Dynamic effects of government expenditure in a finance constrained economy

• 成果类型: Article
• 署名作者: Gokan, Y
• 署名单位: Mie University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2004.12.003
• 发表日期: 2006
• 页码: 323-333
• 关键词: Indeterminacy; local bifurcations; capital-labor substitution in production; dynamic effects of government expenditure

摘要

This paper introduces constant government expenditure in Woodford's finance constrained model (J. Econ. Theory, 1986) with capital-labor substitution as presented in Grandmont, Pintus and de Vilder (J. Econ. Theory, 1998) and investigates how government expenditure influences local dynamics near multiple steady states, depending upon the elasticity of substitution between capital and labor in production. (c) 2005 Elsevier Inc. All rights reserved.