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Indeterminacy and Cycles in Two-Sector Discrete-Time Models

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Author Info

  • Benhabib, J.
  • Nishimura, K.
  • Venditti, A.

Abstract

We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indetermincay 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 contribution in the literature in which increasing social returns are required to generate indeterminacy.

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Bibliographic Info

Paper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number 99a58.

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Length: 29 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:aixmeq:99a58

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Postal: G.R.E.Q.A.M., (GROUPE DE RECHERCHE EN ECONOMIE QUANTITATIVE D'AIX MARSEILLE), CENTRE DE VIEILLE CHARITE, 2 RUE DE LA CHARITE, 13002 MARSEILLE.
Phone: 04.91.14.07.70
Fax: 04.91.90.02.27
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Web page: http://www.greqam.fr/
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Keywords: MATHEMATICAL ANALYSIS ; BUSINESS CYCLES ; ECONOMIC GROWTH;

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Cited by:
  1. Chen, Been-Lon & Lee, Shun-Fa, 2008. "General fund financing, earmarking, economic stabilization and welfare," MPRA Paper 27666, University Library of Munich, Germany.
  2. Herrendorf, Berthold & Valentinyi, Akos, 2006. "On the stability of the two-sector neoclassical growth model with externalities," Journal of Economic Dynamics and Control, Elsevier, vol. 30(8), pages 1339-1361, August.
  3. Jean-Pierre Drugeon, 2013. "On the emergence of competitive equilibrium growth cycles," Economic Theory, Springer, vol. 52(1), pages 397-427, January.
  4. Goenka, A. & Poulsen, O., 2002. "Indeterminacy and Labor Augmenting Externalities," Working Papers 02-9, University of Aarhus, Aarhus School of Business, Department of Economics.
  5. Thomas SEEGMULLER, 2004. "Endogenous Cycles in aTwo-sector Overlapping Generations Model under Intertemporal Substitutability," Annales d'Economie et de Statistique, ENSAE, issue 74, pages 131-146.
  6. Stefano Bosi & Francesco Magris & Alain Venditti, 2007. "Sunspot Fluctuations in Two-sector Economies with Heterogeneous Agents," Economic Theory, Springer, vol. 33(2), pages 311-331, November.
  7. Drugeon, Jean-Pierre, 2008. "On intersectoral asymmetries in factors substitutability, "Equilibrium Production Possibility Frontiers" and the emergence of indeterminacies," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 277-315, February.
  8. Nishimura, Kazuo & Venditti, Alain, 2007. "Indeterminacy in discrete-time infinite-horizon models with non-linear utility and endogenous labor," Journal of Mathematical Economics, Elsevier, vol. 43(3-4), pages 446-476, April.
  9. Nishimura, Kazuo & Venditti, Alain, 2004. "Indeterminacy And The Role Of Factor Substitutability," Macroeconomic Dynamics, Cambridge University Press, vol. 8(04), pages 436-465, September.
  10. Nishimura, Kazuo & Venditti, Alain, 2002. "Intersectoral Externalities and Indeterminacy," Journal of Economic Theory, Elsevier, vol. 105(1), pages 140-157, July.
  11. Mohanad Ismael & Francesco Magris, 2008. "Indeterminacy with Externalities and Capital Utilization," Documents de recherche 08-14, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
  12. Kazuo Mino & Kazuo Nishimura & Koji Shimomura & Ping Wang, 2005. "Equilibrium Dynamics in Discrete-Time Endogenous Growth Models with Social Constant Returns," Discussion Papers in Economics and Business 05-34, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).

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