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Existence of competitive equilibrium in a single-sector growth model with elastic labour

We prove existence of competitive equilibrium in a version of a Ramsey model in which leisure enters the utility function. The analysis is carried out by means of a direct and technically simple approach that allows us to obtain detailed results concerning the behaviour of equilibrium allocations and prices.

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File URL: ftp://mse.univ-paris1.fr/pub/mse/cahiers2004/B04123.pdf
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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b04123.

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Length: 33 pages
Date of creation: Dec 2004
Date of revision:
Handle: RePEc:mse:wpsorb:b04123
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  1. Kenneth L. Judd, 1984. "The Welfare Cost of Factor Taxation in a Perfect Foresight Model," Discussion Papers 643, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. repec:cup:macdyn:v:1:y:1997:i:4:p:669-79 is not listed on IDEAS
  3. Cuong Le Van & Yiannis Vailakis, 2003. "Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00119095, HAL.
  4. Aliprantis, Charalambos D. & Border, Kim C. & Burkinshaw, Owen, 1997. "New Proof Of The Existence Of Equilibrium In A Single-Sector Growth Model," Macroeconomic Dynamics, Cambridge University Press, vol. 1(04), pages 669-679, December.
  5. Jorge Duran & Cuong Le Van, 2003. "Simple Proof of Existence of Equilibrium in a One-Sector Growth Model with Bounded or Unbounded Returns from below," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00119082, HAL.
  6. Cuong Le Van & H. Cagri Saglam, 2004. "Optimal growth models and the Lagrange multiplier," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00118996, HAL.
  7. Datta, Manjira & Mirman, Leonard J. & Reffett, Kevin L., 2002. "Existence and Uniqueness of Equilibrium in Distorted Dynamic Economies with Capital and Labor," Journal of Economic Theory, Elsevier, vol. 103(2), pages 377-410, April.
  8. Ryder, Harl E & Stafford, Frank P & Stephan, Paula E, 1976. "Labor, Leisure and Training over the Life Cycle," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(3), pages 651-74, October.
  9. repec:dau:papers:123456789/416 is not listed on IDEAS
  10. LE VAN, Cuong & MORHAIM, Lisa, 2001. "Optimal growth models with bounded or unbounded returns: a unifying approach," CORE Discussion Papers 2001034, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  11. Ortigueira, Salvador & Santos, Manuel S. & Ladrón de Guevara, Antonio, 1995. "A two-sector model of endogenous growth with leisure," UC3M Working papers. Economics 4160, Universidad Carlos III de Madrid. Departamento de Economía.
  12. Benhabib, J. & Farmer, R.E.A, 1991. "Indeterminacy and Increasing Returns," Papers 165, Cambridge - Risk, Information & Quantity Signals.
  13. Salvador Ortigueira, 2000. "A dynamic analysis of an endogenous growth model with leisure," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(1), pages 43-62.
  14. repec:cup:macdyn:v:7:y:2003:i:3:p:317-32 is not listed on IDEAS
  15. Nishimura, Kazuo, 1985. "Competitive equilibrium cycles," Journal of Economic Theory, Elsevier, vol. 35(2), pages 284-306, August.
  16. Greenwood Jeremy & Huffman Gregory W., 1995. "On the Existence of Nonoptimal Equilibria in Dynamic Stochastic Economies," Journal of Economic Theory, Elsevier, vol. 65(2), pages 611-623, April.
  17. Thomas F. Cooley & Gary D. Hansen, 1987. "The Inflation Tax in a Real Business Cycle Model," UCLA Economics Working Papers 496, UCLA Department of Economics.
  18. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  19. 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.
  20. repec:dau:papers:123456789/13605 is not listed on IDEAS
  21. Duran, Jorge & Le Van, Cuong, 2000. "A simple proof of existence of equilibrium in a one sector growth modelp with bounded or unbounded returns from below," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2000025, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  22. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
  23. Coleman, Wilbur II, 1997. "Equilibria in Distorted Infinite-Horizon Economies with Capital and Labor," Journal of Economic Theory, Elsevier, vol. 72(2), pages 446-461, February.
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