Multidimensional transitional dynamics: A simple numerical procedure

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dc.identifier.uri Trimborn, Timo Koch, Karl-Josef Steger, Thomas M. 2018-01-29T13:54:08Z 2018-01-29T13:54:08Z 2008
dc.identifier.citation 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:
dc.description.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. eng
dc.language.iso eng
dc.publisher Cambridge : Cambridge University Press
dc.relation.ispartofseries Macroeconomic Dynamics 12 (2008), Nr. 3
dc.rights 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.
dc.subject Continuous time growth models eng
dc.subject Multidimensional stable manifolds eng
dc.subject Saddle-point problems eng
dc.subject Transitional dynamics eng
dc.subject.ddc 330 | Wirtschaft ger
dc.title Multidimensional transitional dynamics: A simple numerical procedure
dc.type article
dc.type Text
dc.relation.issn 1365-1005
dc.bibliographicCitation.issue 3
dc.bibliographicCitation.volume 12
dc.bibliographicCitation.firstPage 301
dc.bibliographicCitation.lastPage 319
dc.description.version publishedVersion
tib.accessRights frei zug�nglich

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