Transitional Dynamics and Indeterminacy of Equilibria in an Endogenous Growth Model with a Public Input
Chong Yip and
Junxi Zhang ()
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Junxi Zhang: University of Hong Kong
Review of Development Economics, 2003, vol. 7, issue 1, 86-98
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
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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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