romer, david (2006) advanced macroeconomics
TRANSCRIPT
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L
ULATION
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FULL CAPITAL ACCUMULATION:
k n k g
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=ALk, thereforegrows at rate
+g)
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Starts and ends at dk(t)/dt=0
slowly increases to newk=k*(new)
initial vertical jump,
expodential decay to
initial balanced growth
path Y/L --> g
Output/worker
permanently increased,
but same growth rate,
hence same slope to
initial growth path
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when MPk*>n+g
+d, then dc*/ds is
ncreasing.
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via "implicit"
differentiation
elasticity of output wrt k, where
k=k*
f'(k*)= dy*/dk*
f(k*) = y*,
therefore:
k*/y* x dy*/dk*
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second derivative:
elasticity of output
wrt k, evaluated at
k*
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ONCLUSION
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ong
vergence
ult.
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