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A Two-Sector Model of Endogenous Growth with Leisure

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Author Info
Ladron-de-Guevara, Antonio
Ortigueira, Salvador
Santos, Manuel S

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Abstract

This paper analyses the equilibrium dynamics of an endogenous growth model with physical and human capital in which leisure enters the utility function. The inclusion of leisure introduces a potential source of non-convexities in our optimization problem and leads to the possible existence of multiple balanced growth paths. This multiplicity of optimal stationary solutions is linked to the assumption that education has no effect on the quality of leisure, and hence a relatively more educated economy may choose to grow faster, and devote more time to income-directed activities. To characterize the set of optimal solutions in our non-concave optimization framework we develop a new method of analysis that should be of interest in related applications. Copyright 1999 by The Review of Economic Studies Limited.

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Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 66 (1999)
Issue (Month): 3 (July)
Pages: 609-31
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Handle: RePEc:bla:restud:v:66:y:1999:i:3:p:609-31

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  1. Orlando Gomes, 2008. "Decentralized Allocation of Human Capital and Nonlinear Growth," Computational Economics, Springer, vol. 31(1), pages 45-75, February. [Downloadable!] (restricted)
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  2. Cuong Le Van & Yiannis Vailakis, 2004. "Existence of competitive equilibrium in a single-sector growth model with elastic labour," Cahiers de la Maison des Sciences Economiques b04123, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  3. Orlando Gomes, 2005. "Knowledge creation and technology difusion: a framework to understand economic growth," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Economics Department, vol. 20(2), pages 41-61, December. [Downloadable!]
  4. Renato Faccini & Salvador Ortigueira, 2008. "Labor-Market Volatility in the Search-and-Matching Model: The Role of Investment-Specific Technology Shocks," Economics Working Papers ECO2008/39, European University Institute. [Downloadable!]
  5. Cysne, Rubens Penha, 2004. "Solving the Non-Convexity Problem in Some Shopping-Time and Human-Capital Models," Economics Working Papers (Ensaios Economicos da EPGE) 567, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  6. Stephen J. Turnovsky & Cecilia Garcia-Pe–alosa, 2006. "The Dynamics of Wealth and Income Distribution in a Neoclassical Growth Model," IDEP Working Papers 0604, Institut d'economie publique (IDEP), Marseille, France, revised Jul 2006. [Downloadable!]
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  7. J. Aznar-Márquez & J. R. Ruiz-Tamarit, . "Non-Catastrophic Endogenous Growth and the Environmental Kuznets Curve," Working Papers 2004-15, FEDEA. [Downloadable!]
  8. J.Aznar-Márquez & J.R. Ruiz-Tamarit, 2004. "Non-Catastrophic Endogenous Growth with Pollution and Abatement," Economic Working Papers at Centro de Estudios Andaluces E2004/80, Centro de Estudios Andaluces. [Downloadable!]
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  9. Manuel Gomez, 2003. "Effects of Flat-Rate Taxes: to What Extent Does the Leisure Specification Matter?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 404-430, April. [Downloadable!] (restricted)
  10. Kazuo Mino, 2000. "Preference Structure and Indeterminacy in Two-Sector Models of Endogenous Growth," Econometric Society World Congress 2000 Contributed Papers 0674, Econometric Society. [Downloadable!]
  11. Ilaski Barañano & Paz Moral, 2007. "Consumption-Leisure Trade-offs and Persistency in Business Cycles," BILTOKI 200705, Universidad del País Vasco - Departamento de Economía Aplicada III (Econometría y Estadística). [Downloadable!]
  12. Orlando Gomes, 2004. "The Optimal Control of Technology Choices," GE, Growth, Math methods 0409008, EconWPA. [Downloadable!]
  13. Hyun Park, 2009. "Ramsey fiscal policy and endogenous growth," Economic Theory, Springer, vol. 39(3), pages 377-398, June. [Downloadable!] (restricted)
  14. Trofimov Georgy, 2003. "Regimes of Growth and Economic Integration. Why Poor Countries Cannot Join the "Club" of the Rich?," EERC Working Paper Series 03-03e, EERC Research Network, Russia and CIS. [Downloadable!]
  15. Leslie Reinhorn, 2004. "Dynamic optimal taxation with human capital," Money Macro and Finance (MMF) Research Group Conference 2003 77, Money Macro and Finance Research Group. [Downloadable!]
  16. Wei-Bin Zhang, 2008. "Leisure, amenity, and capital accumulation in a multi-region model," The Annals of Regional Science, Springer, vol. 42(1), pages 183-207, March. [Downloadable!] (restricted)
  17. Marius Valentin Boldea, 2006. "On the equilibrium in a discrete-time Lucas Model with endogenous leisure," Cahiers de la Maison des Sciences Economiques b06054, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  18. Manuel A. Gómez, 2004. "The effect of the government temporal horizon on the optimal tax structure," Economics Bulletin, Economics Bulletin, vol. 8(1), pages 1-8. [Downloadable!]
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