On the Existence of Balanced Growth Equilibrium
刻画了能实现持续平衡增长或渐近平衡增长的动态模型类别，证明在规模报酬不变技术下，常数贴现率和常数边际效用弹性是平衡增长路径存在的充要条件，并讨论了递归效用模型对跨国增长差异、储蓄行为和财富分配的含义。
The authors characterize the class of dynamic models that allow for the most commonly used types of sustained economic growth (balanced and asymptotically balanced). They show that, under a constant returns to scale technology, (asymptotically) constant discount rate and (asymptotically) constant elasticity of marginal felicity are not only necessary but also sufficient conditions for the existence of a(n) (asymptotically) balanced growth equilibrium path. The authors provide examples of recursive utility models that accept a(n) (asymptotically) balanced growth equilibrium and discuss their implications on cross-country differences in growth rates as well as on savings behavior and wealth distribution. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.