This paper studies the dynamics implied by the Chamley (1993) model, a variant of the two-sector model with an implicit characterization of the learning function. We first show that under some ‘‘regularity’’ conditions regarding the learning function, the model has (a) one steady state, (b) no steady states or (c) two steady states (one saddle and one non-saddle). Moreover, via the Bogdanov–Takens theorem, we prove that for critical regions of the parameters space, the dynamics undergoes a particular global phenomenon, namely the homoclinic bifurcation. Because these findings imply the existence of a continuum of equilibrium trajectories, all departing from the same initial value of the predetermined variable, the model exhibits global indeterminacy.