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EnglishIn these notes, starting from the discrete case, we provide some useful insights on the way in which are derived the necessary (and sometime) sufficient conditions for the solution of a maximum problem developed in continuous time. Moreover, we exploit such conditions to solve the Benhabib-Farmer (1994) model deriving the condition for an indeterminate equilibrium path. Finally, referring to the equilibrium condition of the labour market, we explain the mechanism that in the one-sector optimal growth model leads prophecies to be self-fulfilling.
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| Titolo: | Notes on Continuous Dynamic Models: the Benhabib-Farmer Condition for Indeterminacy |
| Autori: | |
| Data di pubblicazione: | 2005 |
| Abstract: | In these notes, starting from the discrete case, we provide some useful insights on the way in which are derived the necessary (and sometime) sufficient conditions for the solution of a maximum problem developed in continuous time. Moreover, we exploit such conditions to solve the Benhabib-Farmer (1994) model deriving the condition for an indeterminate equilibrium path. Finally, referring to the equilibrium condition of the labour market, we explain the mechanism that in the one-sector optimal growth model leads prophecies to be self-fulfilling. |
| Handle: | http://hdl.handle.net/11567/690395 |
| Appare nelle tipologie: | 07.12 - Altro |
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