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

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  • Theodore Palivos
  • Chong K. Yip
  • Junxi Zhang

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

Paper provided by Chinese University of Hong Kong, Department of Economics in its series Departmental Working Papers with number _128.

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Date of creation: Oct 2000
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Handle: RePEc:chk:cuhked:_128

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Cited by:
  1. 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.
  2. Panagiotis Tsintzos, 2012. "Public Investment Rules and Indeterminacy," Economics Bulletin, AccessEcon, vol. 32(1), pages 7-15.
  3. 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.
  4. Long Xin & Pelloni Alessandra, 2011. "Welfare improving taxation on savings in a growth model," wp.comunite 0091, Department of Communication, University of Teramo.
  5. 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).
  6. 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.
  7. 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.

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