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OLG model slides
Автор: David Jinkins
Загружено: 2020-02-22
Просмотров: 18860
Описание:
I said something which wasn't true on the slide about Golden Rule Capital Stock at time 1:05 or so. First of all, set g=0, which makes things simpler. We know in steady state K_{t+1} = (1 + n) K_t. Thus total savings by workers have to be (1 + n) K_t. Total consumption is therefore F(K_t,A_t L_t) + K_t - (1 + n) K_t. Why add K_t? It's because the old consume the entire capital stock at time t. Simplifying and putting in intensive form, we get f(k) - nk, which is the first equation on the slide (when g=0).
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