On the diversity of growth patterns with habit formation

Zaifu Yang and Rong Zhang

Economics Letters, 2018, vol. 170, issue C, 155-158

Abstract: We study a case in the growth model of Carroll, Overland and Weil with habit formation that has not been examined previously. We show the existence of a continuum of balanced growth paths which exhibit a rich diversity of growth patterns such as catching up, overtaking or lagging behind. Our results are in sharp contrast to their unique balanced growth path.

Keywords: Multiple balanced growth paths; History dependence; Habit (search for similar items in EconPapers)
JEL-codes: C62 D91 E21 O41 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165176518302398
Full text for ScienceDirect subscribers only

Related works:
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:eee:ecolet:v:170:y:2018:i:c:p:155-158

DOI: 10.1016/j.econlet.2018.06.016

Access Statistics for this article

Economics Letters is currently edited by Economics Letters Editorial Office

More articles in Economics Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().