ON THE EXISTENCE OF NONOPTIMAL EQUILIBRIA IN DYNAMIC-STOCHASTIC ECONOMIES
成果类型：
Note
署名作者：
GREENWOOD, J; HUFFMAN, GW
署名单位：
Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1024
发表日期：
1995
页码：
611-623
关键词：
摘要：
The question of the existence of a stationary equilibrium for distorted versions of the standard neo-classical growth model is addressed in this paper. The conditions presented guaranteeing the existence of nontrivial equilibrium for the class of economies under study are simple and intuitively appealing, while the existence proof developed is elementary. Examples are given illustrating that economies with distortional taxation, endogenous growth with externalities, and monopolistic competition can all fit into the framework developed. (C) 1995 Academic Press, Inc.
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