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Equilibrium Determinacy of a Two-Sector AK Model

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Mino, Kazuo

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Abstract

This paper explores a two-sector model of endogenous growth with AK technologies and production externalities. Unlike the standard one-sector AK model, the two-sector model may involve the relative price dynamics, so that there may exist transitional processes. It is shown that under certain conditions for the relative magnitudes of factor intensities, the balanced growth equilibrium exhibits local indeterminacy.

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File URL: http://mpra.ub.uni-muenchen.de/17323/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17323.

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Date of creation: Mar 1998
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Handle: RePEc:pra:mprapa:17323

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Related research
Keywords: Two-Sector AK model; endogenous growth; equilibrium determinacy;

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Find related papers by JEL classification:
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October. [Downloadable!] (restricted)
  2. Benhabib, Jess & Gali, Jordi, 1995. "On growth and indeterminacy: some theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 163-211, December. [Downloadable!] (restricted)
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  3. Benhabib, Jess & Farmer, Roger E.A., 1995. "Indeterminacy and Sector-Specific Externalities," Working Papers 95-02, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  4. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June. [Downloadable!] (restricted)
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