Uncertainty, learning and growth

Ragchaasuren Galindev

Research output: Contribution to journalArticle

Abstract

The paper extends Blackburn and Galindev's (Economics Letters, Vol. 79 (2003), pp. 417-421) stochastic growth model in which productivity growth entails both external and internal learning behaviour with a constant relative risk aversion utility function and productivity shocks. Consequently, the relationship between long-term growth and short-term volatility depends not only on the relative importance of each learning mechanism but also on a parameter measuring individuals' attitude towards risk.
Original languageEnglish
Pages (from-to)539-548
Number of pages10
JournalManchester School
Volume76
Issue number5
Early online date18 Aug 2008
DOIs
Publication statusPublished - Sep 2008

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