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http://hdl.handle.net/2183/13935 Equilibrium dynamics in the neoclassical growth model with habit formation and elastic labor supply
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Departamento de Economía Aplicada II
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Gómez, Manuel A. (2012), Equilibrium dynamics in the neoclassical growth model with habit formation and elastic labor supply, Theoretical Economics Letters 2, 5.
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Abstract
This note analyzes the equilibrium dynamics in the neoclassical growth model with habit-forming preferences and elastic labor supply. Habits enter into utility in a multiplicative way. The specification of the habit formation process comprises the particular cases of internal and external habits. Existence, uniqueness and saddle-path stability of the steady state are proved analytically.