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Endogenous Equilibrium Growth with Recursive Preferences and Increasing Returns

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경제연구소 (Hanyang Economic Research Institute)|2008.12|Journal of Economic Development|제33권 제2호|pp. 167-188|DOI 10.35866/caujed.2008.33.2.008

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참고문헌

키워드

IndeterminacyRecursive PreferenceIncreasing ReturnsLocal Stability
주제분류경제학

초록

This paper studies the short-run and long-run behavior of a competitive economy in which both the discount factor and technological change are endogenously determined. In particular, the effect of saving behavior on persistent economic growth is considered. The paper provides the sufficient condition on the rate of impatience and the concavity of private technology for uniqueness and local stability of the steady state in the competitive economy. The condition implies determinacy of transitional equilibrium paths. However, the paper also shows that the presence of externalities and adjustment cost of investment can lead to indeterminacy of steady state equilibra

Abstract

This paper studies the short-run and long-run behavior of a competitive economy in which both the discount factor and technological change are endogenously determined. In particular, the effect of saving behavior on persistent economic growth is considered. The paper provides the sufficient condition on the rate of impatience and the concavity of private technology for uniqueness and local stability of the steady state in the competitive economy. The condition implies determinacy of transitional equilibrium paths. However, the paper also shows that the presence of externalities and adjustment cost of investment can lead to indeterminacy of steady state equilibra

참고문헌 (36)

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