On the indeterminacy of equilibrium in an endogenous growth model with non-separable preferences

被引：1
|
作者：
Baranano, Ilaski [1 ]
San Martin, Marta [1 ]
机构：
[1] Univ Basque Country, UPV EHU, Bilbao, Spain
来源：
MATHEMATICAL SOCIAL SCIENCES | 2020年 / 108卷
关键词：
Equilibrium indeterminacy; Preference structure; Endogenous growth; INCREASING RETURNS; AGGREGATIVE MODEL; UTILITY;
D O I：
10.1016/j.mathsocsci.2020.10.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies equilibrium indeterminacy in an extended version of the two-sector endogenous growth model by Mino (1999) by allowing alternative specifications for leisure. When utility depends on pure leisure, indeterminacy may only emerge if consumption and leisure are Edgeworth com-plements. We obtain the necessary and sufficient conditions for indeterminacy from the arbitrage condition on the two assets of the economy: consumption and human capital. When qualified leisure is considered, indeterminacy does not arise. (C) 2020 Elsevier B.V. All rights reserved.
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页码：81 / 89
页数：9
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