dc.identifier.uri |
http://dx.doi.org/10.15488/2687 |
|
dc.identifier.uri |
http://www.repo.uni-hannover.de/handle/123456789/2713 |
|
dc.contributor.author |
Trimborn, Timo
|
|
dc.contributor.author |
Koch, Karl-Josef
|
|
dc.contributor.author |
Steger, Thomas M.
|
|
dc.date.accessioned |
2018-01-29T13:54:08Z |
|
dc.date.available |
2018-01-29T13:54:08Z |
|
dc.date.issued |
2008 |
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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: https://doi.org/10.1017/S1365100507070034 |
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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 |
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dc.publisher |
Cambridge : Cambridge University Press |
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dc.relation.ispartofseries |
Macroeconomic Dynamics 12 (2008), Nr. 3 |
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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. |
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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 |
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dc.type |
Text |
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dc.relation.issn |
1365-1005 |
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dc.relation.doi |
https://doi.org/10.1017/S1365100507070034 |
|
dc.bibliographicCitation.issue |
3 |
|
dc.bibliographicCitation.volume |
12 |
|
dc.bibliographicCitation.firstPage |
301 |
|
dc.bibliographicCitation.lastPage |
319 |
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dc.description.version |
publishedVersion |
|
tib.accessRights |
frei zug�nglich |
|