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The general instability of balanced paths in endogenous growth models: the role of transversality conditions

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  • Martinez-Garcia, Maria Pilar

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  • Martinez-Garcia, Maria Pilar, 2003. "The general instability of balanced paths in endogenous growth models: the role of transversality conditions," Journal of Economic Dynamics and Control, Elsevier, vol. 27(4), pages 599-618, February.
  • Handle: RePEc:eee:dyncon:v:27:y:2003:i:4:p:599-618
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    References listed on IDEAS

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    1. M. Kurz, 1968. "The General Instability of a Class of Competitive Growth Processes," Review of Economic Studies, Oxford University Press, vol. 35(2), pages 155-174.
    2. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
    3. Bond, Eric W. & Wang, Ping & Yip, Chong K., 1996. "A General Two-Sector Model of Endogenous Growth with Human and Physical Capital: Balanced Growth and Transitional Dynamics," Journal of Economic Theory, Elsevier, vol. 68(1), pages 149-173, January.
    4. Levhari, David & Liviatan, Nissan, 1972. "On stability in the saddle-point sense," Journal of Economic Theory, Elsevier, vol. 4(1), pages 88-93, February.
    5. Magill, Michael J. P., 1977. "Some new results on the local stability of the process of capital accumulation," Journal of Economic Theory, Elsevier, vol. 15(1), pages 174-210, June.
    6. Caballe, Jordi & Santos, Manuel S, 1993. "On Endogenous Growth with Physical and Human Capital," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1042-1067, December.
    7. Eicher, Theo S & Turnovsky, Stephen J, 1999. "Non-scale Models of Economic Growth," Economic Journal, Royal Economic Society, vol. 109(457), pages 394-415, July.
    8. 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.
    9. Feinstein, C. D. & Oren, S. S., 1983. "Local stability properties of the modified Hamiltonian dynamic system," Journal of Economic Dynamics and Control, Elsevier, vol. 6(1), pages 387-397, September.
    10. Brock, William A. & Scheinkman, JoseA., 1976. "Global asymptotic stability of optimal control systems with applications to the theory of economic growth," Journal of Economic Theory, Elsevier, vol. 12(1), pages 164-190, February.
    11. Cass, David & Shell, Karl, 1976. "The structure and stability of competitive dynamical systems," Journal of Economic Theory, Elsevier, vol. 12(1), pages 31-70, February.
    12. Samuelson, Paul A., 1972. "The general saddlepoint property of optimal-control motions," Journal of Economic Theory, Elsevier, vol. 5(1), pages 102-120, August.
    13. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : II. New directions," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 309-341.
    14. Tyrrell Rockafellar, R., 1976. "Saddle points of Hamiltonian systems in convex Lagrange problems having a nonzero discount rate," Journal of Economic Theory, Elsevier, vol. 12(1), pages 71-113, February.
    15. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

    1. Kamihigashi, Takashi, 2005. "Necessity of the transversality condition for stochastic models with bounded or CRRA utility," Journal of Economic Dynamics and Control, Elsevier, vol. 29(8), pages 1313-1329, August.
    2. 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.

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