Turnpike theory. Some new results on the saddle point property of equilibria and on the existence of endogenous cycles (Q1330873)

This paper is concerned with the saddle point instability of equilibria and turnpike theorems in a standard neo-classical growth model. Considering the recent surge of interest in endogeneous business cycles, the authors focus on the properties of unstable systems and of optimal paths that do not converge to steady states. Although the paper per se is very mathematical, its economic implications look quite intriguing.