Several recent papers have argued that it is more likely for indeterminacy to occur under a high intertemporal elasticity of substitution in consumption. This paper claims that this property does not generally hold in neoclassical growth models. We illustrate this claim by combining the features...

The paper studies autonomous dynamic systems that allow for the existence of economic growth per capita without dynamically generating explosive solutions. The implications of any degree of homogeneity, including increasing returns to scale in production, must be carefully examined in two and...

China is the world's largest CO2 producer and energy consumer. In this paper, we calculate the maximum technically obtainable CO2 emissions reduction from the efficient use of inputs and estimate the shadow prices of CO2 emissions in order to assess the potential cost savings deriving from...

This study estimates the elasticities of substitution for China from 1953 to 2006 by the two-level constant elasticity of substitution (CES) production function with three factor inputs: capital stock, labor and energy. A technological change rate and non-constant returns to scale are under...