The Ramsey Discounting Formula for a Hidden-State Stochastic Growth Process
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The long term discount rate is critically dependent upon projections of future growth rates that are fuzzier in proportion to the remoteness of the time horizon. This paper models such increasing fuzziness as an evolving hidden-state stochastic process. The underlying trend growth rate is an
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美国国家经济研究局创建时间：
2012-06-01
