UNIQUENESS AND INDETERMINACY - ON THE DYNAMICS OF ENDOGENOUS GROWTH
成果类型：
Article
署名作者：
BENHABIB, J; PERLI, R
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1035
发表日期：
1994
页码：
113-142
关键词：
摘要：
In this paper we study the dynamics of endogenous growth, both in the model of Lucas and in a generalization that incorporates a labor-leisure choice. We characterize the regions of the parameter space that give rise to unique equilibria as well as the regions that yield a continuum of equilibria with positive growth rates. We find that such multiple equilibria exist for empirically very plausible parameters, in particular when the Lucas model is modified to incorporate endogenous labor. Journal of Economic Literature Numbers: E00, E3, O40. (C) 1994 Academic Press, Inc.
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