Multidimensional transitional dynamics: A simple numerical procedure

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Trimborn, T.; Koch, K.-J.; Steger, T.M.: Multidimensional transitional dynamics: A simple numerical procedure. In: Macroeconomic Dynamics 12 (2008), Nr. 3, S. 301-319. DOI: https://doi.org/10.1017/S1365100507070034

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Sum total of downloads: 211




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Abstract: 
We propose the relaxation algorithm as a simple and powerful method for determining the transition process in growth models numerically. This method has a number of important advantages: (1) It can easily deal with a wide range of dynamic systems including stiff differential equations and systems giving rise to a continuum of stationary equilibria. (2) The application of the procedure is fairly user-friendly. The only input required consists of the dynamic system. (3) The variant of the relaxation algorithm we propose exploits in a natural manner the infinite time horizon, which usually underlies optimal control problems in economics. As an illustrative application, we compute the transition process of the models of Jones [Jones, C.I. (1995) R&D-based models of economic growth. Journal of Political Economy 103 (3), 759784] and Lucas [Lucas, R.E., Jr. (1988) On the mechanics of economic development. Journal of Monetary Economics 22, 342]. © 2008 Cambridge University Press.
License of this version: Es gilt deutsches Urheberrecht. Das Dokument darf zum eigenen Gebrauch kostenfrei genutzt, aber nicht im Internet bereitgestellt oder an Außenstehende weitergegeben werden. Dieser Beitrag ist aufgrund einer (DFG-geförderten) Allianz- bzw. Nationallizenz frei zugänglich.
Document Type: article
Publishing status: publishedVersion
Issue Date: 2008
Appears in Collections:Wirtschaftswissenschaftliche Fakultät

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pos. country downloads
total perc.
1 image of flag of Germany Germany 73 34.60%
2 image of flag of United States United States 31 14.69%
3 image of flag of France France 11 5.21%
4 image of flag of Japan Japan 9 4.27%
5 image of flag of Italy Italy 9 4.27%
6 image of flag of Poland Poland 8 3.79%
7 image of flag of United Kingdom United Kingdom 8 3.79%
8 image of flag of Mexico Mexico 6 2.84%
9 image of flag of China China 6 2.84%
10 image of flag of Turkey Turkey 4 1.90%
    other countries 46 21.80%

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