کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5055120 1371482 2012 9 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Indeterminacy and multiple steady states with sector-specific externalities
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Indeterminacy and multiple steady states with sector-specific externalities
چکیده انگلیسی

This paper studies a two-sector model with aggregate and sector-specific external effects in production and inelastic labor supply. We first characterize the existence, uniqueness and multiplicity of the steady states as well as their welfare properties. We particularly focus on the CES production functions and show that the steady state is generically either unique or there are exactly two. A simple geometrical methodology enables us to characterize the local dynamics of the steady state. We show that in order to get indeterminacy, the presence of both aggregate and sector-specific external effects is needed, along with low capital-labor elasticities of substitution and high, but bounded from above, elasticities in intertemporal consumption. We perform a sensitivity analysis and show that indeterminacy emerges for parameter values in line with those used in calibrations of standard RBC models, that is for unitary elasticities of input substitution and of intertemporal substitution in consumption.

► We study a two-sector model with sector-specific and aggregate externalities. ► Uniqueness, multiplicity and welfare properties of the steady states are analyzed. ► We study the local dynamics. ► Indeterminacy arises when consumption is intertemporally substitutable. ► Multiple equilibria are consistent with standard RBC calibrations.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 29, Issue 6, November 2012, Pages 2664-2672
نویسندگان
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