Intersectoral externalities and indeterminacy
成果类型：
Article
署名作者：
Nishimura, K; Venditti, A
署名单位：
Kyoto University; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.2001.2893
发表日期：
2002
页码：
140-157
关键词：
摘要：
We consider a two-sector economy with positive intersectoral external effects and nonincreasing social returns. We show that if the discount factor p is close to 1 then local indeterminacy may be obtained with mild market imperfections. Moreover, with additional conditions, when p is made smaller the steady state becomes totally unstable and quasi-periodic cycles, along which equilibrium paths are indeterminate, may appear through a Hopf bifurcation. This will be proved even if the investment good is capital intensive at the private level while this condition guarantees local determinacy in the sector specific case, Journal of Economic Literature Classification Numbers: C62, E32, O41. (C) 2002 Elsevier Science (USA).