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Equilibrium and competitive equilibrium in a discrete-time Lucas model

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  • GOURDEL, Pascal
  • NGOC, Liem Hoang
  • LE VAN, Cuong
  • MAZAMBA, Tédié

Abstract

In this paper, we study a discrete-time version of the Lucas model with externality but without physical capital. We give conditions for which the optimal human capital sequences are increasing. When the instantaneous utility function is isoelastic and the production function is Cobb-Douglas, we prove that the optimal human capital sequences grow at constant rate. Moreover, there exists a unique equilibrium which, under an additional assumption on the human capital technology, is also the unique competitive equilibrium.
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Suggested Citation

  • GOURDEL, Pascal & NGOC, Liem Hoang & LE VAN, Cuong & MAZAMBA, Tédié, 2004. "Equilibrium and competitive equilibrium in a discrete-time Lucas model," LIDAM Reprints CORE 1742, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1742
    DOI: 10.1080/1023619042000193658
    Note: In : Journal of Difference Equations and Applications, 10(5), 501-514, 2004.
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    Cited by:

    1. Marrero, Gustavo A., 2008. "Revisiting The Optimal Stationary Public Investment Policy In Endogenous Growth Economies," Macroeconomic Dynamics, Cambridge University Press, vol. 12(2), pages 172-194, April.
    2. Jean-Michel Grandmont, 2013. "Tribute to Cuong Le Van," International Journal of Economic Theory, The International Society for Economic Theory, vol. 9(1), pages 5-10, March.
    3. Bosi, Stefano & Camacho, Carmen & Ha-Huy, Thai, 2023. "Balanced growth and degrowth with human capital," Economics Letters, Elsevier, vol. 232(C).
    4. Marius Valentin Boldea, 2006. "On the equilibrium in a discrete-time Lucas Model," Post-Print halshs-00118829, HAL.
    5. Marius Valentin Boldea, 2006. "On the equilibrium in a discrete-time Lucas Model with endogenous leisure," Cahiers de la Maison des Sciences Economiques b06054, Université Panthéon-Sorbonne (Paris 1).

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