CAPITAL-LABOR SUBSTITUTION, SECTOR-SPECIFIC EXTERNALITIES, AND INDETERMINACY

被引：2
|
作者：
Photphisutthiphong, Nopphawan [2 ]
Weder, Mark [1 ]
机构：
[1] Univ Adelaide, Sch Econ, Adelaide, SA 5005, Australia
[2] Rajamangala Univ Technol Thanyaburi, Bangkok, Thailand
来源：
MACROECONOMIC DYNAMICS | 2012年 / 16卷
关键词：
Two-Sector Models; Indeterminacy; CES Production Functions; Externalities; INDIVISIBLE LABOR; RETURNS; SCALE;
D O I：
10.1017/S1365100510000994
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the effect of the elasticity of technological substitution on the existence of equilibrium indeterminacy in two-sector economies. Following recent empirical evidence, the elasticity of substitution between capital and labor is below unity and we find that this requires a higher degree of productive externalities in order to still be able to produce indeterminate equilibria. However, empirically realistic rates of substitution do not rule out indeterminacy.
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页码：411 / 421
页数：11
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