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Endogenous public policy and multiple equilibria

✍ Scribed by Gerhard Glomm; B. Ravikumar


Book ID
113292625
Publisher
Elsevier Science
Year
1996
Tongue
English
Weight
436 KB
Volume
11
Category
Article
ISSN
0176-2680

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Multiple equilibria, fiscal policy, and
✍ Jaime Alonso-Carrera; Marı́a JesΓΊs Freire-SerΓ©n πŸ“‚ Article πŸ“… 2004 πŸ› Elsevier Science 🌐 English βš– 301 KB

This paper shows that in a three-sector model of endogenous growth with physical and human capital accumulation, taxation policy can generate indeterminacy under plausible parameterizations. The key for this result is that the accumulation of human capital is a non-market activity in which individua