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A simple endogenous growth model with endogenous fertility: Indeterminacy and uniqueness

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  • Chong K. Yip

    (Department of Economics, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong (Fax:)

  • Junxi Zhang

    (University of Dundee, United Kingdom)

Abstract

This paper studies the equilibrium dynamics and indeterminacy of equilibria in an endogenous growth model with endogenous fertility choice. We characterize the conditions that give rise to an unique equilibrium as well as multiple equilibria. Whenever there exists a unique equilibrium, it will be globally determinate; when multiple equilibria arise, indeterminacy occurs. In particular, we find that two equilibria occur - one is associated with high fertility and low growth, while the other is associated with low fertility and high growth. A parameterized example is given to assess the empirical feasibility of our results. The validity of the neo-Malthusian relation between fertility and growth is then re-examined. Finally, we study the relation between growth and welfare and compare different balanced growth equilibria in terms of their lifetime-attained utility. JEL classifications: O41, J13

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Bibliographic Info

Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 10 (1997)
Issue (Month): 1 ()
Pages: 97-110

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Handle: RePEc:spr:jopoec:v:10:y:1997:i:1:p:97-110

Note: Received December 11, 1995 / Accepted October 20, 1996
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Related research

Keywords: Endogenous growth · endogenous fertility;

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Cited by:
  1. Petrucci, Alberto, 2003. "Money, endogenous fertility and economic growth," Journal of Macroeconomics, Elsevier, vol. 25(4), pages 527-539, December.
  2. Chu, Angus C. & Cozzi, Guido, 2011. "Cultural preference on fertility and the long-run growth effects of intellectual property rights," MPRA Paper 29059, University Library of Munich, Germany.
  3. Ken-ichi Hashimoto & Yoshiyasu Ono, 2007. "Does Pro-population Policy Raise Per Capita Consumption?," ISER Discussion Paper 0697, Institute of Social and Economic Research, Osaka University.
  4. Daitoh, Ichiroh, 2010. "Productive consumption and population dynamics in an endogenous growth model: Demographic trends and human development aid in developing economies," Journal of Economic Dynamics and Control, Elsevier, vol. 34(4), pages 696-709, April.
  5. Angus Chu & Guido Cozzi & Chih-Hsing Liao, 2013. "Endogenous fertility and human capital in a Schumpeterian growth model," Journal of Population Economics, Springer, vol. 26(1), pages 181-202, January.

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