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research article : Indeterminacy and cycles in two-sector discrete-time model

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Author Info
Kazuo Nishimura () (Institute of Economic Research, Kyoto University, Yoshida-Honmachi, Sakyo-ku, Kyoto 606, JAPAN)
Jess Benhabib (Department of Economics, New York University, 269 Mercer St., 7th Floor, New York City, NY 10003, USA)
Alain Venditti (CNRS - GREQAM, 2 rue de la Charité, 13002 Marseille, FRANCE)

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Abstract

We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indeterminacy of steady states and cycles can easily arise with constant or decreasing social returns to scale, and very small market imperfections. This is in sharp contrast with most of the contributions in the literature in which increasing social returns are required to generate indeterminacy.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 20 (2002)
Issue (Month): 2 ()
Pages: 217-235
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Handle: RePEc:spr:joecth:v:20:y:2002:i:2:p:217-235

Note: Received: July 31, 2000; revised version: June 5, 2001
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Related research
Keywords: Sector specific externalities; Constant and decreasing social returns; Indeterminacy; Cycles.;

Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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This page was last updated on 2009-12-30.

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