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.

引用

页码：411 / 421

页数：11

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