Description Usage Arguments Value Author(s) Examples
View source: R/growth_models_steady_states.R
This function computes steady state income, capital and human capital per worker given relevant parameters according to the MRW model.
1 2 | MRW_steady_state(n = 0.01, g = 0.01, alpha = 0.33, beta = 0.33,
sk = 0.01, sh = 0.01, delta = 0.01, gamma = 0)
|
n |
is population growth rate. Defaults to .01. |
g |
is the technological growth rate. Defaults to .01. |
alpha |
is capital-output elasticity. Defaults to .33 as estimated by Mankiw, Romer and Weil. |
beta |
is the human capital-output elasciticy. Defatults to .33 as estimated by Mankiw, Romer and Weil. |
sk |
is the savings rate devoted to physical capital. Defaults to .01. |
sh |
is the savings rate devoted to human capital. Defaults to 0.1. |
delta |
is the physical capital stock's depreciation rate. Defaults to .01. |
gamma |
is the human capital stock's depreciation rate. Defaults to 0. |
List with steady state capital, human capital and income per capita
Pedro Cavalcante Oliveira, Department of Economics, Fluminense Federal University
1 | MRW_steady_state(gamma = .005)
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