Equilibrium dynamics in discrete-time endogenous growth models with social constant returns
Equilibrium dynamics in discrete-time endogenous growth models with social constant returns
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DOI：
10.1007/s00199-007-0211-1
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发表时间：
2007-02
期刊：
影响因子：
1.3
通讯作者：
Kazuo Mino;K. Nishimura;Koji Shimomura;Ping Wang
中科院分区：
文献类型：
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作者：
Kazuo Mino;K. Nishimura;Koji Shimomura;Ping Wang
现有文献建立了连续时间两部门内生增长模型的局部确定性和动态不确定性的可能性与社会常数回报。局部决定性的充分必要条件是两个部门的要素密集度排序在私人/物质和社会/价值意义上是一致的。动态不确定性的充分必要条件是，最终（消费）商品部门在私人意义上是人力（纯）资本密集型的，但在社会意义上是物质（消费）资本密集型的。本文重新考察了离散时间内生增长框架下的动态特性，发现在连续时间内得到的传统命题不一定成立。结果表明，由于时间偏好和资本折旧率的大小都起着重要作用，所以局部确定性和动态不确定性的要素密集度排序的充分必要条件既不充分也不必要。
The existing literature establishes possibilities of local determinacy and dynamic indeterminacy in continuous-time two-sector models of endogenous growth with social constant returns. The necessary and sufficient condition for local determinacy is that the factor intensity rankings of the two sectors are consistent in the private/physical and social/value sense. The necessary and sufficient condition for dynamic indeterminacy is that the final (consumable) good sector is human (pure) capital intensive in the private sense but physical (consumable) capital intensive in the social sense. This paper re-examines the dynamic properties in a discrete-time endogenous growth framework and finds that conventional propositions obtained in continuous time need not be valid. It is shown that the established necessary and sufficient conditions on factor intensity rankings for local determinacy and dynamic indeterminacy are neither sufficient nor necessary, as the magnitudes of time preference and capital depreciation rates both play essential roles.