A Dynamic Game Model of Endogenous Growth with Consumption Externalities

This paper introduces consumption externalities into an endogenous growth model of general capital accumulation and characterizes balanced growth equilibria. Contrary to the common argument in previous studies, we show that the growth rate in a feedback Nash equilibrium can be higher than that in an open-loop Nash equilibrium if agents strongly admire others' consumption.

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Year of publication:	2008
Authors:	Hori, Katsuhiko ; Shibata, Akihisa
Institutions:	Faculty of Economics, Keio University

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Extent:	application/pdf
Series:	Keio/Kyoto Joint Global COE Discussion Paper Series.
Type of publication:	Book / Working Paper
Notes:	Number 2008-040 18 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008487761