Multiple steady states and endogenous fluctuations with increasing returns to scale in production
成果类型：
Article
署名作者：
Cazzavillan, G; Lloyd-Braga, T; Pintus, PA
署名单位：
Universita Ca Foscari Venezia; Universidade Catolica Portuguesa; CY Cergy Paris Universite
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2384
发表日期：
1998
页码：
60-107
关键词：
摘要：
The purpose of this paper is to study the influence of the elasticity of capital-labor substitution and of the labor supply elasticity on the existence of multiple Pareto-ranked stationary equilibria, local indeterminacy, bifurcations, and expectations-driven fluctuations in economies with external and internal increasing returns to scale in production. This is done through general geometrical methods that do not depend upon particular specifications for preferences and technology. For the sake of concreteness. the analysis focuses on the model with heterogeneous agents and financial constraints presented in Woodford (J. Econ. Theory 40 (1986), 128-137) and extended by Grandmont, Pintus, and de Vilder (Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles. CREST Working Paper 9728. 1997) to account for capital-labor substitution. Increasing returns to scale are incorporated in two different market structures: - an economy with aggregate production externalities and perfectly competitive markets, - an economy with increasing returns internal to the firm and imperfect competition in the product(s) market(s) only. (C) 1998 Academic Press.