SIMULATING THE ECONOMIC GROWTH IN IRAN USING UZAWA-LUCAS MODEL WITH DYNAMIC OPTIMAL CONTROL

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POURKAZEMI MOHAMMAD HOSSEIN; LOTFI AHMAD

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Journal: Journal of Quantitative Economics Year:2011 | Volume:8 | Issue:1 (28) Page(s): 147-172

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Title

SIMULATING THE ECONOMIC GROWTH IN IRAN USING UZAWA-LUCAS MODEL WITH DYNAMIC OPTIMAL CONTROL

Author(s)

POURKAZEMI MOHAMMAD HOSSEIN | LOTFI AHMAD | Issue Writer Certificate

Keywords

UZAWA-LUCAS MODELQ2

HUMAN CAPITALQ2

PONTRYAGIN' S MAXIMUM PRINCLIPLEQ2

BALANCED GROWTH PATHQ2

SIMULATING THE ECONOMIC GROWTH IN IRANQ2

Abstract

The present paper describes the Uzawa (1965)–Lucas (1988) type two-sector model of endogenous growth, in which morover goods and services sector emphasizes also the production of HUMAN CAPITAL, as well as simulates the time paths of macro variables assuming that the Iranian economy behaves under the hypothesis of denoted model. Therefore it's practiced on dynamic optimization and solving the control problem of maximization the present value of representative agent’s flow of future utility (due consumption) in infinite horizon subject to constraints in physical and human formation using the pontryagain's maximum princliple.Then, for the differential equations system obtained, the dynamics, the existence and determinacy of the steady state, analyzing also the BALANCED GROWTH PATHs are studied in two cases parametric and numeric with estimated values for Iranian economy. By using Iranian economy available data in period 1974-2007 various coefficients have been estimated and time paths of GDP and other variables simulated. The results of this study indicate that on the BALANCED GROWTH PATH the real GDP annual growth rate in Iran is about 4.7%. Furthermore, an increase in technological parameter for education sector and output elasticity with respect to HUMAN CAPITAL can makes increase in this rate of growth and economy moves to the higher BALANCED GROWTH PATH so that this subject confirms the role and importance of HUMAN CAPITAL in economic growth.

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APA: Copy

POURKAZEMI, MOHAMMAD HOSSEIN, & LOTFI, AHMAD. (2011). SIMULATING THE ECONOMIC GROWTH IN IRAN USING UZAWA-LUCAS MODEL WITH DYNAMIC OPTIMAL CONTROL. JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW), 8(1 (28)), 147-172. SID. https://sid.ir/paper/110792/en

Vancouver: Copy

POURKAZEMI MOHAMMAD HOSSEIN, LOTFI AHMAD. SIMULATING THE ECONOMIC GROWTH IN IRAN USING UZAWA-LUCAS MODEL WITH DYNAMIC OPTIMAL CONTROL. JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW)[Internet]. 2011;8(1 (28)):147-172. Available from: https://sid.ir/paper/110792/en

IEEE: Copy

MOHAMMAD HOSSEIN POURKAZEMI, and AHMAD LOTFI, “SIMULATING THE ECONOMIC GROWTH IN IRAN USING UZAWA-LUCAS MODEL WITH DYNAMIC OPTIMAL CONTROL,” JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW), vol. 8, no. 1 (28), pp. 147–172, 2011, [Online]. Available: https://sid.ir/paper/110792/en

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