This paper describes the global properties of the Ben-Gad (2013) economy where goverment public spending is financed by a distortionary taxation, in an endogenous growth framework with sector specific external effects. The application of the original Bogdanov-Takens theorem allows us to characterize the regions of the parametric space where the model exhibits a global indeterminate equilibrium and a low-growth trapping region.
Distortionary taxes and global indeterminacy in an endogenous growth model with elastic labor supply
BELLA, GIOVANNI
2014-01-01
Abstract
This paper describes the global properties of the Ben-Gad (2013) economy where goverment public spending is financed by a distortionary taxation, in an endogenous growth framework with sector specific external effects. The application of the original Bogdanov-Takens theorem allows us to characterize the regions of the parametric space where the model exhibits a global indeterminate equilibrium and a low-growth trapping region.
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