Indeterminacy and cycles in two-sector discrete-time model

被引：22

作者：

Benhabib, J

Nishimura, K ^{[1
]}

Venditti, A

机构：

[1] Kyoto Univ, Inst Econ Res, Sakyo Ku, Yoshida Honmachi, Kyoto 606, Japan

[2] NYU, Dept Econ, New York, NY 10003 USA

[3] CNRS, GREQAM, F-13002 Marseille, France

来源：

ECONOMIC THEORY | 2002年 / 20卷 / 02期

关键词：

sector specific externalities; constant and decreasing social returns; indeterminacy; cycles;

D O I：

10.1007/s001990100217

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indeterminacy of steady states and cycles can easily arise with constant or decreasing social returns to scale, and very small market imperfections. This is in sharp contrast with most of the contributions in the literature in which increasing social returns are required to generate indeterminacy.

引用

页码：217 / 235

页数：19

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