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Title: Technology Choice, Externalities in Production, and Chaotic Middle-Income Traps
Authors: Asano, Takao
Shibata, Akihisa
Yokoo, Masanori
Keywords: External effect
Technology choice
Overlapping generations model
Middle-income trap
Issue Date: Mar-2022
Publisher: Institute of Economic Research, Kyoto University
Journal title: KIER Discussion Paper
Volume: 1075
Start page: 1
End page: 36
Abstract: We incorporate external effects of capital on production and endogenous technology choice into the standard overlapping generations model. We demonstrate that our model can exhibit poverty traps, middle-income traps, and perpetual growth paths. We also show that these three phenomena coexist for some set of parameters and the economy caught in the middle-income trap can exhibit chaotic fluctuations in the long run. In obtaining these results in the standard overlapping generations model, the combination of technology choice and externalities in production plays a crucial role.
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Appears in Collections:KIER Discussion Paper (English)

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