Equilibrium Growth and Nonlinear Dynamics in Continuous‐Time Models

Kazuo Nishimura

The Japanese Economic Review, 2001, vol. 52, issue 1, 1-19

Abstract: Building on recent work on equilibrium growth models with externality, I re‐examine earlier results from multi‐sector growth models in the continuous‐time framework, and study the structural relationship between technology and local dynamics. It is shown that it is very easy to construct large classes of economies that exhibit Hopf bifurcations or indeterminacy with constant returns to scale in multi‐sector frameworks. JEL Classification Numbers: C41, E32, O41.

Date: 2001
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