Real business cycles, investment finance, and multiple equilibria
成果类型：
Article
署名作者：
Hillier, B; Rougier, J
署名单位：
University of Liverpool; Durham University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2511
发表日期：
1999
页码：
100-122
关键词：
摘要：
This paper develops a simple neo-classical model of the business cycle characterised by multiple equilibria produced by the interaction of the investment and production processes. For the usual symmetric information model the source of the multiple equilibria may be found in non-linearities in the production function. Under asymmetric information another possible source of multiple equilibria is non-linearities in the investment-wealth relationship. Persistence is generated by changes in the supply of funds and, hence, in the capital stock. (C) 1999 Academic Press.