This paper considers an endogenous growth model that belongs to the same family as the Lucas model. In the Lucas model an external effect appears in the physical-goods sector, whereas in our model, it appears in the educational sector. In our model, this external effect yields multiple balanced growth paths. Our model undergoes a homoclinic bifurcation and exhibits global indeterminacy of equilibrium.
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Titolo: | A homoclinic bifurcation and global indeterminacy of equilibrium in a two-sector endogneous growth model | |
Autori: | ||
Data di pubblicazione: | 2009 | |
Rivista: | ||
Abstract: | This paper considers an endogenous growth model that belongs to the same family as the Lucas model. In the Lucas model an external effect appears in the physical-goods sector, whereas in our model, it appears in the educational sector. In our model, this external effect yields multiple balanced growth paths. Our model undergoes a homoclinic bifurcation and exhibits global indeterminacy of equilibrium. | |
Handle: | http://hdl.handle.net/11584/17368 | |
Tipologia: | 1.1 Articolo in rivista |
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