjustment costs. Therefore, along ba...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, MA
National Bureau of Economic Research
2001
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| Schriftenreihe: | NBER working paper series
8649 |
| Schlagwörter: | |
| Links: | http://papers.nber.org/papers/w8649.pdf |
| Zusammenfassung: | The Modified Golden Rule, which relates the rate of return on capital and the growth rate of the capital stock along long-run growth paths that maximize the utility of a representative infinitely-lived consumer, is invariant to the introduction of convex capital adjustment costs. Therefore, along balanced growth paths in neoclassical optimal growth models with an exogenous long-run growth rate of capital, the rate of return is invariant to the introduction of convex adjustment costs, though the capital-labor ratio is reduced along such paths. In AK models, convex adjustment costs reduce the growth rate and rate of return on capital. |
| Umfang: | 19 S. graph. Darst. |
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| 650 | 4 | |a Wirtschaftsentwicklung | |
| 650 | 4 | |a Capital costs | |
| 650 | 4 | |a Capital investments | |
| 650 | 4 | |a Economic development | |
| 650 | 4 | |a Rate of return | |
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| id | DE-604.BV014127701 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T10:59:45Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009682288 |
| oclc_num | 48690094 |
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| physical | 19 S. graph. Darst. |
| publishDate | 2001 |
| publishDateSearch | 2001 |
| publishDateSort | 2001 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | NBER working paper series |
| series2 | NBER working paper series |
| spelling | Abel, Andrew B. Verfasser aut On the invariance of the rate of return to convex adjustment costs Andrew B. Abel Cambridge, MA National Bureau of Economic Research 2001 19 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 8649 The Modified Golden Rule, which relates the rate of return on capital and the growth rate of the capital stock along long-run growth paths that maximize the utility of a representative infinitely-lived consumer, is invariant to the introduction of convex capital adjustment costs. Therefore, along balanced growth paths in neoclassical optimal growth models with an exogenous long-run growth rate of capital, the rate of return is invariant to the introduction of convex adjustment costs, though the capital-labor ratio is reduced along such paths. In AK models, convex adjustment costs reduce the growth rate and rate of return on capital. Wirtschaftsentwicklung Capital costs Capital investments Economic development Rate of return Erscheint auch als Online-Ausgabe NBER working paper series 8649 (DE-604)BV002801238 8649 http://papers.nber.org/papers/w8649.pdf kostenfrei Volltext |
| spellingShingle | Abel, Andrew B. On the invariance of the rate of return to convex adjustment costs NBER working paper series Wirtschaftsentwicklung Capital costs Capital investments Economic development Rate of return |
| title | On the invariance of the rate of return to convex adjustment costs |
| title_auth | On the invariance of the rate of return to convex adjustment costs |
| title_exact_search | On the invariance of the rate of return to convex adjustment costs |
| title_full | On the invariance of the rate of return to convex adjustment costs Andrew B. Abel |
| title_fullStr | On the invariance of the rate of return to convex adjustment costs Andrew B. Abel |
| title_full_unstemmed | On the invariance of the rate of return to convex adjustment costs Andrew B. Abel |
| title_short | On the invariance of the rate of return to convex adjustment costs |
| title_sort | on the invariance of the rate of return to convex adjustment costs |
| topic | Wirtschaftsentwicklung Capital costs Capital investments Economic development Rate of return |
| topic_facet | Wirtschaftsentwicklung Capital costs Capital investments Economic development Rate of return |
| url | http://papers.nber.org/papers/w8649.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT abelandrewb ontheinvarianceoftherateofreturntoconvexadjustmentcosts |