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008			240402b |||||||| |||| 00| 0 eng d
022			_a09382259
040			_aMSU _bEnglish _cMSU _erda
050	0	0	_aHB119 ECO
100	1		_aDrugeon, Jean-Pierre _eauthor
245	1	0	_aOn the emergence of competitive equilibrium growth cycles _ccreated by Jean-Pierre Drugeon
264	1		_aBerlin: _bSpringer, _c2013.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aEconomic theory _vVolume 54, number 1
520	3		_aA basic discrete-time heterogeneous capital goods competitive environment is considered, its potential for displaying steady growth solutions analyzed and the properties of the latter characterized. A first composite good may be used for consumption or investment on a one-to-one basis, while a second good is only used for accumulation, solely capital inputs being part of the production process. This framework is first considered from the allocative standpoint through the derivation of the frontier of the production possibility set. Having defined the perfect foresight competitive equilibrium that also describes a Pareto optimum over time, attention is then given to the potential for unbounded steady growth solutions. Under interiority, summability, and expansivity restrictions, there is a unique optimal steady growth rate. For unitary depreciation rates of both capital goods, locally there exists a unique convergent sequence to this steady growth solution that exhibits a saddlepoint structure. However, as soon as one of the depreciation rates of the capital goods is non-unitary and the profit share accruing to the first capital stock is greater in the second pure accumulation industry than in the first composite good industry, the steady growth solution shows a loss of stability, and competitive equilibrium growth cycles emerge through the occurrence of a flip bifurcation in its neighborhood. This is the first optimal cycles result based upon a production set that does not explicitly incorporate any exogenously determined primary labor input in its definition.
650			_aOptimal cycles _vUnbounded steady growth _xProduction possibility frontier
856			_uhttps://doi.org/10.1007/s00199-011-0631-9
942			_2lcc _cJA
999			_c164613 _d164613