Homoclinic bifurcation and global indeterminacy of equilibrium in a two‐sector endogenous growth model

Paolo Mattana (), Kazuo Nishimura and Tadashi Shigoka

International Journal of Economic Theory, 2009, vol. 5, issue 1, 25-47

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.

Date: 2009
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https://doi.org/10.1111/j.1742-7363.2008.00093.x

Related works:
Chapter: Homoclinic Bifurcation and Global Indeterminacy of Equilibrium in a Two-Sector Endogenous Growth Model (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:ijethy:v:5:y:2009:i:1:p:25-47

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