Ciência-IUL
Publicações
Descrição Detalhada da Publicação
Título Revista
Economic Modelling
Ano (publicação definitiva)
2009
Língua
Inglês
País
Países Baixos (Holanda)
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Abstract/Resumo
A local dynamic analysis, in the neighborhood of the steady state, is developed for one and two-sector endogenous growth models. The problem differs from the conventionally assumed growth setups because one considers that expectations concerning the next period value of the control variable (consumption) are formed through adaptive learning. In such scenario, the found stability conditions reveal that convergence to the unique steady state point is feasible if a minimum requirement regarding the quality of learning in the long run equilibrium is fulfilled. Therefore, stability of growth under learning is dependent on the efficiency with which expectations are generated.
Agradecimentos/Acknowledgements
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Palavras-chave
Adaptive learning; Endogenous growth; Stability analysis
Classificação Fields of Science and Technology
- Economia e Gestão - Ciências Sociais