6533b828fe1ef96bd12882e0

RESEARCH PRODUCT

Production technologies in stochastic continuous time models

Klaus WäldeKlaus Wälde

subject

Large classEconomics and EconometricsControl and OptimizationQualitative analysisApplied MathematicsJump diffusionEconomicsDynamic stochastic general equilibriumProduction (economics)Applied mathematicsClosed-form expression

description

Abstract Properties of dynamic stochastic general equilibrium models can be revealed by either using numerical solutions or qualitative analysis. Very precise and intuition-building results are obtained by working with models which provide closed-form solutions. Closed-form solutions are known for a large class of models some of which, however, have some undesirable features such as potentially negative output. This paper offers closed-form solutions for models which are just as tractable but do not suffer from these shortcomings.

yearjournalcountryeditionlanguage
2011-04-01Journal of Economic Dynamics and Control
https://doi.org/10.1016/j.jedc.2010.10.005