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Inequalities and fluctuations in a dynamic general equilibrium model

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  • Christian Ghiglino

    ()
    (Department of Economics, Queen Mary and Westfield College, University of London,Mile End Road, London E1 4NS UK)

  • Marielle Olszak-Duquenne

    (Departement d'Econometrie, University of Geneva, 102, Bd. Carl-Vogt,1211 Geneve-4, SWITZERLAND)

Abstract

In the present paper a tractable two-sector neo-classical growth model with heterogeneous agents is considered. The local dynamic properties of the equilibrium path are analyzed in relation with the underlying characteristics of the economy. In particular, the existence of fluctuations is related to the degree of heterogeneity in labor and in capital endowments. When applied to international trade theory, the analysis shows that free trade may distabilize a world economy that is originally stable under the regime of autarky.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 17 (2001)
Issue (Month): 1 ()
Pages: 1-24

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Handle: RePEc:spr:joecth:v:17:y:2001:i:1:p:1-24

Note: Received: December 28, 1998; revised version: October 29, 1999
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Related research

Keywords: Two-sector growth; General equilibrium; Heterogeneity; Stability of steady states; Fluctuations; Inequalities; International trade; Turnpike.;

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Cited by:
  1. repec:hal:cesptp:halshs-00130200 is not listed on IDEAS
  2. Christian Ghiglino & Alain Venditti, 2008. "The role of the wealth distribution on output volatility," Economics Discussion Papers 653, University of Essex, Department of Economics.
  3. repec:hal:cesptp:halshs-00194182 is not listed on IDEAS
  4. Kazuo Nishimura & Koji Shimomura, 2006. "Indeterminacy in a dynamic two-country model," Economic Theory, Springer, vol. 29(2), pages 307-324, October.
  5. Christian Ghiglino, 2003. "Wealth inequality and dynamic stability," Diskussionsschriften dp0310, Universitaet Bern, Departement Volkswirtschaft.
  6. Bosi, Stefano & Seegmuller, Thomas, 2008. "Can heterogeneous preferences stabilize endogenous fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 32(2), pages 624-647, February.
  7. Marat Ibragimov & Rustam Ibragimov, 2007. "Market Demand Elasticity and Income Inequality," Economic Theory, Springer, vol. 32(3), pages 579-587, September.
  8. Bosi, Stefano & Seegmuller, Thomas, 2006. "Optimal cycles and social inequality: What do we learn from the Gini index?," Research in Economics, Elsevier, vol. 60(1), pages 35-46, March.
  9. Christian Ghiglino & Marielle Olszak-Duquenne, 2002. "The impact of heterogeneity on indeterminacy," Diskussionsschriften dp0213, Universitaet Bern, Departement Volkswirtschaft.

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