, , , 2012

.

,
.

.
, ,
.
,
, .

. ,
. ,
.
,
.
,
.

. ()
,
.
, .1

.

,
, ,
. ,
, .
1

, . Alogoskoufis (1995).

 , , , 2012

. 8

, ,
. , .
, ,
.
, ,
.

8.1
i t ,

Yi (t) = AK i (t) (h(t)Li (t))1 , 0<<1

(8.1)

, Y , K , L , h
. .
Arrow (1962),
.
,

K(t)
h(t) =
,
L(t)

0 < 1

(8.2)

K L .
(8.2) (8.1), ,
.

Y (t) = A(K(t)) + (1 ) (L(t))1( + (1 ))

(8.3)

(8.3) ,

y(t) = A(k(t)) + (1 )

(8.4)

y=Y/L k=K/L.
, =1,
. =1, (8.3)
,

Y (t) = AK(t)

(8.5)

(8.4), ,
2

 , , , 2012

. 8

y(t) = Ak(t)

(8.6)

,
g+n ,
.
, ,

g + n = Y (t) / Y (t) = K (t) / K(t) = (I(t) / K(t)) = A(I(t) / Y (t))

(8.7)

I , g ,
n .
,
.

8.2

.
i ,

I (t)
Yi (t) w(t)Li (t) 1 + i I i (t)
2 K i (t)

(8.8)

w
.

I (t)
i .
K i (t)

,

I (s)
e r(s t ) Yi (s) w(s)Li (s) 1 + i I i (s) ds
s =t

2 K i (s)

(8.9)

K i (s) = I i (s) K i (s)

(8.10)

r .
3

 , , , 2012

. 8

K (t)
w(t) = (1 )A i h(t)1
L (t)

(8.11)

K (t)

I i (t)
i
qi (t) = 1 +
= 1+
+
K i (t)
K i (t)

(8.12)

K i (t)
q i (t)
K i (t)
1
r +
qi (t) = A
h(t) +
+
qi (t)
2 K i (t)
Li (t)

(8.13)

q .
(8.11),
.
, -.
(8.12),
. ()
.
(8.13), ( )
( ).
. ( ),
( ),

.
(
), q ( (8.12)), (8.13)
r .

K
(8.13), q=1, , r = A it
L

ht1

it

8.3
(8.11) (8.13) ,
(8.2) (8.6), .

 , , , 2012

. 8

K(t)
w(t) = (1 )A
= (1 )Ak(t) = (1 )y(t)
L(t)

(8.14)

K (t)

q(t) = 1 +
+ = 1 + (g + n + )
K(t)

(8.15)

q(t)
K (t)

2
r * +
q(t) = A +
+ = A + (g + n + )
q(t)
2 K(t)
2

(8.16)

(8.16) ,
() r*.
(8.15) (8.16) q
g.
() , q
. 8.1.
(8.15) . (8.16) ,
,
. E.
.
(8.16)
. ,
(.
8.2).
(8.16) ,
(. 8.3).

, .
, (8.15) (8.16) ,
_

( r * + )(1+ (g + n + )) = A+ ( g + n + )2

(8.17)

H (8.17) g+n
r*, .
, g+n<r* , ,
(transversality condition)
.
,

 , , , 2012
_
2
g = r * n (r*)2 A (r * + )(1+ ) 2

. 8

(8.18)

, 2 ,

, .

.
,
.
, .
,
,
.
(8.18)

.

8.4 ,
,
;
.
(
Blanchard-Weil).
,

c(t) = r * g c(t) n q(t)A 1 + b(t) + f (t)

(8.19)

c ,
, n (
), 1/A
, b , f
. q/A+b
+f . ,
( ),

.

.

 , , , 2012

. 8

f (t) = 1 + r * g n f (t) c(t) cg (t) ( g + n + ) A 1

(8.20)

cg .
(8.18) .
( , )
(). ,
,
. , ,
.
(8.5),

K(t) / Y (t) = A 1

(8.21)

, ,

b(t) = r * g n b(t) + cg (t) (t)

(8.22)

() .

,
.
(8.22) ,
_

cg
b= *
r gn
_

(8.23)

b cg
.
(8.23) (8.19) (8.20) ,

c(t) = r * g c(t) n qt A 1 + b + f (t)

f (t) = 1 + r * g n f (t) c(t) c g ( g + n + ) A 1

(8.24)

(8.25)

(8.24) (8.25)
,
.
8.4.
7

 , , , 2012

. 8

8.4 r*-g >.

, c = 0 f = 0 .

.
, .

.

,
.
,
, .


. ,
,

(. 8.5).
8.6 .
,
,
, .
8.7
, .
. ,
,
.
,
,
. ,
, .

,

. .
,
(.
8.4). , ,
. ,
,
8

 , , , 2012

. 8

.
. ,

, .

, .

 , , , 2012

. 8

8.1

qE

gE

r*

10

 , , , 2012

. 8

8.2

qE

qE'

E'

gE'

gE

r*

r*'

11

 , , , 2012

. 8

8.3

E'

qE'

qE

gE

gE'

r*

12

 , , , 2012

. 8

8.4

c=0

f=0

cE

fE

13

 , , , 2012

. 8

8.5

c=0

cE'

E'
f=0

cE

fE

fE'

14

 , , , 2012

. 8

8.6

c
c=0

cE

E'

fE'

f=0

cE'

fE

15

 , , , 2012

. 8

8.7
,

c=0

f=0
c0
cE

E'

fE'

cE'

fE

16

 , , , 2012

. 8

8.8

c
c=0
f=0

cE
c0

E'

fE'

cE'

fE

17

 , , , 2012

. 8

Alogoskoufis G. (1995), The Two Faces of Janus: Institutions, Policy Regimes and
Macroeconomic Performance in Greece, Economic Policy, 20, pp.147-192.
Arrow K.J. (1962), The Economic Implications of Learning by Doing, Review of Economic
Studies, 29, pp. 155-173.
Blanchard O.J. (1985), Debts, Deficits and Finite Horizons, Journal of Political Economy, 93, pp.
223-247.
Obstfeld M. and Rogoff K. (1996), Foundations of International Macroeconomics, Cambridge
Mass., MIT Press.
Romer Paul (1986), Increasing Returns and Long Run Growth, Journal of Political Economy, 94,
pp. 1002-1037.
Weil P. (1989), Overlapping Families of Infinitely-Lived Agents, Journal of Public Economics,
38, pp. 183-198.

18