Indeterminacy, dynamic adjustment costs, and cycles

被引：11
|
作者：
Wen, Y [1 ]
机构：
[1] Hong Kong Univ Sci & Technol, Dept Econ, Kowloon, Peoples R China
来源：
ECONOMICS LETTERS | 1998年 / 59卷 / 02期
关键词：
adjustment cost; indeterminacy; real business cycle;
D O I：
10.1016/S0165-1765(98)00047-0
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Recent work suggests that the standard real-business-cycle framework possesses multiple equilibria (indeterminacy) and dampened oscillations in the presence of externalities. This paper reports that empirically plausible costs of adjustment make indeterminacy disappear easily while the oscillation mechanism is, however, perfectly preserved. (C) 1998 Elsevier Science S.A.
引用
收藏
页码：213 / 216
页数：4
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