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Title of Journal: Economic Theory

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Abbravation: Economic Theory

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Springer-Verlag

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10.1016/0167-7322(96)00968-3

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1432-0479

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Equilibrium dynamics in discretetime endogenous g

Authors: Kazuo Mino Kazuo Nishimura Koji Shimomura Ping Wang
Publish Date: 2007/02/22
Volume: 34, Issue: 1, Pages: 1-23
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Abstract

The existing literature establishes possibilities of local determinacy and dynamic indeterminacy in continuoustime twosector models of endogenous growth with social constant returns The necessary and sufficient condition for local determinacy is that the factor intensity rankings of the two sectors are consistent in the private/physical and social/value sense The necessary and sufficient condition for dynamic indeterminacy is that the final consumable good sector is human pure capital intensive in the private sense but physical consumable capital intensive in the social sense This paper reexamines the dynamic properties in a discretetime endogenous growth framework and finds that conventional propositions obtained in continuous time need not be valid It is shown that the established necessary and sufficient conditions on factor intensity rankings for local determinacy and dynamic indeterminacy are neither sufficient nor necessary as the magnitudes of time preference and capital depreciation rates both play essential rolesWe have benefitted from discussion with Robert Becker Eric Bond Michael Kaganovich Karl Shell and participants of the Midwest Macroeconomic Conference in Chicago and the Midwest Economic Theory and International Trade Meetings at Indiana University The fourth author acknowledges financial support from the Institute of Economics and Business Administration of Kobe University and the Institute of Economic Research of Kyoto University to enable this international collaboration

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