Chapter 7 An Explicit Nonstationary Stochastic Growth Model

Economic Growth and Development

ISBN: 978-1-78052-396-5, eISBN: 978-1-78052-397-2

ISSN: 1574-8715

Publication date: 1 November 2011


In particular, we study how much the outcoming (e.g., German empirical data adjusted) economy values are affected by changes of the involved economically meaningful parameters. Furthermore, we obtain realistically low savings rates, as well as a reasonably fast speed of recovery in situations where the abovementioned model economy is suddenly and considerably disturbed by a “crash” (macroeconomic disaster).



Feicht, R. and Stummer, W. (2011), "Chapter 7 An Explicit Nonstationary Stochastic Growth Model", de La Grandville, O. (Ed.) Economic Growth and Development (Frontiers of Economics and Globalization, Vol. 11), Emerald Group Publishing Limited, Bingley, pp. 141-202.



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