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Inequalities and fluctuations in a dynamic general equilibrium model

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Author Info

  • 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. Christian Ghiglino & Alain Venditti, 2008. "The role of the wealth distribution on output volatility," Working Papers halshs-00281379, HAL.
  2. Stefano Bosi & Thomas Seegmuller, 2006. "Optimal Cycles and Social Inequality: What Do We Learn from the Gini Index?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00194182, HAL.
  3. Stefano Bosi & Thomas Seegmuller, 2006. "Can heterogeneous preferences stabilize endogenous fluctuations ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00130200, HAL.
  4. Ibragimov, Rustam & Ibragimov, Marat, 2007. "Market Demand Elasticity and Income Inequality," Scholarly Articles 2623728, Harvard University Department of Economics.
  5. Marat Ibragimov & Rustam Ibragimov, 2007. "Market Demand Elasticity and Income Inequality," Economic Theory, Springer, vol. 32(3), pages 579-587, September.
  6. Ghiglino, Christian & Sorger, Gerhard, 2002. "Poverty Traps, Indeterminacy, and the Wealth Distribution," Journal of Economic Theory, Elsevier, vol. 105(1), pages 120-139, July.
  7. Ghiglino, Christian & Venditti, Alain, 2007. "Wealth inequality, preference heterogeneity and macroeconomic volatility in two-sector economies," Journal of Economic Theory, Elsevier, vol. 135(1), pages 414-441, July.
  8. Ghiglino, Christian, 2005. "Wealth inequality and dynamic stability," Journal of Economic Theory, Elsevier, vol. 124(1), pages 106-115, September.
  9. Christian Ghiglino & Marielle Olszak-Duquenne, 2002. "The impact of heterogeneity on indeterminacy," Diskussionsschriften dp0213, Universitaet Bern, Departement Volkswirtschaft.
  10. Kazuo Nishimura & Koji Shimomura, 2006. "Indeterminacy in a dynamic two-country model," Economic Theory, Springer, vol. 29(2), pages 307-324, October.

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