Capital-labor substitution and competitive nonlinear endogenous business cycles
成果类型：
Article
署名作者：
Grandmont, JM; Pintus, P; de Vilder, R
署名单位：
Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; CY Cergy Paris Universite; University of Amsterdam
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2383
发表日期：
1998
页码：
14-59
关键词：
摘要：
We develop simple geometrical methods to study local indeterminacy, bifurcations, and stochastic (sunspot) equilibria near a steady state, in nonlinear two dimensional economic models. We present in particular a simple. constructive, geometrical characterization of the support of stochastic sunspot equilibria, not only arbitrarily near a steady state, but also along local bifurcations. These methods are applied to a simple aggregative model to study in particular the influence of capital-labor substitution and of the aggregate labor supply wage elasticity on the occurrence of competitive endogenous deterministic or stochastic fluctuations. (C) 1998 Academic Press.