This research develops a continuous-time optimal growth model that accounts for population dynamics resembling the historical pattern of the demographic transition. The Ramsey model then becomes able to generate multiple determinate or indeterminate stationary equilibria and explain the process of the transition from a state with high fertility and low income per capita to a state with low fertility and high income per capita. The article also investigates the emergence of damped or persistent cyclical dynamics.
Population dynamics and economic development / Caravaggio, A., Gori, L., Sodini, M.. - In: DISCRETE AND CONTINUOUS DYNAMICAL SYSTEMS. SERIES B.. - ISSN 1531-3492. - 26:11(2021), pp. 5827-5848. [10.3934/DCDSB.2021178]
Population dynamics and economic development
Sodini M.
2021
Abstract
This research develops a continuous-time optimal growth model that accounts for population dynamics resembling the historical pattern of the demographic transition. The Ramsey model then becomes able to generate multiple determinate or indeterminate stationary equilibria and explain the process of the transition from a state with high fertility and low income per capita to a state with low fertility and high income per capita. The article also investigates the emergence of damped or persistent cyclical dynamics.| File | Dimensione | Formato | |
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Caravaggio, Gori and Sodini 2021 DCDS_B.pdf
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