G2TT
来源类型Discussion paper
规范类型论文
来源IDDP751
DP751 Multiple Equilibria in a Growth Model with Monopolistic Competition
Jordi Gali
发表日期1993-01-31
出版年1993
语种英语
摘要We develop a simple growth model with imperfect competition in which demand conditions can affect the dynamics of capital accumulation, hindering or enhancing growth. In our model the elasticity of the demand schedule faced by a typical firm depends on the aggregate savings rate. The latter feature results from a wedge between the elasticity of substitution across inputs in productive activities and the elasticity of substitution across goods in consumption. When the demand elasticity is constant or inversely related to the savings rate the equilibrium dynamics are shown to be qualitatively identical to those found in the perfectly competitive one-sector growth model: there is a unique stationary equilibrium which is saddle-point stable. In contrast, when the demand elasticity is positively related to the savings rate, multiple stationary equilibria (as well as multiple non-stationary equilibrium paths converging to them) emerge for some parameter values. In the latter case, the model can account for permanent differences in per capita income across homogeneous economies (even when the initial conditions are identical), as well as the absence of capital flows from rich to poor countries.
主题International Macroeconomics
关键词Cross-country income differences Growth Imperfect competition Multiple equilibria Savings rate
URLhttps://cepr.org/publications/dp751
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529905
推荐引用方式
GB/T 7714
Jordi Gali. DP751 Multiple Equilibria in a Growth Model with Monopolistic Competition. 1993.
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