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
References: Add references at CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
http://hdl.handle.net/ (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014)
Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014)
Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ijethy:v:11:y:2015:i:1:p:25-37

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1742-7355

Access Statistics for this article

International Journal of Economic Theory is currently edited by Kazuo Nishimura and Makoto Yano

More articles in International Journal of Economic Theory from The International Society for Economic Theory
Bibliographic data for series maintained by Wiley Content Delivery ().