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Equilibrium Determinacy of a Two-Sector AK Model

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  • Mino, Kazuo

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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Bibliographic Info

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

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  1. 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.
  2. 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.
  3. 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.
  4. Mino, Kazuo, 1996. "Analysis of a Two-Sector Model of Endogenous Growth with Capital Income Taxation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 227-51, February.
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