EQUILIBRIUM CYCLING WITH SMALL DISCOUNTING

被引：28

作者：

BENHABIB, J ^{[1
]}

RUSTICHINI, A ^{[1
]}

机构：

[1] NORTHWESTERN UNIV,DEPT ECON,EVANSTON,IL 60208

来源：

JOURNAL OF ECONOMIC THEORY | 1990年 / 52卷 / 02期

关键词：

D O I：

10.1016/0022-0531(90)90040-Q

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A misinterpretation of turnpike theorems suggests that persistent cyclic behavior in optimal growth models is only possible with large discount rates. This paper shows that for any positive discount rate there exists a large family of standard Cobb-Douglas technologies with three sectors which have optimal growth paths of persistent cycles. © 1990.

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页码：423 / 432

页数：10

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