Equilibrium dynamics in a class of one-sector endogenous growth models with external habits: An application of special functions

Manuel Gómez

Journal of Mathematical Economics, 2014, vol. 51, issue C, 50-54

Abstract: This paper analyzes the equilibrium dynamics in a class of one-sector endogenous growth models with external habits. Using an explicit solution expressed in terms of the Gauss hypergeometric function, we show that the levels of consumption, habits and capital may exhibit non-monotonic transition dynamics, even though their ratios converge monotonically. A numerical simulation illustrates this result.

Keywords: Endogenous growth; Habits; Economic dynamics; Hypergeometric functions (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:51:y:2014:i:c:p:50-54

DOI: 10.1016/j.jmateco.2014.03.001

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