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Indeterminacy in aggregate models with small externalities: an interplay between preferences and technology

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Author Info
Kazuo Nishimura () (Kyoto University - Kyoto University)
Carine Nourry () (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - Ecole des Hautes Etudes en Sciences Sociales - CNRS : UMR6579)
Alain Venditti () (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - Ecole des Hautes Etudes en Sciences Sociales - CNRS : UMR6579)

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Abstract

In this paper we consider a Ramsey-type aggregate model with general preferences and technology, endogenous labor and factor-specificproductive external effects arising from average capital and labor. First, we show that indeterminacy cannot arise when there are onlycapital externalities but that it does when there are only labor external effects. Second, we prove that only the additively-separable and linear homogeneous specifications for the utility function allow to get local indeterminacy under small externalities and plausible restrictions on the main parameters. Third, we show that the existence of sunspot fluctuations is intimately related to the occurrence of periodic cycles through a Hopf bifurcation.

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Paper provided by HAL in its series Working Papers with number halshs-00281428_v1.

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Date of creation: 22 May 2008
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Handle: RePEc:hal:wpaper:halshs-00281428_v1

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Related research
Keywords: Indeterminacy; endogenous cycles; infinite-horizon model; endogenous labor supply; capital and labor externalities;

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