More on the dynamics in the endogenous growth model with human capital
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| Format: | Artículo científico |
| Sprache: | en |
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Fundación SEPI
2001
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| _version_ | 1876490992882810880 |
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| author | Jaime Alonso-Carrera |
| author_facet | Jaime Alonso-Carrera |
| contents | More on the dynamics in the endogenous growth model with human capital Jaime Alonso-Carrera Economía y Finanzas human capital indeterminacy externalities Endogenous growth multiple equilibria This paper shows that multiple and globally indeterminate long-run growthrates can easily arise in the two-sector growth model introduced by Lucas(1988). This result is generated by the existence of diminishing returns totime at the private level in human capital accumulation and the existence ofexternal e¤ects from human capital stock in production. The paper assertsthat two interior balanced growth paths arise under a su¢ciently large elasticityof intertemporal substitution. One is locally determinate, whereas theother can be locally indeterminate. Furthermore, we show that these balancedgrowth paths can also be globally indeterminate. 2001 artículo científico 0210-1521 https://www.redalyc.org/articulo.oa?id=17325305 en http://www.redalyc.org/revista.oa?id=173 Investigaciones Económicas application/pdf Fundación SEPI Investigaciones Económicas (España) Num.3 Vol.XXV |
| format | Artículo científico |
| id | redalyc_17325305 |
| institution | Redalyc |
| language | en |
| publishDate | 2001 |
| publisher | Fundación SEPI |
| spellingShingle | More on the dynamics in the endogenous growth model with human capital Jaime Alonso-Carrera Economía y Finanzas human capital indeterminacy externalities Endogenous growth multiple equilibria More on the dynamics in the endogenous growth model with human capital Jaime Alonso-Carrera Economía y Finanzas human capital indeterminacy externalities Endogenous growth multiple equilibria This paper shows that multiple and globally indeterminate long-run growthrates can easily arise in the two-sector growth model introduced by Lucas(1988). This result is generated by the existence of diminishing returns totime at the private level in human capital accumulation and the existence ofexternal e¤ects from human capital stock in production. The paper assertsthat two interior balanced growth paths arise under a su¢ciently large elasticityof intertemporal substitution. One is locally determinate, whereas theother can be locally indeterminate. Furthermore, we show that these balancedgrowth paths can also be globally indeterminate. 2001 artículo científico 0210-1521 https://www.redalyc.org/articulo.oa?id=17325305 en http://www.redalyc.org/revista.oa?id=173 Investigaciones Económicas application/pdf Fundación SEPI Investigaciones Económicas (España) Num.3 Vol.XXV |
| title | More on the dynamics in the endogenous growth model with human capital |
| topic | Economía y Finanzas human capital indeterminacy externalities Endogenous growth multiple equilibria |
| url | https://www.redalyc.org/articulo.oa?id=17325305 |