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Transitional Dynamics and Indeterminacy of Equilibria in an Endogenous Growth Model with a Public Input

Theodore Palivos, Chong Yip and Junxi Zhang ()
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Junxi Zhang: University of Hong Kong

Review of Development Economics, 2003, vol. 7, issue 1, pages 86-98

Abstract: The authors analyze an endogenous growth model with economy-wide increasing returns, in which a public input is essential for private production. Within such a framework, it is shown that a continuum of equilibria and global indeterminacy can arise for reasonable parameter values, simply due to the presence of endogenous public policy. This can potentially account for "leapfrogging" or retroceding growth experiences. It is demonstrated how fiscal policy can serve as a selection device among different convergent paths. Copyright Blackwell Publishing Ltd 2003

Date: 2003
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Related works:
Working Paper: Transitional Dynamics and Indeterminacy of Equilibria is an Endogenous Growth Model with a Public Input (2000)
Working Paper: Transitional Dynamics and Indeterminacy of Equilibria in an Endogenous Growth Model with Public Input (1994)
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