Multiple BGPs in a Growth Model with Habit Persistence: A Comment
评论Chen(2007)的模型，指出其声称存在两条鞍点稳定平衡增长路径是错误的，实际上只有唯一一条鞍点稳定路径，不存在全局不确定性。
Recently in this journal, Chen (2007) analyzes a model of an economy without distortions in which rational forward‐looking households care about how their current consumption compares with their own past consumption. Chen claims the existence of two saddle‐point stable balanced growth paths. In this comment, I show that the claim is incorrect. There is a unique saddle‐point stable balanced growth path and no global indeterminacy.