Growing through cycles in an infinitely lived agent economy

• 成果类型: Article
• 署名作者: Matsuyama, K
• 署名单位: Northwestern University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2000.2770
• 发表日期: 2001
• 页码: 220-234
• 关键词: endogenous growth; endogenous fluctuations; asynchronous movements of innovation and investment

摘要

This paper extends the analysis or K. Matsuyama (Econometrica 67 (1999), 335-347) to the case of an infinitely lived representative agent economy, The economy grows endogenously through endogenous fluctuations, perpetually moving back and forth between two phases. In one phase, there is no innovation, the market structure is competitive, and the economy grows solely by capital accumulation. In the other phase, new goods are introduced and the market structure is monopolistic. In the long run, both investment and innovation grow at the same rate, but the economy alternates between the periods of high investment and the periods of higher innovation. (C) 2001 Academic Press.