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Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply

Takashi Kamihigashi

No DP2014-31, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: In this paper we show that multiple interior steady states are possible in the Ramsey model with elastic labor supply. In particular we establish the following three results: (i) for any discount factor and production function, there is a utility function such that a continuum of interior steady states exist; (ii) the number of interior steady states can also be any finite number; and (iii) for any discount factor and production function, there is a utility function such that there is no interior steady state. Some numerical examples are provided.

Keywords: Multiple steady states; Ramsey model; Elastic labor supply; Neoclassical growth (search for similar items in EconPapers)
JEL-codes: C61 C62 E13 O41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-gro, nep-mac and nep-upt
Date: 2014-07
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Related works:
Journal Article: Multiple interior steady states in the Ramsey model with elastic labor supply (2015) Downloads
Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014) Downloads
Working Paper: Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply (2014) Downloads
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