期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2007
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：In the traditional literature on the Lucas-Uzawa model, it is proved that in the
neighborhood of the long-run balanced growth path, human capital stock grows at
a rate greater than its long-run counterpart when the ratio physical to human capi-
tal is above its long run value if and only if the capital share in the production of
physical good is lower than the inverse of the elasticity of intertemporal substitution
in consumption. We ¡¥rst prove that the claim is true outside the neighborhood of
balanced growth paths. More importantly, we identify a crucial asymmetry: what-
ever the position of the capital share with respect to the inverse of the elasticity of
intertemporal substitution, physical capital stock always grows at a rate lower than
its long-run counterpart when the ratio physical to human capital is above its long
run value.
关键词：Lucas-Uzawa, hypergeometric functions, imbalance e.ects, global dy-
namics.
