Autori
Pelloni, Alessandra
Waldamann, Robert

Titolo
Stability properties in a gouwth model
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1997 - Fascicolo: 11 - Pagina iniziale: 1 - Pagina finale: 10

The inclusion of a labour/leisure choice in endogenous growth models has interesting and somewhat counter-intuitive effects. In existing one sector models, a condition for indeterminacy is that labour demand is upward-sloping, which is difficult to reconcile with the evidence. In this paper we give conditions for indeterminacy in a one sector model with decreasing returns to labour. We show that this requires that consumption and leisure are both highly intertemporally substitutable while the factors of production are highly complementary.



Testo completo: http://hdl.handle.net/1814/620

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