A generalization of Ramsey rule on discount rate with regime switching

I generalize the following rule of Ramsey (1928) on the discount rate with regime switching: the discount rate is the sum of the rate of pure time preference and the product of the consumption elasticity of marginal utility and the consumption growth rate. The Ramsey rule can be extended to regime-d...

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Bibliographic Details
Main Author: Seyoung Park
Format: Default Article
Published: 2018
Subjects:
Online Access:https://hdl.handle.net/2134/33773
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