Paulo Brito (ISEG - Technical University of Lisbon, UECE - UECE) Alain Venditti () (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - Ecole des Hautes Etudes en Sciences Sociales - CNRS : UMR6579)
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In this paper we consider a two-sector endogenous growth model where the productions of the final good and human capital require economy-wide external effects. Assuming constant returns to scale at the private and social levels, we show that local and global indeterminacy of equilibrium paths are compatible with any values for the elasticity of intertemporal substitution in consumption and any sign for the capital intensity difference across the two sectors.
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Paper provided by HAL in its series Working Papers with number
halshs-00408018_v1.
Length: Date of creation: 28 Jul 2009 Date of revision: Handle: RePEc:hal:wpaper:halshs-00408018_v1
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