Indeterminacy with Non-separable Utility
Copyright policy )Indeterminacy with Non-separable Utility
There are conditions under which the one sector growth model with increasing returns-to-scale displays an indeterminate equilibrium studied in the paper. This is a generalization of the Benhabib and Framer model [\textit{J. Benhabib} and \textit{R. E. A. Farmer}, J. Econ. Theory 63, No. 1, 19--41 (1994; Zbl 0803.90022)] in which the preferences of the representative agent are non-separable in consumption and leisure. The proof that the model has a unique steady state in section 6 (Expression for the steady state) is not clear.
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- European University Institute Italy
dynamic equilibrium, model steady state, Economic growth models, non-separable utility, General equilibrium theory, single sector growth
dynamic equilibrium, model steady state, Economic growth models, non-separable utility, General equilibrium theory, single sector growth
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