Scholarlink

<p><?tk 2?>In this paper, I develop a frictionless two-sector optimal growth model with endogenous labour supply in which the non-reproducible factor can be employed only in the production of consumption goods. From a theoretical point of view, I show that in this setting the optimal allocation of labour is constant over time, whereas its actual utilization relies on the availability of a convex technology. In parallel, a convex technology in the sector of investment goods is instead sufficient for the determinacy of meaningful equilibrium paths. Furthermore, calibrating the model to the US economy, I show that such a two-sector economy smooths the complementarity between the marginal propensities to consume and to save, and it also able to replicate the countercyclical (procyclical) pattern of the relative price of capital goods (real wages).</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

A two-sector model of optimal growth in which labour is employed only in the industry of consumption goods

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年3月9日

查看全文
  • Marco Guerrazzi

摘要

In this paper, I develop a frictionless two-sector optimal growth model with endogenous labour supply in which the non-reproducible factor can be employed only in the production of consumption goods. From a theoretical point of view, I show that in this setting the optimal allocation of labour is constant over time, whereas its actual utilization relies on the availability of a convex technology. In parallel, a convex technology in the sector of investment goods is instead sufficient for the determinacy of meaningful equilibrium paths. Furthermore, calibrating the model to the US economy, I show that such a two-sector economy smooths the complementarity between the marginal propensities to consume and to save, and it also able to replicate the countercyclical (procyclical) pattern of the relative price of capital goods (real wages).