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Externalities and Dynamics in Models of "Learning or Doing"

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Author Info
Christophe Chamley

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Abstract

This paper analyzes the dynamics of general equilibrium models with ex- ternalities in human capital accumulation and measures analytically the impact of endowment shocks on the levels of output in the short- and the long-run. For some parameter values, self-fullfilling expectations and exter- nalities generate a continuum of equilibria. In general, positive endowment shocks can be followed by higher or lower growth rates. A simple condition is established for a positive impact of physical capital on the level of output in the long-term. Under the same condition which is satisfied for plausible values of the structural parameters, lump-sum taxa- tion is less efficient than some capital income taxation.

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Paper provided by Boston University, Institute for Economic Development in its series Boston University - Institute for Economic Development with number 17.

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Date of creation: May 1991
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Handle: RePEc:fth:bosecd:17

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  1. Jess Benhabib & Roger E.A. Farmer, 1992. "Indeterminacy and Increasing Returns," UCLA Economics Working Papers 646, UCLA Department of Economics. [Downloadable!]
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  2. Benhabib, Jess & Farmer, Roger E.A., 1995. "Indeterminacy and Sector-Specific Externalities," Working Papers 95-02, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  3. Dirk Bethmann, 2005. "Notes on an Endogenous Growth Model with two Capital Stocks II: The Stochastic Case," SFB 649 Discussion Papers SFB649DP2005-033, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]
  4. Toni Mora, 2008. "Factors conditioning the formation of European regional convergence clubs," The Annals of Regional Science, Springer, vol. 42(4), pages 911-927, December. [Downloadable!] (restricted)
  5. George Evans & Seppo Honkapohja & Paul Romer, 1996. "Growth Cycles," NBER Working Papers 5659, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    • Paul Romer & George Evans & Seppo Hokapohja, . "Growth Cycles," Home Pages _001, Stanford University. [Downloadable!]
    • Evans, Geroge W & Honkapohja, Seppo & Romer, Paul, 1998. "Growth Cycles," American Economic Review, American Economic Association, vol. 88(3), pages 495-515, June. [Downloadable!] (restricted)
  6. Roger E. A. Farmer & Amartya Lahiri, 2005. "A Two-Country Model of Endogenous Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(1), pages 68-88, January. [Downloadable!] (restricted)
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  7. Pedro Garcia-Castrillo & Marcos Sanso, 2000. "Human Capital and Optimal Policy in a Lucas-type Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 757-770, October. [Downloadable!] (restricted)
  8. Salvador Ortigueira, 1999. "Equilibrium Indeterminacy in an Endogenous Growth Model: Debt as a Coordination Device," Working Papers 9901, Centro de Investigacion Economica, ITAM. [Downloadable!]
  9. Danyang Xie, 2002. "Divergence in Economic Performance: Transitional Dynamics with Multiple Equilibria," GE, Growth, Math methods 0210002, EconWPA. [Downloadable!]
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  10. Casey B. Mulligan & Xavier Sala-i-Martin, 1992. "Transitional Dynamics in Two-Sector Models of Endogenous Growth," NBER Working Papers 3986, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Pedro Rui Mazeda Gil & Paulo Brito & Óscar Afonso, 2008. "A Model of Quality Ladders with Horizontal Entry," FEP Working Papers 296, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  12. Rizzo, Mario J., 1991. "Equilibrium Visions," Working Papers 91-58, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  13. Michele Boldrin, 1992. "Public Education and Capital Accumulation," Discussion Papers 1017, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  14. Fisher, Walter H. & Keuschnigg, Christian, 2000. "Public Policy for Efficient Education," Economics Series 90, Institute for Advanced Studies. [Downloadable!]
  15. Jaime Alonso-Carrera, 2001. "More on the dynamics in the endogenous growth model with human capital," Investigaciones Economicas, Fundación SEPI, vol. 25(3), pages 561-583, September. [Downloadable!]
  16. Akira Yakita, 2001. "Taxation in an Overlapping Generations Model with Human Capital," International Tax and Public Finance, Springer, vol. 8(5), pages 775-792, November. [Downloadable!] (restricted)
  17. Xavier Raurich, 2001. "Indeterminancy and Government Spending in a Two-Sector Model of Endogenous Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(1), pages 210-229, January. [Downloadable!] (restricted)
  18. Meijdam, L., 1998. "Taxes, growth and welfare in an endogenous growth model with overlapping generations," Discussion Paper 133, Tilburg University, Center for Economic Research. [Downloadable!]
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