English, Article, Journal or magazine article edition: Stability under Learning: the Endogenous Growth Problem Orlando Gomes

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Bookmark: http://trove.nla.gov.au/version/162019
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Stability under Learning: the Endogenous Growth Problem
Author
  • Orlando Gomes
Physical Description
  • preprint
Notes
  • A local dynamic analysis, in the neighborhood of the steady-state, is developed for one and two-sector endogenous growth models. The problem differs from the conventionally assumed growth setups because one considers that expectations concerning the next period value of the control variable (consumption) are formed through adaptive learning. In such scenario, the found stability conditions reveal that convergence to the unique steady-state point is feasible if a minimum requirement regarding the quality of learning in the long run equilibrium is fulfilled. Therefore, stability of growth under learning is dependentent on the efficiency with which expectations are generated.
  • Endogenous Growth, Adaptive Learning, Stability Analysis.
  • RePEc:isc:wpaper:ercwp1708
Language
  • English
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