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Cyclically Balanced Growth Paths in a Model of Economic Growth with Endogenous Policy Switching
NRU Higher School of Economics
,
2015.
No. 109/EC/2015.
This paper deals with a model of economic growth, which we expand to include endogenous policy switching based on retrospective voting. It is shown that under certain conditions the solution has a special form that we call a cyclically balanced growth path. This type of solution is an analogue to balanced growth paths, which often occur in growth models with constant policies. Cyclically balanced growth paths are investigated analytically, and the growth rate over the cycle has been found. Results of numerical experiments are also provided and possible empirical applications of the model are outlined
Research target:
Mathematics
Political Science, International Relations, and Public Administration
Economics and Management
Language:
English
Keywords: демократияэкономический ростэффективностьдифференциальные уравненияeconomic growthefficiencydemocracyautocracyдинамическая модельавтократияdifferential equationsполитическое пространствоpublic capitalpolicy spaceпубличный капиталretrospective votingретроспективное голосованиеdymanical modelgrowth path
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