LOCAL EXTERNALITIES, CONVEX ADJUSTMENT COSTS, AND SUNSPOT EQUILIBRIA
成果类型：
Note
署名作者：
GALI, J
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1065
发表日期：
1994
页码：
242-252
关键词：
摘要：
We study the possibility of random changes in the allocation of resources among regions/sectors in the presence of local productive externalities, in an environment without intrinsic uncertainty. We show that ''positive'' externalities over some range of activity are a necessary condition for existence of such sunspot equilibria. For the two-state sunspot case, we derive sufficient conditions for existence of sunspot equilibria, in terms of the properties of adjustment costs, private technologies, and externalities.