A Note on the Bogdanov-Takens Bifurcation in the Romer Model with Learning by Doing

摘要

This paper is aimed at describing the whole set of necessary and sufficient conditions for the emergence of multiple equilibria and global indeterminacy in the standard endogenous growth framework with learning by doing. The novelty of this paper relies on the application of the original Bogdanov-Takens bifurcation theorem, which allows us to characterize the full dynamics of the model, and determine the emergence of an unavoidable poverty trap.