Indeterminacy and sector-specific externalities

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Indeterminacy with Progressive Taxation and Sector-Specific Externalities

This paper quantitatively examines the empirical plausibility of equilibrium indeterminacy and sunspot-driven cyclical fluctuations in a real business cycle model with two distinct production sectors that yield consumption and investment goods, together with separable or non-separable preferences. When calibrated to match the observed progressivity of the U.S. federal individual income tax sche...

متن کامل

Indeterminacy in a model with aggregate and sector - specific externalities

We present a two sector dynamic general equilibrium model with both sector-specific and aggregate externalities. We find that including the aggregate effects allows for a trade-off between the sizes of the two types of externalities needed for indeterminacy.  2000 Elsevier Science S.A. All rights reserved.

متن کامل

Indeterminacy with no-income-effect preferences and sector-specific externalities

We examine a two-sector real business cycle model with sector-specific externalities in the production of distinct consumption and investment goods. In addition, the household utility is postulated to exhibit no income effect on the demand for leisure. Unlike in the one-sector counterpart, we show that equilibrium indeterminacy can result with sufficiently high returns-to-scale in the productio...

متن کامل

Chaos and Sector-Specific Externalities

Benhabib and Farmer (1996) explore the possibility of local indeterminacy in a twosector model with sector-specific externalities. They find that very small sector-specific externalities are sufficient for local indeterminacy. In this case, it is possible to construct sunspot equilibria where extrinsic uncertainty matters. In this paper, I provide a global analysis of their model revealing the ...

متن کامل

Intersectoral Externalities and Indeterminacy

We consider a two-sector economy with positive intersectoral external effects and nonincreasing social returns. We show that if the discount factor r is close to 1 then local indeterminacy may be obtained with mild market imperfections. Moreover, with additional conditions, when r is made smaller the steady state becomes totally unstable and quasi-periodic cycles, along which equilibrium paths ...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Journal of Monetary Economics

سال: 1996

ISSN: 0304-3932

DOI: 10.1016/0304-3932(96)01257-3