The savings rate in a discrete-time Ramsey economy with CRRA preferences and full depreciation
研究了离散时间拉姆齐模型中储蓄率的单调性，发现跨期替代弹性大于1时利率上升的替代效应主导收入效应，储蓄率随资本递减；小于1时收入效应主导，储蓄率随资本递增。
This paper studies the discrete-time version of the Ramsey model with CRRA preferences, a Cobb–Douglas production function and full depreciation. I show that, when the intertemporal elasticity of substitution (IES) is above one, the substitution effect of an interest rate increase always dominates the income effect; when the IES is below one, the income effect dominates. • The discrete-time Ramsey model can be characterized by a monotonic savings rate. • This happens under CRRA utility, a Cobb-Douglas technology, and full depreciation. • When the IES is larger than one, the savings rate is decreasing in capital. • When the IES is less than one, the savings rate is increasing in capital.