Please use this identifier to cite or link to this item:
http://hdl.handle.net/10071/10484
Author(s): | Gomes, O. |
Date: | 2009 |
Title: | Stability under learning: the endogenous growth problem |
Volume: | 26 |
Number: | 5 |
Pages: | 807-816 |
ISSN: | 0264-9993 |
Keywords: | Adaptive learning Endogenous growth Stability analysis |
Abstract: | A local dynamic analysis, in the neighborhood of the steady state, is developed for one and two-sector endogenous growth models. The problem differs from the conventionally assumed growth setups because one considers that expectations concerning the next period value of the control variable (consumption) are formed through adaptive learning. In such scenario, the found stability conditions reveal that convergence to the unique steady state point is feasible if a minimum requirement regarding the quality of learning in the long run equilibrium is fulfilled. Therefore, stability of growth under learning is dependent on the efficiency with which expectations are generated. |
Peerreviewed: | Sim |
Access type: | Embargoed Access |
Appears in Collections: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
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publisher_version_Economic_modelling.pdf Restricted Access | 469,65 kB | Adobe PDF | View/Open Request a copy |
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