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Uniqueness and determinacy of the Romer model

Tang, Rongsheng and Wang, Gaowang and Wang, Jin (2019): Uniqueness and determinacy of the Romer model.

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Abstract

In this paper we prove the existence, uniqueness and saddle-point stability of the steady state (or balanced growth path) of the Romer (1990) model by utilizing the reduction of dimensionality. Furthermore, we found out a set of policy instruments to improve the monopolistic competitive equilibrium allocation up to social optimum.

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