Analysis of a Two-Sector Model of Endogenous Growth with Capital Income Taxation
研究偏好结构在内生增长模型不确定性中的作用，发现若效用函数不可分，即使生产技术满足社会规模报酬不变，也可能出现不确定性；而质量闲暇模型通常需要规模报酬递增才能产生不确定性。
This paper demonstrates that preference structure may play a pivotal role in generating indeterminacy in the stylized model of endogenous growth.By examining two-sector models of endogenous growth with human capital formation, we show that if the utility function of the representative family is not additively separable between consumption and pure leisure time, indeterminacy may hold even if production technologies satisfy social constant returns.We also examine models with quality leisure in which leisure activities require human capital as well as time.In contrast to the pure-leisure time model, we find that the quality-leisure time model generally needs increasing returns to scale technologies to generate indeterminacy.It is also shown that nonseparability of utility function is crucial for generating indeterminacy in the quality leisure model as well.