Multiplicité d'équilibres, dynamique transitionnelle et bien-être dans le modèle de croissance AK

This paper analyses the dynamics and welfare properties of a simple ak endogenous growth model with intersectoral capital externalities. When externalities are sufficiently large, the model generates multiple growth trajectories all converging towards the (unique) balanced growth path. Solving the model in continuous time allows for the analytical characterisation of the transitional dynamics associated with such trajectories, as well as for their ranking in terms of welfare.