Stability, global dynamics and Markov equilibrium in models of endogenous economic growth
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Economic growth and multiple equilibria: A critical note
2014, Economic ModellingGrowth and multiple equilibria: A unique local dynamics
2012, Economic ModellingCitation Excerpt :There are few studies that have looked at the equilibrium properties under multiple steady states. Exceptional and valuable studies in this area include Greiner (2003), Mino (2004), Park and Philippopoulos (2004), García-Belenguer (2007) and Pérez and Ruiz (2007). Within various specifications, these papers demonstrated the existence of globally indeterminate multiple BGP equilibria, and then further analyzed the situation where there was at least one locally indeterminate equilibrium.
The effect of subsidies and taxes on physical and human capital in the dynamics of endogenous growth models
2012, Cuadernos de EconomiaLocal and global indeterminacy in two-sector models of endogenous growth
2010, Journal of Mathematical EconomicsCitation Excerpt :In a second and more recent set of contributions, García-Belenguer (2007) and Mattana et al. (2009) focus on different specifications for the external effects. García-Belenguer (2007) shows the existence of multiple stationary balanced growth paths with a Lucas model augmented to include aggregate physical capital externalities in the production of the final good and decreasing returns to scale in the human capital accumulation process. Local indeterminacy and poverty traps through the existence of global indeterminacy are also obtained but require the elasticity of intertemporal substitution in consumption to be larger than one.3
Local indeterminacy in continuous-time models: The role of returns to scale
2013, Macroeconomic Dynamics