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On local indeterminacy and endogenous cycles in Ramsey models with heterogeneous households |
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| Authors: | Stefano Bosi Thomas Seegmuller | ||
| Affiliation: | 1. EQUIPPE, Département d’Economie, Université de Lille 1, Bat. SH2, Cité Scientifique, 59655, Villeneuve d’Ascq Cedex, France 2. EPEE, Université d’Evry, Evry, France 3. Paris School of Economics and CNRS, Centre d’Economie de la Sorbonne, 106-112, bd. de l’H?pital, 75647, Paris Cedex 13, France |
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| Abstract: | It is well-known that endogenous cycles can occur in Ramsey models with heterogeneous households and borrowing constraints. In this note, we address the issue of robustness in the more general case of endogenous labor supply and we explain the occurrence of local indeterminacy under progressive taxation.
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| Keywords: | Endogenous cycles Local indeterminacy Heterogeneous agents Borrowing constraint Endogenous labor supply Progressive taxation | ||
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