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Multiple interior steady states in the Ramsey model with elastic labor supply

Takashi Kamihigashi

International Journal of Economic Theory, 2015, vol. 11, issue 1, 25-37

Abstract: type="main" xml:lang="en"> In this paper we show that multiple interior steady states are possible in the Ramsey model with elastic labor supply. In particular, we establish the following three results: (i) for any discount factor and production function, there is a utility function such that a continuum of interior steady states exist; (ii) the number of interior steady states can also be any finite number; and (iii) for any discount factor and production function, there is a utility function such that there is no interior steady state. Some numerical examples are provided.

Date: 2015
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Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014) Downloads
Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014) Downloads
Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014) Downloads
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