摘要：This paper analyzes growth and wealth distribution in a simple AK model in which households are heterogeneous not only in time-preference but in intertemporal substitution. Contrary to the result without long-run growth, the most patient household does not always own the entire capital in an economy with perpetual growth. In addition, it is shown that, if the most impatient household has high intertemporal substitutability, it can own the almost all (but not entire) capital of the economy in the long-run.
关键词：Ramsey conjecture ; AK technology ; Time preference ; Intertemporal substitution
