On Endogenous Growth Under Uncertainty
在两个内生增长模型中引入不确定性，分析知识创造生产率的风险或波动对决策变量和预期长期增长率的影响，有助于解释波动与增长之间的负相关关系。
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.