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Indeterminacy in a Small Open Economy Ramsey Growth Model

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Weder, Mark

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Abstract

This paper presents a small open economy version of the Benhabib and Farmer [2] two sector optimal growth model with production externalities. It is shown that indeterminacy is considerably easier to obtain under a regime of perfect world capital markets than in the closed economy variant. Furthermore, the result is not dependent on high labour supply elasticity since that input is fixed. The paper also examines a variant that takes into account external borrowing constraints and it is shown that the qualitative results on indeterminacy remain basically unaffected by this extension.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2585.

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Date of creation: Oct 2000
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Handle: RePEc:cpr:ceprdp:2585

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Related research
Keywords: Increasing Returns; Indeterminacy; Small Open Economies;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies

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  1. Luis Aguiar-Conraria & Yi Wen, 2005. "Foreign trade and equilibrium indeterminacy," Working Papers 2005-041, Federal Reserve Bank of St. Louis. [Downloadable!]
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  2. Mino, Kazuo, 2008. "Financial integration and volatility in a two-country world," MPRA Paper 16953, University Library of Munich, Germany. [Downloadable!]
  3. Mark Weder, 2004. "Taylor Rules: intercepting expectations," Money Macro and Finance (MMF) Research Group Conference 2003 110, Money Macro and Finance Research Group. [Downloadable!]
  4. Kazuo Mino, 2008. "Preference Structure and Volatility in a Financially Integrated World," Discussion Papers in Economics and Business 08-05, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
  5. Luís Aguiar-Conraria & Yi Wen, 2007. "A note on oil dependence and economic instability," Working Papers 2006-060, Federal Reserve Bank of St. Louis. [Downloadable!]
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  6. Burda, Michael C. & Weder, Mark, 2001. "Complementarity of Labor Market Institutions, Equilibrium Unemployment and the Propagation of Business Cycles," Discussion Paper Series 26367, Hamburg Institute of International Economics. [Downloadable!]
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  7. Patrick Pintus, 2004. "International Capital Mobility and Aggregate Volatility: the Case of Credit-Rationed Open Economies," Computing in Economics and Finance 2004 193, Society for Computational Economics. [Downloadable!]
  8. Weder, Mark, 2003. "Taylor Rules in Practice: How Central Banks can Intercept Sunspot Expectations," CEPR Discussion Papers 3899, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  9. Yunfang Hu & Kazuo Mino, 2009. "Financial Integration and Aggregate Stability," Discussion Papers in Economics and Business 09-01, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
  10. Aloi, Marta & Lloyd-Braga, Teresa, 2006. "National Labour Markets, International Factor Mobility and Macroeconomic Instability," CEPR Discussion Papers 6015, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  11. Fuentes, Raúl, 2005. "Aid, Policies and Growth: A Non-Canonical Alternative for solving This Puzzle," Proceedings of the German Development Economics Conference, Kiel 2005 14, Verein für Socialpolitik, Research Committee Development Economics. [Downloadable!]
  12. Zhang, Yan, 2009. "Tariff and Equilibrium Indeterminacy," MPRA Paper 13099, University Library of Munich, Germany. [Downloadable!]
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