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THE ANALYSIS OF PERIODIC PROCESSES OF ECONOMIC GROWTH ON THE BASIS OF MODEL OF SENSITIVITY (Analiz periodychnykh protsesiv ekonomichnoho zrostannia na osnovi modeli chutlyvosti)

100%

Bilyi L. A. , Dutka H. Y.

2009

nr 1(51)

201-207

The publication is devoted to the analysis of the Harrod-Domar nonlinear model of economic growth, based on the model of sensitivity to initial conditions. This model is based on assumptions on the nonlinearity of the production function and periodic character of the volume of consumption. Instead of the traditional solution of the Cauchy problem and the definition of economic growth as the end of the transition process it is proposed to seek T-periodic solution. Equation of the model with initial conditions at the edges of the period has the form of two-point boundary value problem. Numerical integration of differential equation in the interval of time equal to the period T and the found solution for t=T is specified by the iterative formula of Newton. The condition for determining periodic solutions is equal to zero objective function.

CAPTURING CHANGES IN FACTOR EFFECTIVITY WITH ESTIMATES OF A CES PRODUCTION FUNCTION WITH FLEXIBLE TRENDS

75%

Benčík M.

tom 68

nr 6

563 – 579

Constant Elasticity of Substitution production function allows us, compared with a Cobb-Douglas function, to model different efficiency trends of labour and capital. In this article, we explore the efficiency trends of labour and capital in supply systems for the private and public sectors in Slovakia independently. If a single exponential trend for technical progress is used, the Cobb-Douglas production function can be used for the private sector and Leontieff production function for the public sector. We, however find a CES function with separate trends based on Box-Cox transformations outperforms capturing technological progress by models with a single exponential trend. Labour and capital efficiency gains in our preferred model are converging downwards to a positive constant for labour and increasing over time for capital in the private sector, whereas they are gradually decreasing for both factors in the public sector. The elasticity of substitution between labour and capital is significantly greater than zero, but also lower than 0.5 in preferred models for both sectors.