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Indeterminacy And The Role Of Factor Substitutability

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Author Info
NISHIMURA, KAZUO
VENDITTI, ALAIN

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Abstract

We discuss the role of the elasticity of substitution in the local determinacy properties of a steady state or a stationary balanced growth path in a general multisector economy with CES technologies. Our main results are the following: We give some sufficient conditions for the occurrence of local indeterminacy in exogenous and endogenous growth models. We show that local indeterminacy takes place even without a capital intensity reversal from the private to the social level if the productive factors are weakly substitutable. Moreover, we show that the conditions for local indeterminacy in exogenous growth models and in endogenous growth models may be qualitatively different.

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Publisher Info
Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 8 (2004)
Issue (Month): 04 (September)
Pages: 436-465
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Handle: RePEc:cup:macdyn:v:8:y:2004:i:04:p:436-465_03

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  1. Jang-Ting Guo & Kevin J. Lansing, 2008. "Capital-Labor Substitution, Equilibrium Indeterminacy, and the Cyclical Behavior of Labor Income," Working Papers 200804, University of California at Riverside, Department of Economics, revised Apr 2008. [Downloadable!]
    Other versions:
  2. G?Mez, Manuel A., 2008. "Dynamics Of The Saving Rate In The Neoclassical Growth Model With Ces Production," Macroeconomic Dynamics, Cambridge University Press, vol. 12(02), pages 195-210, April. [Downloadable!]
  3. Harutaka Takahashi, 2008. "Optimal balanced growth in a general multi-sector endogenous growth model with constant returns," Economic Theory, Springer, vol. 37(1), pages 31-49, October. [Downloadable!] (restricted)
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This page was last updated on 2009-12-9.

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