Indeterminacy with Non-Separable Utility
AbstractBenhabib and Farmer  showed that a single sector growth model in the presence of increasing returns-to-scale may display an indeterminate equilibrium if the demand and supply curves cross with the "wrong slopes". We generalize their result to a model with preferences that are non-separable in consumption and leisure.
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Bibliographic InfoPaper provided by European University Institute in its series Economics Working Papers with number eco99/34.
Length: 28 pages
Date of creation: 1999
Date of revision:
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ECONOMIC GROWTH ; ECONOMIC MODELS;
Other versions of this item:
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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_042, University of Pennsylvania.
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- Roberto Perli, . "Indeterminacy, Home Production, and the Business Cycle: a Calibrated Analysis," CARESS Working Papres 97-4, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
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"Real Business Cycles and the Animal Spirits Hypothesis,"
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"The econometrics of indeterminacy: an applied study,"
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- Roger E.A. Farmer, 1994. "The Econometrics of Indeterminacy: An Applied Study," UCLA Economics Working Papers 720, UCLA Department of Economics.
- Hansen, Lars Peter & Singleton, Kenneth J, 1983. "Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 249-65, April.
- Susanto Basu & John G. Fernald, 1996.
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- Basu, Susanto & Fernald, John G, 1997. "Returns to Scale in U.S. Production: Estimates and Implications," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 249-83, April.
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