On the Invariance of the Rate of Return to Convex Adjustment Costs
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The Modified Golden Rule, which relates the rate of return on capital and the growth rate of the capital stock along long-run growth paths that maximize the utility of a representative infinitely-lived consumer, is invariant to the introduction of convex capital adjustment costs. Therefore, along
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美国国家经济研究局创建时间：
2001-12-01
