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Economic Growth Modeling Under Government Policy Uncertainty

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  • ELVIRA NAVAL

    (Institute of Mathematics and Computer Sciences)

Abstract

In this paper a stochastic approach to the economic growth modeling, influenced by government expenditure, is proposed. Economic growth optimal control problem formulation in a stochastic form is concerned. Equilibrium growth rate was obtained using the stochastic maximum principle following new approach to the optimal control stochastic problem solution, in which the stochastic dynamic programming formulation takes the form of the maximum principle. This approach was applied to the solution of the stochastic optimal growth problem of how government policy, especially as far as corruption is concerned, influences economic growth

Suggested Citation

  • Elvira Naval, 2018. "Economic Growth Modeling Under Government Policy Uncertainty," THE YEARBOOK OF THE "GH. ZANE" INSTITUTE OF ECONOMIC RESEARCHES, Gheorghe Zane Institute for Economic and Social Research ( from THE ROMANIAN ACADEMY, JASSY BRANCH), vol. 27(1), pages 91-96.
    • Handle: RePEc:zan:ygzier:v:27:y:2018:i:1:p:91-96
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    References listed on IDEAS

    as
    1. Paolo Mauro, 1995. "Corruption and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(3), pages 681-712.
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