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The general instability of balanced paths in endogenous growth models: the role of transversality conditions

✍ Scribed by Marı́a Pilar Martı́nez-Garcı́a

Publisher
Elsevier Science
Year
2003
Tongue
English
Weight
166 KB
Volume
27
Category
Article
ISSN
0165-1889

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✦ Synopsis

We prove the instability of optimal balanced paths in endogenous growth models, as long as transversality conditions are satisÿed. Moreover, we prove the complete instability of models with one state variable, whereas, in models with two and three state variables, we o er necessary and su cient conditions for the saddle point property to occur. Our results generalize some classical stability results of steady states in neoclassical growth models, to balanced paths in the new endogenous growth models.

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