EXTERNALITIES AND DYNAMICS IN MODELS OF LEARNING OR DOING

被引:64
作者
CHAMLEY, C [1 ]
机构
[1] UNIV CARLOS III,MADRID,SPAIN
关键词
GENERAL EQUILIBRIUM; ECONOMIC-GROWTH; CAPITAL INCOME; TAXATION;
D O I
10.2307/2527183
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper analyzes the dynamics of general equilibrium models with externalities in human capital accumulation which extends that of Uzawa-Lucas. Multiple balanced growth paths, with different growth rates, and a continuum of equilibria (with a unique balanced growth path) may exist. In general, endowment shocks can be followed by higher or lower growth rates. A simple necessary and sufficient condition which depends only on the physical production technology, is established for a positive impact of physical capital on productivity growth. Under the same condition, a sudden removal of capital income taxation lowers welfare.
引用
收藏
页码:583 / 609
页数:27
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