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- W41661525 abstract "This chapter is devoted to a simple modeling of the growth of the world economy. To this end a log-linear, CD version of Diamond’s (American Economic Review, 55, 1126–1150, 1965) neoclassical growth model is used as basic overlapping generations (OLG) growth model. This is then extended across several further dimensions in the following chapters. As a simple but complete intertemporal general equilibrium model it comprises the optimization problems of agents (younger and older households as well as firms) and the market clearing conditions for each model period. The fundamental equation of motion of the efficiency-weighted capital intensity is derived from the first-order conditions for household’s utility and firm’s profit maximization and from labor and capital market clearing conditions. The “golden rule” of capital accumulation ensures that consumption per efficiency capita is maximized over the long run." @default.
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- W41661525 date "2012-11-23" @default.
- W41661525 modified "2023-09-25" @default.
- W41661525 title "Modeling the Growth of the World Economy: The Basic Overlapping Generations Model" @default.
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- W41661525 doi "https://doi.org/10.1007/978-3-642-33669-0_2" @default.
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