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Self‐fulfilling patience
Australian Economic Papers  ( IF 1.452 ) Pub Date : 2020-07-20 , DOI: 10.1111/1467-8454.12190
Liutang Gong 1 , Wei Wang 2
Affiliation  

This paper explores macroeconomic implications of investment in patience in a standard neoclassical growth model with Becker‐Mulligan endogenous time preferences. The endogenous discount rate acts as a new margin for inter‐temporal decisions, in addition to the standard margin that hinges on the marginal return of capital. This time preference margin alters the equilibrium dynamics and stability of the neoclassical growth model substantially. When the discount rate is positive, there may exist multiple steady states that are either saddle‐point stable or unstable. When the discount rate is negative, the unique steady state is locally indeterminate due to self‐fulfilling patience investment. Interestingly, the existence of the local indeterminacy does not need any externality. When the discount rate is zero, various types of bifurcations can happen, leading to rich equilibrium dynamics such as limit cycles and chaos. We show that opening up the closed economy can cause aggregate instability.

中文翻译:

自我实现的耐心

本文探讨了在具有Becker-Mulligan内生时间偏好的标准新古典增长模型中耐心投资的宏观经济意义。除了取决于资本边际收益的标准边际之外,内生贴现率还作为跨期决策的新边际。这个时间偏好余量极大地改变了新古典增长模型的平衡动力和稳定性。当贴现率为正时,可能存在多个鞍点稳定或不稳定的稳态。当折现率为负时,由于自我实现的耐心投资,唯一的稳态在局部不确定。有趣的是,本地不确定性的存在不需要任何外部性。当贴现率为零时,会发生各种类型的分歧,导致丰富的平衡动力学,例如极限环和混沌。我们表明,开放封闭经济会导致总体不稳定。
更新日期:2020-07-20
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