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| HAL : halshs-00717198, version 1 |
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| Business cycle fluctuations and learning-by-doing externalities in a one-sector model |
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| Hippolyte D'Albis 1, 2Emmanuelle Augeraud-Véron 3 |
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| (03/2012) |
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| We consider a one-sector Ramsey-type growth model with inelastic labor and learning-by-doing externalities based on cumulative gross investment (cumulative production of capital goods), which is assumed, in accordance with Arrow [4], to be a better index of experience than the average capital stock. We prove that a slight memory effect characterizing the learning-by-doing process is enough to generate business cycle fluctuations through a Hopf bifurcation leading to stable periodic orbits. This is obtained for reasonable parameter values, notably for both the amount of externalities and the elasticity of intertemporal substitution. Hence, contrary to all the results available in the literature on aggregate models, we show that endogenous fluctuations are compatible with a low (in actual fact, zero) wage elasticity of the labor supply. |
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| 1 : | Ecole d'Économie de Paris - Paris School of Economics (EEP-PSE) |
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Ecole d'Économie de Paris |
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| 2 : | Centre d'économie de la Sorbonne (CES) |
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CNRS : UMR8174 – Université Paris I - Panthéon-Sorbonne |
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| 3 : | Mathématiques, Image et Applications (MIA) |
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Université de La Rochelle : EA3165 |
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| 4 : | Groupement de Recherche en Économie Quantitative d'Aix-Marseille (GREQAM) |
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Université de la Méditerranée - Aix-Marseille II – Université Paul Cézanne - Aix-Marseille III – École des Hautes Études en Sciences Sociales [EHESS] – CNRS : UMR6579 |
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| 5 : | EDHEC Business School |
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Département Comptabilité, Droit, Finance et Economie |
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| Axe Macroéconomie |
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| Discipline | : | Sciences de l'Homme et Société/Economie et finances |
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| One-sector infinite-horizon model – learning-by-doing externalities – inelastic labor – business cycle fluctuations – Hopf bifurcation – local determinacy. |
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| Liste des fichiers attachés à ce document : | |||||
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| halshs-00717198, version 1 | |
| http://halshs.archives-ouvertes.fr/halshs-00717198 | |
| oai:halshs.archives-ouvertes.fr:halshs-00717198 | |
| Contributeur : Lucie Label | |
| Soumis le : Jeudi 12 Juillet 2012, 11:16:32 | |
| Dernière modification le : Jeudi 12 Juillet 2012, 12:10:58 | |
