著者

西井 賢太郎

出版者

多摩大学グローバルスタディーズ学部

雑誌

紀要 = Bulletin (ISSN:18838480)

巻号頁・発行日

vol.8, pp.97-107, 2016-03-31

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Since the criticisms Lucas made in ‘Economic Policy Evaluation: A Critique (1976)’ became widely accepted in the 1970s and 1980s, ‘micro foundations’ have been recognised as essential for macroeconomic models, and consequently, the dynamic stochastic general equilibrium (DSGE) model developed remarkably in the 1990s. It is a common idea that research on the DSGE models was originated from the real business cycle (RBC) model created by Kydland and Prescott (1982). However, preceding the development of the RBC model, the Ramsey-Cass-Coopmans model (simply ‘the Ramsey model’ or ‘the optimal growth model’) introduced micro foundations and the optimal behaviour of households as an economic growth model, and lead to consumption theories such as the permanent income hypothesis, investment theories such as Tobin’s q, and the RBC model. This paper demonstrates the process of setting the basic Ramsey model to observe its features and, by observing empirical examples of cross-country convergence, its speed is also examined. Further, necessary conditions for generating endogenous growth are discussed along with limitations of the Ramsey models being assessed and with other endogenous growth models being introduced.