Uncertainty, learning and growth

Ragchaasuren Galindev

doi:10.1111/j.1467-9957.2008.01075.x

Uncertainty, learning and growth

Ragchaasuren Galindev

Research output: Contribution to journal › Article › peer-review

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 language	English
Pages (from-to)	539-548
Number of pages	10
Journal	Manchester School
Volume	76
Issue number	5
Early online date	18 Aug 2008
DOIs	https://doi.org/10.1111/j.1467-9957.2008.01075.x
Publication status	Published - Sept 2008

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AB - 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.

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Uncertainty, learning and growth

Abstract

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