Public spending, endogenous growth, and endogenous fluctuations
成果类型：
Article
署名作者：
Cazzavillan, G
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0127
发表日期：
1996
页码：
394-415
关键词：
摘要：
This article studies indeterminacy and endogenous growth in a simple one-sector model of capital accumulation, endowed with inelastic labor supply, in which the presence of public goods creates positive externalities both in the production and the consumption sectors. Because of increasing returns in the utility function, the economy exhibits not only perpetual growth but also indeterminacy and. therefore. endogenous stochastic growth fluctuations. The possibility of sunspot equilibrium growth paths is shown to be consistent with plausible parameter values. (C) 1996 Academic Press, Inc.
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