Home Production and Nonergodic Endogenous Growth*
نویسندگان
چکیده
We introduce a model of endogenous growth which is driven by human capital augmentation as a by-product of consumption activities on the part of households. The growth rate is determined via a preference parameter unrelated to the rate of time preference. Positive feedback in the evolution of preferences, a well-attested phenomenon, can lead to nonergodicity and path dependence: the asymptotic growth rate to which the economy converges depends upon initial conditions and the sample path realization of shocks. It can also generate persistence in growth rates. ___________________________ *Thanks are due to Richard Cothren, Chad Jones, and the VPI&SU macroeconomics lunch group. All remaining errors are ours. Nonergodic Endogenous Growth 2
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تاریخ انتشار 1999