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A two-sector model of endogenous growth with leisure

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  • Ladrón de Guevara Martínez, Antonio
  • Santos, Manuel S.
  • Ortigueira, Salvador

Abstract

In this paper we analyze a class of endogenous growth models with physical and human capital and with three altematives uses of time: unqualified leisure, work and education. In contrast to some other related models, we find that, even in the absence of technological extemalities, there could be multiple balanced paths. We provide a characterization of the qualitative behavior of consumption, leísure, work and education over those balanced paths, and study their transitional dynamics.

Suggested Citation

  • Ladrón de Guevara Martínez, Antonio & Santos, Manuel S. & Ortigueira, Salvador, 1995. "A two-sector model of endogenous growth with leisure," UC3M Working papers. Economics 4160, Universidad Carlos III de Madrid. Departamento de Economía.
  • Handle: RePEc:cte:werepe:4160
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    1. Gary S. Becker & Kevin M. Murphy & Robert Tamura, 1994. "Human Capital, Fertility, and Economic Growth," NBER Chapters,in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 323-350 National Bureau of Economic Research, Inc.
    2. Benveniste, L. M. & Scheinkman, J. A., 1982. "Duality theory for dynamic optimization models of economics: The continuous time case," Journal of Economic Theory, Elsevier, vol. 27(1), pages 1-19, June.
    3. 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.
    4. David Cass, 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation," Review of Economic Studies, Oxford University Press, vol. 32(3), pages 233-240.
    5. 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.
    6. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April.
    7. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : I. The basic neoclassical model," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 195-232.
    8. Rustichini, Aldo & Schmilz, James Jr., 1991. "Research and imitation in long-run growth," Journal of Monetary Economics, Elsevier, vol. 27(2), pages 271-292, April.
    9. Toman, Michael A., 1985. "Optimal control with an unbounded horizon," Journal of Economic Dynamics and Control, Elsevier, vol. 9(3), pages 291-316, November.
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