Advertisement

Growth Models with Multiple Steady States

  • Kazuo Mino
Chapter
Part of the Advances in Japanese Business and Economics book series (AJBE, volume 13)

Abstract

This chapter examines growth models in which there are multiple steady states. This class of models can explain why two countries with similar initial conditions sometimes display very different patterns of growth and development.

Bibliography

  1. Akao, K., Kamihigashi, T. & Nihimura, K. (2011). Monotonicity and continuity of the critical capital stock in the Dechert–Nishimura model. Journal of Mathematical Economics, 47, 677–682.CrossRefGoogle Scholar
  2. Azariadis, C., & Drazen, A. (1990). Threshold externalities in economic development. Quarterly Journal of Economics, 105, 501–526.CrossRefGoogle Scholar
  3. Bella, G., & Mattana, P. (2014). Global indeterminacy of the equilibrium in the Chamley model of endogenous growth in the vicinity of a Bogdanov–Takens bifurcation. Mathematical Social Sciences, 71, 69–79.CrossRefGoogle Scholar
  4. Benhabib, J., & Farmer, R. E. (1996). Indeterminacy and sector specific externalities. Journal of Monetary Economics, 37, 397–419.CrossRefGoogle Scholar
  5. Dechert, W., & Nishimura, K. (1983). A complete characterization of optimal growth paths in an aggregated model with a non-concave production function. Journal of Economic Theory, 31, 332–354.CrossRefGoogle Scholar
  6. Frankel, D., & Pauzner, A. (2000). Resolving indeterminacy in dynamic setting: The role of shocks. Quarterly Journal of Economics, 105, 285–304.CrossRefGoogle Scholar
  7. Fukao, K., & Benabou, R. (1993). History versus expectations: A comment. Quarterly Journal of Economics, 108, 535–542.CrossRefGoogle Scholar
  8. Futagami, K., & Mino, K. (1993). Threshold externalities and cyclical growth in a stylized model of capital accumulation. Economics Letters, 41, 99–105.CrossRefGoogle Scholar
  9. Futagami, K., & Mino, K. (1995). Public capital and patterns of growth in the presence of threshold externalities. Journal of Economics, 61, 123–146.CrossRefGoogle Scholar
  10. Greiner, A., & Semmler, W. (1995). Multiple steady states, indeterminacy and cycles in a basic model of endogenous growth. Journal of Economics, 63, 79–99.CrossRefGoogle Scholar
  11. Greiner, A., & Semmler, W. (1996). Saddle path stability, fluctuations, and indeterminacy in economic growth. Studies in Nonlinear Dynamics and Econometrics, 1, 1–16.Google Scholar
  12. Herrendorf, V. & Walldman, R. (2000). Ruling out multiplicity and indeterminacy: the role of heterogeneity. Review of Economic Studies, 67, 295–307.CrossRefGoogle Scholar
  13. Krugman, P. (1991). History versus expectations. Quarterly Journal of Economics, 106, 651–667.CrossRefGoogle Scholar
  14. Ladrón-de-Guevara, A., Ortigueira, S., & Santos, M. S. (1997). Equilibrium dynamics in two sector models of endogenous growth. Journal of Economic Dynamics and Control, 21, 115–143.CrossRefGoogle Scholar
  15. Lucas, R. E. (1988). On the mechanics of development. Journal of Monetary Economics, 22, 3–42.CrossRefGoogle Scholar
  16. Lucas, R. E. (1993). Making a miracle. Econometrica, 42, 293–316.Google Scholar
  17. Matsuyama, K. (1991). Increasing returns, industrialization, and indeterminacy of equilibrium. Quarterly Journal of Economics, 106, 617–650.CrossRefGoogle Scholar
  18. Mattana, P., Nishimura, K., & Shigoka, T. (2009). Homoclinic ifurcation and global indeterminacy of equilibrium in a two-sector endogenous growth model. International Journal of Economic Theory, 5, 25–47.CrossRefGoogle Scholar
  19. Mino, K. (2008). Preference structure and volatility in a financially integrated world. In T. Kamihigashi & L. Zhao (Eds.), International trade and economic dynamics: Essays in memory of Koji Shimomura (323–). Berlin/Hiderberg: Springer.Google Scholar
  20. Skiba, A. (1978). Optimal growth with a convex-concave production function. Econometrica, 46, 527–539.CrossRefGoogle Scholar
  21. Xie, D. (1994). Divergence in economic performance: Transitional dynamics with multiple equilibria. Journal of Economic Theory, 63, 97–112.CrossRefGoogle Scholar

Copyright information

© Springer Japan KK 2017

Authors and Affiliations

  • Kazuo Mino
    • 1
  1. 1.Kyoto University Institute of Economic ResearchKyotoJapan

Personalised recommendations