The miniature two-sector model of optimal growth: The neglected case of a capital-intensive investment-good sector
The miniature two-sector model of optimal growth: The neglected case of a capital-intensive investment-good sector
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最优增长的微型两部门模型：资本密集型投资品部门被忽视的案例
DOI：
10.1016/j.jebo.2020.11.007
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发表时间：
2021
影响因子：
2.2
通讯作者：
Khan M. Ali
中科院分区：
文献类型：
--
作者：
Fujio Minako;Lei Yan;Deng Liuchun;Khan M. Ali
本文考虑了离散时间最优经济增长的两部门Robinson-Shinkai-Leontief(RSL)模型中被忽视的资本密集型投资利好部门的情形。我们发现，在折扣和非折扣情况下，最优策略出奇地简单和一致。温特和壳牌最先提出的“直通收费公路”政策，在整个最佳转型过程中都会导致失业或资本供应过剩。将我们的分析推广到流动资金的情形，找到了具有相同性质的最优政策。我们还简要指出了将其应用于主题关注的可能性。
This paper considers the neglected case of a capital-intensive investment-good sector in the two-sector Robinson-Shinkai-Leontief (RSL) model of discrete-time optimal economic growth. We find the optimal policy to be surprisingly simple and uniform between the discounted and undiscounted cases. The “straight-down-the-turnpike” policy, first identified by Winter and Shell, entails unemployment or excess supply of capital throughout the optimal transition dynamics. We extend our analysis to the case of circulating capital and find the optimal policy to have the same property. We also briefly indicate possibilities for application to topical concerns.