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RIEB, Kobe University Site Map Access 日本語 Home Research & Education Publications RIEB Discussion Paper Series (English) RIEB Discussion Paper Series No.2014-31 RIEB Discussion Paper Series No.2014-31 Title Multiple Interior Steady States in the Ramsey Model with Elastic Labor Supply Abstract In this paper we show that multiple interior steady states are possible in the Ramsey model with elastic labor supply. In particular we establish the following three results: (i) for any discount factor and production function, there is a utility function such that a continuum of interior steady states exist; (ii) the number of interior steady states can also be any finite number; and (iii) for any discount factor and production function, there is a utility function such that there is no interior steady state. Some numerical examples are provided. Keywords Multiple steady states, Ramsey model, Elastic labor supply, Neoclassical growth JEL Classification C61, C62, E13, O41 Inquiries Takashi KAMIHIGASHI Research Institute for Economics and Business Administration, Kobe University Rokkodai-cho, Nada-ku, Kobe 657-8501 Japan Phone: +81-78-803-7036 FAX: +81-78-803-7059 About RIEB Faculty Seminars at RIEB Research & Education Sections Kobe University Site Policy Site Map Access Contact Us Copyright©1996-2018 Research Institute for Economics and Business Administration, Kobe University. All Rights Reserved.