The Existence of Golden Ages and Stability in the Two-Sector Model
There are several related questions which can be asked in the context of the neoclassical two-sector growth model...
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Switching of Techniques and Consumption Per Head: An Economic Clarification
Michael Bruno, Edwin Burmeister, Eytan Sheshinski; Switching of Techniques and Consumption Per Head: An Economic Clarification, The Quarterly Journal of Ec
The Badly Behaved Production Function: Comment
Michael Bruno, Edwin Burmeister, Eytan Sheshinski; The Badly Behaved Production Function: Comment, The Quarterly Journal of Economics, Volume 82, Issue 3,
A Note on the Global Stability of a Simple Growth Model With Many Capital Goods
I. Introduction, 657. — II. The model, 658. — III. Reduction of the system, 660, — IV. The accumulation equations, 660. — V. Global stability, 660. — Appendix, 664.
The Nature and Implications of the Reswitching of Techniques
I. Introduction, 526. — II. Alternative discrete capital models, 528. — III. Reswitching in two-good technologies, 531. — IV. Reswitching in a general capital model, 538. — V. Some additional implications for economic theory, 546.
On Some Unresolved Questions in Capital Theory: An Application of Samuelson's Correspondence Principle*
I. Introduction and summary, 289.—II. The basic model, notation and assumptions, and analysis of the n = 1 case, 296.—III. The no-joint production case with n > 1,301.—IV. The joint production case with n > 1,303.—V. The social rate of return, 306.—VI. Concluding remarks, 312.
Perfect Foresight, Expectational Consistency, and Macroeconomic Equilibrium
This paper begins by introducing three alternative properties of expectations: weak consistency, strong consistency, perfect foresight. These concepts are then used to consider the relationship between beginning-of-period (stock) equilibrium and end-of-period (flow) equilibrium for both discrete and continuous time. We show that in the former case the consistency between them requires not only that there be perfect foresight in predicting certain relevant variables but also that there be no accumulation of assets. In the latter case the relationship between the two equilibria rests on much weaker conditions. They are equivalent provided expectations satisfy our assumption of weak consistency.