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Transitional Dynamics and Indeterminacy of Equilibria in an Endogenous Growth Model with a Public Input

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Author Info

  • Theodore Palivos

    ()
    (Louisiana State University, USA and University of Ioannina, Greece)

  • Chong K. Yip

    ()
    (The Chinese University of Hong Kong)

  • Junxi Zhang

    ()
    (University of Hong Kong)

Abstract

The authors analyze an endogenous growth model with economy-wide increasing returns, in which a public input is essential for private production. Within such a framework, it is shown that a continuum of equilibria and global indeterminacy can arise for reasonable parameter values, simply due to the presence of endogenous public policy. This can potentially account for "leapfrogging" or retroceding growth experiences. It is demonstrated how fiscal policy can serve as a selection device among different convergent paths. Copyright Blackwell Publishing Ltd 2003

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Development Economics.

Volume (Year): 7 (2003)
Issue (Month): 1 (February)
Pages: 86-98

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Handle: RePEc:bla:rdevec:v:7:y:2003:i:1:p:86-98

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Cited by:
  1. Xin Long & Alessandra Pelloni, 2012. "Welfare Improving Taxation on Savings in a Growth Model," Working Paper Series 01_12, The Rimini Centre for Economic Analysis.
  2. Panagiotis Tsintzos, 2012. "Public Investment Rules and Indeterminacy," Economics Bulletin, AccessEcon, vol. 32(1), pages 7-15.
  3. Simon Wiederhold, 2009. "Government Spending Composition in a Simple Model of Schumpeterian Growth," Jena Economic Research Papers 2009-101, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  4. Pierre-Richard Agénor, 2005. "Infrastructure, Public Education and Growth with Congestion Costs," The School of Economics Discussion Paper Series 0524, Economics, The University of Manchester.
  5. Hu, Yunfang & Ohdoi, Ryoji & Shimomura, Koji, 2008. "Indeterminacy in a two-sector endogenous growth model with productive government spending," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 1104-1123, September.
  6. Been-Lon Chen & Angus Chu, 2010. "On R&D spillovers, multiple equilibria and indeterminacy," Journal of Economics, Springer, vol. 100(3), pages 247-263, July.
  7. Takeo Hori & Noritaka Maebayashi, 2013. "Indeterminacy and utility-generating government spending under balanced-budget fiscal policies," Discussion Papers in Economics and Business 13-13, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).

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