Competitive equilibrium cycles with endogenous labor

被引:12
作者
Bosi, S
Magris, F
Venditti, A
机构
[1] CNRS, GREQAM, F-13002 Marseille, France
[2] Univ Evry, EPEE, Evry, France
关键词
two-sector models; elastic labor supply; endogenous fluctuations; bifurcation;
D O I
10.1016/j.jmateco.2003.11.010
中图分类号
F [经济];
学科分类号
02 ;
摘要
In this paper, we study a two-sector optimal growth model with elastic labor supply. We show that the modified golden rule is saddle-point stable when the investment good is capital intensive. To characterize stability with a capital intensive consumption good, we focus on either additively separable or homothetic preferences. In the first specification, we show that optimal oscillations require the elasticity of intertemporal substitution in consumption to be high enough while the elasticity of labor needs to be low enough. At the same time, we prove that with a linear utility in leisure the modified golden rule is always saddle-point stable. In the second specification for preferences, we show that the local dynamic properties of the optimal path depend instead on the shares of consumption and leisure into total utility. We prove that endogenous fluctuations are even more likely with homothetic preferences. (c) 2004 Elsevier B.V. All rights reserved.
引用
收藏
页码:325 / 349
页数:25
相关论文
共 27 条
[1]  
[Anonymous], 1986, CONCAVITY OPTIMIZATI
[2]   The role of capital depreciation in multi-sectoral models [J].
Baierl, G ;
Nishimura, K ;
Yano, M .
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 1998, 33 (3-4) :467-479
[3]   Ramsey equilibrium in a two-sector model with heterogeneous households [J].
Becker, RA ;
Tsyganov, EN .
JOURNAL OF ECONOMIC THEORY, 2002, 105 (01) :188-225
[4]   COMPETITIVE-EQUILIBRIUM CYCLES [J].
BENHABIB, J ;
NISHIMURA, K .
JOURNAL OF ECONOMIC THEORY, 1985, 35 (02) :284-306
[5]   STOCHASTIC EQUILIBRIUM OSCILLATIONS [J].
BENHABIB, J ;
NISHIMURA, K .
INTERNATIONAL ECONOMIC REVIEW, 1989, 30 (01) :85-102
[6]   EQUILIBRIUM CYCLING WITH SMALL DISCOUNTING [J].
BENHABIB, J ;
RUSTICHINI, A .
JOURNAL OF ECONOMIC THEORY, 1990, 52 (02) :423-432
[7]   HOPF-BIFURCATION AND THE EXISTENCE AND STABILITY OF CLOSED ORBITS IN MULTI-SECTOR MODELS OF OPTIMAL ECONOMIC-GROWTH [J].
BENHABIB, J ;
NISHIMURA, K .
JOURNAL OF ECONOMIC THEORY, 1979, 21 (03) :421-444
[8]   SOURCES OF COMPLEX DYNAMICS IN 2-SECTOR GROWTH-MODELS [J].
BOLDRIN, M ;
DENECKERE, RJ .
JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 1990, 14 (3-4) :627-653
[9]  
BOSI S, 2002, 03A13 DT GREAQAM
[10]   OPTIMAL-GROWTH AND PARETO OPTIMALITY [J].
DANA, RA ;
LEVAN, C .
JOURNAL OF MATHEMATICAL ECONOMICS, 1991, 20 (02) :155-180