Equilibrium dynamics in a class of one-sector endogenous growth models with external habits: An application of special functions |
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| Affiliation: | 1. Université de Franche-Comté, CRESE, 30 Avenue de l’Observatoire, 25009 Besançon, France;2. Université de Saint-Etienne, CNRS UMR 5824 GATE Lyon Saint-Etienne, France;1. School of Economics, UNSW Australia, Sydney, NSW 2052, Australia;2. Business Intelligence and Smart Services Institute, Maastricht University, Maastricht, The Netherlands;1. Toulouse School of Economics, France;2. CEMOI, Université de La Réunion, France;1. Department of Economics, University of Rochester, Rochester, NY 14627, USA;2. Department of Economics, Vanderbilt University, Nashville, TN 37235, USA;3. College of Administrative Sciences and Economics, Koç University, Sarıyer, Istanbul, 34450, Turkey |
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| Abstract: | This paper analyzes the equilibrium dynamics in a class of one-sector endogenous growth models with external habits. Using an explicit solution expressed in terms of the Gauss hypergeometric function, we show that the levels of consumption, habits and capital may exhibit non-monotonic transition dynamics, even though their ratios converge monotonically. A numerical simulation illustrates this result. |
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| Keywords: | Endogenous growth Habits Economic dynamics Hypergeometric functions |
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