Economic growth with brown or green capital - Archive ouverte HAL
Pré-Publication, Document De Travail (Working Paper) Année : 2024

Economic growth with brown or green capital

Résumé

This paper explores a growth model with capital that can be "brown" or "green," impacting other firms’ total factor productivity (TFP). Brown capital acts as a negative externality, lowering productivity, while green capital, either human or natural, spills over and generates positive externalities, boosting productivity. We prove the existence of a competitive equilibrium with these externalities and demonstrate the occurrence of two-period cycles through local and global stability analysis. Notably, cycles in the case of negative externalities require strong intertemporal income effects, while positive externalities lead to cycles with significant substitution effects.
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Dates et versions

hal-04596446 , version 1 (03-06-2024)

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Copyright (Tous droits réservés)

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  • HAL Id : hal-04596446 , version 1

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Stefano Bosi, Cuong Le Van, Giang Phung. Economic growth with brown or green capital. 2024. ⟨hal-04596446⟩
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