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Transitional Dynamics and Indeterminacy of Equilibria in an Endogenous Growth Model with a Public Input

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  • Theodore Palivos
  • Chong K. Yip
  • Junxi Zhang

Abstract

The authors analyze an endogenous growth model with economy–wide increasing returns, in which a public input is essential for private production. Within such a framework, it is shown that a continuum of equilibria and global indeterminacy can arise for reasonable parameter values, simply due to the presence of endogenous public policy. This can potentially account for “leapfrogging” or retroceding growth experiences. It is demonstrated how fiscal policy can serve as a selection device among different convergent paths.

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  • Theodore Palivos & Chong K. Yip & Junxi Zhang, 2003. "Transitional Dynamics and Indeterminacy of Equilibria in an Endogenous Growth Model with a Public Input," Review of Development Economics, Wiley Blackwell, vol. 7(1), pages 86-98, February.
    • Handle: RePEc:bla:rdevec:v:7:y:2003:i:1:p:86-98
    DOI: 10.1111/1467-9361.00177
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