Abstract
<p style='text-indent:20px;'>This research develops a continuous-time optimal growth model that accounts for population dynamics resembling the historical pattern of the demographic transition. The Ramsey model then becomes able to generate multiple determinate or indeterminate stationary equilibria and explain the process of the transition from a state with high fertility and low income per capita to a state with low fertility and high income per capita. The article also investigates the emergence of damped or persistent cyclical dynamics.</p>
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