Summary |
The primary purpose of bringing out the book Economic Growth Models is to present a clear, straightforward, and current account of the main models of the growth theory, which have become standard tools for policy design and evaluation at central banks and governments around the world. An attempt has been made to keep the student’s perspective constantly in mind and to make the explanations both intuitively appealing and rigorous.
The book presents a detailed discussion of theoretical issues involved in deterministic and stochastic, exogenous and endogenous growth models. A detailed description of the analytical and numerical approach for solving each of the different models covered in this book has been provided so that they can be used as reference for forecasting purposes.
The book presents the structure of the model first, and thereafter the equilibrium conditions are analytically characterised. Equilibrium conditions are interpreted in detail, with special emphasis on the role of the transversality condition in guaranteeing the stability of the implied solution. For the benefit of the reader, most models have been presented and analysed in continuous as well as in discrete timeframe.
|
