GROWTH AND INDETERMINACY IN DYNAMIC-MODELS WITH EXTERNALITIES
成果类型：
Article
署名作者：
BOLDRIN, M; RUSTICHINI, A
署名单位：
New York University; University of Minnesota System; University of Minnesota Twin Cities
刊物名称：
ECONOMETRICA
ISSN/ISSBN：
0012-9682
DOI：
10.2307/2951615
发表日期：
1994
页码：
323-342
关键词：
摘要：
We study the indeterminacy of equilibria in infinite horizon capital accumulation models with technological externalities. Our investigation encompasses models with bounded and unbounded accumulation paths, and models with one and two sectors of production. Under reasonable assumptions we find that equilibria are locally unique in one-sector economies. In economies with two sectors of production it is instead easy to construct examples where a positive external effect induces a two-dimensional manifold of equilibria converging to the same steady state (in the bounded case) or to the same constant growth rate (in the unbounded case). For the latter we point out that the dynamic behavior of these equilibria is quite complicated and that persistent fluctuations in their growth rates are possible.