On Endogenous Growth Under Uncertainty

Abstract

This paper incorporates uncertainty in two distinct models of endogenous growth. In both models the representative agent is uncertain about the productivity of knowledge creation, as represented by a probability measure over the relevant parameter. The main purpose of this paper is to analyze the effects of risk or volatility in productivity of knowledge creation on the decision variables and the expected long‐run growth rate. Both the first and the second models may explain part of the observed negative link between volatility and growth.

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