A Note on the Global Stability of a Simple Growth Model with Many Capital Goods

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dc.contributor.authorBurmeister, Edwin
dc.contributor.authorDobell, Rod
dc.contributor.authorKuga, Kyoshi
dc.date.accessioned2010-11-30T19:33:24Z
dc.date.available2010-11-30T19:33:24Z
dc.date.copyright1968en
dc.date.issued1968-11
dc.description(c) 1968 by M.I.T. Press: http://www.mitpressjournals.org/loi/qjecen
dc.description.abstractThis article analyzes the global stability growth model which has more than one capital good. Growth models with many assets represent an obvious advance beyond the simple one-sector model involving only a single real capital good, and permit discussion of portfolio choice, capital market trading conditions and other important features of a general equilibrium system. One of the particularly interesting features of such models is the emergence of certain dynamic efficiency conditions, or capital market equilibrium conditions, when auxiliary variables interpreted as shadow prices of assets are introduced. These efficiency conditions, however, involve capital gains terms in a crucial way and the behavior of asset prices may often be such that undue attention to expectations of capital gains can create unstable development.en
dc.identifier.citationBurmeister, Edwin, Rodney Dobell, and Kiyoshi Kuga. "A Note on the Global Stability of a Simple Growth Model with Many Capital Goods." The Quarterly Journal of Economics 82.4 (1968): pp. 657-665.en
dc.identifier.issn0033-5533
dc.identifier.urihttp://hdl.handle.net/1828/3141
dc.language.isoenen
dc.publisherM.I.T. Pressen
dc.subjectasset pricingen
dc.subjectdual stabilityen
dc.subjectoptimizationen
dc.subjectcomplex systemsen
dc.subjectglobal stabilityen
dc.subjecteconomic growth modelsen
dc.titleA Note on the Global Stability of a Simple Growth Model with Many Capital Goodsen
dc.typeArticleen

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