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Article: A simple endogenous growth model with endogenous fertility: Indeterminacy and uniqueness

TitleA simple endogenous growth model with endogenous fertility: Indeterminacy and uniqueness
Authors
Issue Date1997
PublisherSpringer Verlag. The Journal's web site is located at http://link.springer.de/link/service/journals/00148/about.htm
Citation
Journal Of Population Economics, 1997, v. 10 n. 1, p. 97-110 How to Cite?
AbstractThis paper studies the equilibrium dynamics and indeterminacy of equilibria in an endogenous growth model with endogenous fertility choice. We characterize the conditions that give rise to an unique equilibrium as well as multiple equilibria. Whenever there exists a unique equilibrium, it will be globally determinate; when multiple equilibria arise, indeterminacy occurs. In particular, we find that two equilibria occur - one is associated with high fertility and low growth, while the other is associated with low fertility and high growth. A parameterized example is given to assess the empirical feasibility of our results. The validity of the neo-Malthusian relation between fertility and growth is then re-examined. Finally, we study the relation between growth and welfare and compare different balanced growth equilibria in terms of their lifetime-attained utility. | Considerable literature exists upon the effect of population growth upon per capita income growth. Among the reported studies, Brander and Dowrick (1994) try to explain the large variation across countries in per capita income growth. The authors explore the possibility that even with little differences in fertility rates, different countries may experience disparate growth performances solely due to the emergence of indeterminate equilibria, which could push them into different equilibrium trajectories. The equilibrium dynamics and indeterminacy of equilibria in an endogenous growth model with endogenous fertility choice are studied. The authors characterize the conditions which give rise to a unique equilibrium as well as multiple equilibria. When a unique equilibrium exists, it will be globally determinate, and when multiple equilibria arise, indeterminacy occurs. Two equilibria were found to occur, one associated with high fertility and low growth and the other with low fertility and high growth. A parameterized example is presented to assess the empirical feasibility of results. The validity of the neo-Malthusian relation between fertility and growth is then re-examined. The authors also explore the relationship between growth and welfare, and compare different balanced growth equilibria in terms of their lifetime attained utility.
Persistent Identifierhttp://hdl.handle.net/10722/177666
ISSN
2015 Impact Factor: 1.139
2015 SCImago Journal Rankings: 1.250
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorYip, CKen_US
dc.contributor.authorZhang, Jen_US
dc.date.accessioned2012-12-19T09:39:28Z-
dc.date.available2012-12-19T09:39:28Z-
dc.date.issued1997en_US
dc.identifier.citationJournal Of Population Economics, 1997, v. 10 n. 1, p. 97-110en_US
dc.identifier.issn0933-1433en_US
dc.identifier.urihttp://hdl.handle.net/10722/177666-
dc.description.abstractThis paper studies the equilibrium dynamics and indeterminacy of equilibria in an endogenous growth model with endogenous fertility choice. We characterize the conditions that give rise to an unique equilibrium as well as multiple equilibria. Whenever there exists a unique equilibrium, it will be globally determinate; when multiple equilibria arise, indeterminacy occurs. In particular, we find that two equilibria occur - one is associated with high fertility and low growth, while the other is associated with low fertility and high growth. A parameterized example is given to assess the empirical feasibility of our results. The validity of the neo-Malthusian relation between fertility and growth is then re-examined. Finally, we study the relation between growth and welfare and compare different balanced growth equilibria in terms of their lifetime-attained utility. | Considerable literature exists upon the effect of population growth upon per capita income growth. Among the reported studies, Brander and Dowrick (1994) try to explain the large variation across countries in per capita income growth. The authors explore the possibility that even with little differences in fertility rates, different countries may experience disparate growth performances solely due to the emergence of indeterminate equilibria, which could push them into different equilibrium trajectories. The equilibrium dynamics and indeterminacy of equilibria in an endogenous growth model with endogenous fertility choice are studied. The authors characterize the conditions which give rise to a unique equilibrium as well as multiple equilibria. When a unique equilibrium exists, it will be globally determinate, and when multiple equilibria arise, indeterminacy occurs. Two equilibria were found to occur, one associated with high fertility and low growth and the other with low fertility and high growth. A parameterized example is presented to assess the empirical feasibility of results. The validity of the neo-Malthusian relation between fertility and growth is then re-examined. The authors also explore the relationship between growth and welfare, and compare different balanced growth equilibria in terms of their lifetime attained utility.en_US
dc.languageengen_US
dc.publisherSpringer Verlag. The Journal's web site is located at http://link.springer.de/link/service/journals/00148/about.htmen_US
dc.relation.ispartofJournal of Population Economicsen_US
dc.subject.meshDemographyen_US
dc.subject.meshEconomicsen_US
dc.subject.meshFertilityen_US
dc.subject.meshIncomeen_US
dc.subject.meshModels, Theoreticalen_US
dc.subject.meshPopulationen_US
dc.subject.meshPopulation Dynamicsen_US
dc.subject.meshSocioeconomic Factorsen_US
dc.titleA simple endogenous growth model with endogenous fertility: Indeterminacy and uniquenessen_US
dc.typeArticleen_US
dc.identifier.emailZhang, J: jjzhang@econ.hku.hken_US
dc.identifier.authorityZhang, J=rp01124en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1007/s001480050033-
dc.identifier.pmid12293284-
dc.identifier.scopuseid_2-s2.0-0031286090en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0031286090&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume10en_US
dc.identifier.issue1en_US
dc.identifier.spage97en_US
dc.identifier.epage110en_US
dc.identifier.isiWOS:A1997WT77700006-
dc.publisher.placeGermanyen_US
dc.identifier.scopusauthoridYip, CK=7101665533en_US
dc.identifier.scopusauthoridZhang, J=55367373100en_US

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