کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
967024 | 1479282 | 2007 | 31 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Indeterminacy in discrete-time infinite-horizon models with non-linear utility and endogenous labor
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
We consider a discrete-time two-sector model with sector specific externalities in which the technologies are given by CES functions with asymmetric elasticities of capital-labor substitution, and the preferences of the representative agent are given by a CES additively separable utility function defined over consumption and leisure. We first show that when the labor supply is infinitely elastic, the steady state is always saddle-point stable, no matter what the elasticity of intertemporal substitution in consumption and the size of externalities are. We then prove that when the elasticity of intertemporal substitution in consumption is sufficiently large, local indeterminacy requires a low enough elasticity of the labor supply.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 43, Issues 3â4, April 2007, Pages 446-476
Journal: Journal of Mathematical Economics - Volume 43, Issues 3â4, April 2007, Pages 446-476
نویسندگان
Kazuo Nishimura, Alain Venditti,