In this paper, I demonstrate that an expanding variety model of endogenous growth with temporary monopoly power exhibits the indeterminacy of equilibrium paths. This implies the existence of a global range of initial growth rates for any initial level of the state variable.

In this paper, I demonstrate that an expanding variety model of endogenous growth with temporary monopoly power exhibits the indeterminacy of equilibrium paths. This implies the existence of a global range of initial growth rates for any initial level of the state variable.

This paper studies the relation between long-term economic growth and time preference of households in the context of a simple model of endogenous growth. We assume that the rate of time preference depends on the level of household's patience (stock of patience capital). It is assumed that the...

This study reexamines the growth effect of commodity taxation in a variety-expansion model. Integrating endogenous labor supply, a linear utility function for consumption, and an additively separable utility function for consumption and leisure, we derive results that contrast with those of...

The Uzawa-Lucas model is believed to yield a positive dependence of the output growth on the ratio of human capital to physical capital (an empirically plausible imbalance effect). We show that the imbalance effect become less plausible for a low physical capital share and a low elasticity of...

The Uzawa-Lucas model is believed to yield a positive dependence of the output growth on the ratio of human capital to physical capital (an empirically plausible imbalance effect). We show that the imbalance effect become less plausible for a low physical capital share and a low elasticity of...

Intertemporal correlation aversion is an intuitive concept indicating whether an individual prefers lotteries concerning consumption at different moments in time to be positively or negatively correlated. I show that the difference between the coefficient of relative risk aversion and the...

Intertemporal correlation aversion is an intuitive concept indicating whether an individual prefers lotteries concerning consumption at different moments in time to be positively or negatively correlated. I show that the difference between the coefficient of relative risk aversion and the...

The firm size distribution is considered as Pareto distribution. In the present paper, we show that the Pareto distribution of firm size results from the spillover network model which was introduced in Konno (2010).

This paper quantifies the welfare costs of inflation in an endogenous growth setup when transitional dynamics are taken into account. We report much smaller costs than when these dynamics are omitted.