Convergence speed in the Ak endogenous growth model with habit formation
This paper analyzes the Ak endogenous growth model with habit formation. We prove analytically that the convergence speed is higher when habits are formed in an external way than when they are formed in an internal way.
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- Francisco Alvarez-Cuadrado & Goncalo Monteiro & Stephen J. Turnovsky, 2004. "Habit Formation, Catching Up with the Joneses, and Economic Growth," Journal of Economic Growth, Springer, vol. 9(1), pages 47-80, 03.
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