DIVERGENCE IN ECONOMIC-PERFORMANCE - TRANSITIONAL DYNAMICS WITH MULTIPLE EQUILIBRIA
成果类型：
Article
署名作者：
XIE, DY
署名单位：
Universite de Montreal; Hong Kong University of Science & Technology
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1034
发表日期：
1994
页码：
97-112
关键词：
摘要：
Special pairs of the utility functions and the production functions are used in this paper to uncover the transitional dynamics in a Lucas model of growth. The main findings are as follows: A continuum of equilibria exists if the external effect of human capital in goods production is sufficiently large. The process of lagging behind, catching up with, and overtaking that we often observe in the world economy can be explained. Finally, some equilibrium paths are shown to have such complicated patterns that the dynamics conjectured by Lucas are too simple to be correct. Journal of Economic Literature Classification Numbers: O41, C61. (C) 1994 Academic Press, Inc.