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The existence and uniqueness of the steady equilibrium in the endogenous economic growth model

Guo, Lu and Yang, Wei (2020): The existence and uniqueness of the steady equilibrium in the endogenous economic growth model.

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Abstract

Without the assumption on the factor linear growth equation and keeping other assumptions in the endogenous growth theory, we prove the growth rate and interest rate endogenous, and then we give general conditions for the existence and uniqueness of the growth rate. Under the condition of the constant returns to scale, the growth rate of every variable and interest rate are constant in the steady state. In addition, we give primary analyses on the stochastic economy with growth.

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